ASEAN EV Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Asean EV Market is Segmented by Vehicle Type (Passenger Vehicle and Commercial Vehicle), Drive Train Technology (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle), and Country (Thailand, Malaysia, Indonesia, Singapore, and the Rest of ASEAN). The report offers market size and forecasts for ASEAN electric vehicles in terms of value (in USD million) for all the above segments.

ASEAN EV Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

ASEAN EV Market Size

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ASEAN Electric Vehicle Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 1.51 Billion
Market Size (2030) USD 6.23 Billion
CAGR (2025 - 2030) 32.73 %
Market Concentration Medium

Major Players

ASEAN Electric Vehicle Market Major Players

*Disclaimer: Major Players sorted in no particular order

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ASEAN EV Market Analysis

The ASEAN Electric Vehicle Market size is estimated at USD 1.51 billion in 2025, and is expected to reach USD 6.23 billion by 2030, at a CAGR of 32.73% during the forecast period (2025-2030).

As a result of the COVID-19 pandemic, manufacturing activities ceased for several months in the first half of 2020. Also, the disrupted supply chain and the shortage of chips in 2021 hurt the growth of the market studied. However, the automotive industry is now recovering from the losses and paving the way to introduce quality products to cater to the rising demand from consumers across the country. The automotive industry witnessed significant growth in terms of production in 2021, which is likely to increase the demand for electric vehicles across the country.

Government policies to support the growth of electric vehicles and plans to enlarge the electric vehicle charging infrastructure are expected to remain prominent market drivers during the forecast period. Several governments across the ASEAN region have announced plans to have a certain portion of their new vehicle sales electrified in the coming few years.

Governments play a vital role in encouraging the expansion of electric vehicle charging infrastructure. As ASEAN governments push for further vehicle electrification, there must be usage and purchase incentives that either lower the overall cost of ownership or make driving electric vehicles more convenient for customers. Although only a few incentives for purchasing electric vehicles or charging infrastructure are present in the Philippines, the country holds 5% and 4% of worldwide nickel and cobalt reserves, respectively, and has enormous potential to participate more actively in the EV battery production value chain.

EVs are becoming more popular in Indonesia, owing to ride-hailing companies like Grab, which announced a cooperation with the local power supplier PLN to expand its fleet charging infrastructure. In the coming years, public transportation operators such as Transjakarta want to increase their electric bus fleet to 10,000 units. Such instances are signs of the growth of the electric vehicle market across the region.

ASEAN EV Industry Overview

Due to the entry of various electric vehicle ride-hailing startups and automakers, the ASEAN electric vehicle market is dominated by several active players, including new startups and ICE vehicle OEMs. Some of the major players in the market include Hyundai, Tesla Inc., BMW Group, MG Motors, and Mitsubishi Motor Company. The local governments are preparing for scaling up local electric vehicle production, and various automotive and ride-hailing companies are forming strategic alliances with other players in the market. For instance,

  • In September 2022, BYD announced its first electric car manufacturing plant in Thailand. The company will start manufacturing operations in 2024 with an annual production capacity of about 150,000 electric vehicles.
  • In March 2022, Hyundai Motor Group launched its new automotive plant in Indonesia that will produce the first locally assembled electric vehicle. This initiative is part of President Joko Widodo's goal of developing a full EV supply chain in Indonesia.
  • In March 2022, Mitsubishi Motors Corporation signed a memorandum of understanding with four companies, namely PT Pos Indonesia, PT Haleyora Power, Go-Jek, and DHL Supply Chain Indonesia. The project aims to conduct a pilot study on the use of electric commercial vehicles.
  • In 2021, the Asian Development Bank and Energy Absolute signed a USD 48 million green loan agreement to finance countrywide electric vehicle charging infrastructure in Thailand.
  • In 2020, Thailand's government announced a new roadmap to promote EVs through various state agencies. It has set an aggressive target to manufacture around 250,000 EVs, of which 3,000 are electric buses and 53,000 electric motorcycles, by 2025.

