Market Trends of asean ev battery pack Industry
The ASEAN region has several EV manufacturers, but Wuling, Tesla, and BYD were the primary demand generators for battery packs in 2022
- In several ASEAN countries, the demand for electric cars has risen sharply during the last few years. The interest in purchasing EVs varies by location and country. However, in the ASEAN region, SUVs are the most popular EVs. The rising popularity of SUVs as a practical and spacious alternative to sedans is driving the demand for electric SUVs throughout the ASEAN region.
- The demand for compact sport utility vehicles (SUVs) among ASEAN customers has increased dramatically in recent years. Several key ASEAN countries have made the Tesla Model Y one of their top picks due to the vehicle's all-electric powertrain, 5-star NCAP safety certification, room for up to 7 people, long range, and other attributes. The BYD Song DM's plug-in hybrid engine has been well-accepted by consumers in numerous ASEAN nations as well, owing to the vehicle's low price and high fuel economy.
- The Model 3 was one of Tesla's best-selling cars in ASEAN countries in 2022. This is because it has a fully electric engine and several features that make it appealing to buyers. There are also electric SUVs and sedans from different foreign brands in the ASEAN EV market. The Haval H6, Nissan Licks, is a popular car that sold well in 2022. Other cars in the ASEAN EV market that are in competition include the Toyota Innova and Hyundai Ionic.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Growing adoption of electric vehicles in the ASEAN region is driven by government initiatives and infrastructure development
- The dominance of NMC batteries, the growing popularity of LFP batteries, and adoption of NCA batteries
- Foreign investments will boost domestic battery production in APAC
- Growing electrification of vehicles in the ASEAN region is driven by technological advancements and increasing battery capacity and efficiency
- The market is majorly based on imported vehicles and is dominated by Chinese brands
- Electric vehicle sales in New Zealand have been on the rise because of falling battery prices
- Downward price trend in ASEAN battery chemistries: factors driving the decline and future outlook for the electric vehicle industry
- International automakers are entering the Thai EV market with new models, thus driving EV and battery pack demand.
