ASEAN Electric Vehicle Market- Growth, Trends, and Forecasts (2020 - 2025)
発行: Mordor Intelligence LLP
ページ情報: 英文 80 Pages
The ASEAN electric vehicle market is anticipated to register a CAGR of about 10% during the forecast period (2020 - 2025).
Electric Vehicle Sharing Platform will propel the Growth in the Market
Vehicle sharing services in the region are updating their vehicle fleet to electric as the new startups are getting huge funding from various EV manufacturers and tech companies. Governments are also drafting various policies to increase EV adoption in the region.
According to the National Automotive Policy (NAP) of Malaysia, their initial target was to manufacture 85 percent of vehicles produced locally to be EEVs by 2020.
Whereas in January 2020, electric vehicle ride-hailing startup Grab and Hyundai collectively launched GrabCar Elektrik. GrabCar Elektrik Service will start with thefleetof50 Hyundai Ioniq EVs, at Jakarta's Soekarno-Hatta International Airport and in 2019, Grab announced that company has secured around USD 1.46 billion funds from the SoftBank Vision Fund. Apart from that Grab has already raised more than $4.5 billion with investments from various automakers such as Toyota and Hyundai Motor, along with other tech giants Microsoft.
Similarly, for an electric two-wheeler, GrabWheels has secured around USD 30 million funding from KYMCO a Taiwan based electric bikes manufacturer. Through this strategic partnership, both companies will develop new two-wheeler electric vehicle solutions for faster adoption of EVs in the region.
Singapore is Expected to Lead the Market
All governments are pushing hard to promote EV in their countries, for that various countries are adding new regulations and providing incentives for the EV buyers. EV adoption is still low in many countries as according to the Land Transport Authority of Singapore at the end of 2019, there were about 1,330 electric vehicles out of a total fleet of 950,000 vehicles. And in Singapore, the latest 2020 budget government is providing additional incentives for the purchase of environmentally-friendly vehicles, which will support the country's vision to have only cleaner energy vehicles by 2040. In addition to that Land Transport Authority had revised the electric car road tax which will include an additional flat component of SGD 700 per year - which will be phased in over three years beginning in 2021
Also, the Government will introduce the EV Early Adoption Incentive (EEAI), under which those who will buy battery-electric cars and taxis will get a rebate of up to 45% on the additional registration fee. This EEAI is designed to reduce the upfront cost of an electric vehicle by an average of 11% and decrease the cost gap between electric and ICE cars.
Infrastructure is one of the important aspects for EVs and in Singapore, at the start of 2020 there were about 1,600 charging points, and with the help of the private sector, government is aiming to add up to 28,000 chargers at public parking.
The ASEAN electric vehicle market is moderately fragmented, has several active players, owing to the presence of new startups and major conventional ICE vehicles OEMs, As the market is witnessing the entry of various electric vehicle ride-hailing startups and automakers. Some of the major players in the market are Hyundai, Toyota Motor Corporation, Honda Motor Company Limited, and STAR 8 Company Limited amongst others. The local governments are preparing for scaling up the local electric vehicle production and various automotive and ride-hailing companies are forming strategic alliances with other players in the market. For instance,