ASEAN EV Market Leaders

  1. Hyundai Motor Company

  2. Tesla Inc.

  3. Mitsubishi Motor Corporation

  4. MG Motor

  5. BMW AG

  6. *Disclaimer: Major Players sorted in no particular order
ASEAN Electric Vehicle Market Concentration
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ASEAN EV Market News

  • July 2022: BYD launched the ATTO 3 SUV in Singapore. The ATTO 3 has a basic 150kW motor that allows it to sprint from 0 to 100 km/h in 7.3 seconds. The EV has a range of 480 km on a single charge.
  • March 2022: Volvo launched its electric car C40 in Thailand. The car will be imported from the Chinese plant, priced at 2.75 million baht.
  • January 2022: Toyota planned to introduce the BZX4 electric SUV in Thailand and Singapore by the end of 2022.
  • December 2021: BMW Group Asia launched the first-ever BMW iX and new BMW iX3 electric cars in Singapore.

ASEAN EV Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Market Drivers
  • 4.2 Market Restraints
  • 4.3 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.3.1 Threat of New Entrants
    • 4.3.2 Bargaining Power of Buyers/Consumers
    • 4.3.3 Bargaining Power of Suppliers
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION (Market Size by Value - USD Million)

  • 5.1 By Vehicle Type
    • 5.1.1 Passenger Vehicle
    • 5.1.2 Commercial Vehicle
  • 5.2 By Drive Train Technology Type
    • 5.2.1 Battery Electric Vehicle
    • 5.2.2 Plug-in Hybrid Electric Vehicle
    • 5.2.3 Fuel Cell Electric Vehicle
  • 5.3 By Country
    • 5.3.1 Thailand
    • 5.3.2 Malaysia
    • 5.3.3 Indonesia
    • 5.3.4 Singapore
    • 5.3.5 Rest of ASEAN

6. COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Company Profiles*
    • 6.2.1 Toyota Motor Corporation
    • 6.2.2 Honda Motor Company Limited
    • 6.2.3 BMW Group
    • 6.2.4 Hyundai Motor Company
    • 6.2.5 Mitsubishi Motors Corporation
    • 6.2.6 MG Motor
    • 6.2.7 STAR 8 Company Limited
    • 6.2.8 BYD Co. Ltd
    • 6.2.9 Nissan Motor Company
    • 6.2.10 Audi AG
    • 6.2.11 AB Volvo
    • 6.2.12 Tesla Inc.
    • 6.2.13 BYD Company Limited

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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ASEAN EV Industry Segmentation

An electric vehicle is powered by an electric motor instead of an internal combustion engine. An electric vehicle uses a large traction battery pack to power the electric motor and must be plugged into charging equipment. Electric vehicles use batteries such as lead acid, nickel metal hydride, and lithium-ion batteries. Lithium-ion batteries are commonly found in electric vehicles due to their excellent energy retention.

The ASEAN electric vehicle market is segmented by vehicle type, drive train technology type, and country. Based on vehicle type, the market is segmented into passenger and commercial vehicles. Based on drive train technology, the market is segmented into a battery, plug-in hybrid, and fuel-cell electric vehicles. Based on the country, the market is segmented into Thailand, Malaysia, Indonesia, Singapore, and the Rest of ASEAN. For each segment, market size and forecast have been calculated based on value (USD million).

By Vehicle Type Passenger Vehicle
Commercial Vehicle
By Drive Train Technology Type Battery Electric Vehicle
Plug-in Hybrid Electric Vehicle
Fuel Cell Electric Vehicle
By Country Thailand
Malaysia
Indonesia
Singapore
Rest of ASEAN
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ASEAN EV Market Research FAQs

How big is the ASEAN Electric Vehicle Market?

The ASEAN Electric Vehicle Market size is expected to reach USD 1.51 billion in 2025 and grow at a CAGR of 32.73% to reach USD 6.23 billion by 2030.

What is the current ASEAN Electric Vehicle Market size?

In 2025, the ASEAN Electric Vehicle Market size is expected to reach USD 1.51 billion.

Who are the key players in ASEAN Electric Vehicle Market?

Hyundai Motor Company, Tesla Inc., Mitsubishi Motor Corporation, MG Motor and BMW AG are the major companies operating in the ASEAN Electric Vehicle Market.

What years does this ASEAN Electric Vehicle Market cover, and what was the market size in 2024?

In 2024, the ASEAN Electric Vehicle Market size was estimated at USD 1.02 billion. The report covers the ASEAN Electric Vehicle Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the ASEAN Electric Vehicle Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

ASEAN EV Industry Report

Statistics for the 2025 ASEAN Electric Vehicle market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ASEAN Electric Vehicle analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.

ASEAN EV Market Report Snapshots