The ASEAN Electric Vehicle market is estimated to grow at a CAGR of more than 19.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The ASEAN Electric Vehicle market is estimated to grow at a CAGR of more than 19.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. The growing environmental concerns along with cohesive government initiatives and subsidies are some other aspects to fuel the market growth in the region. For instance, in February 2019, the Thailand Board of Investment (BOI) has considered waiving excise tax to 2% from 8% for eligible electric vehicle manufacturers in Thailand to encourage them to produce electric cars.
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Furthermore, a number of electric vehicle manufacturers are considering to increase their investments in the production of electric cars in the region. For instance, in June 2019, Toyota Motor Corp. had planned to invest around $2 billion to increase the development of electric vehicle units in Indonesia. Therefore, the growing investments by the key market players in the region are anticipated to fuel the growth of the ASEAN electric vehicle market during the forecast period. However, the high cost of batteries and the low-range availability of electric vehicles are the key factors to restrain their market growth in the region.
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- Market Coverage
- Market number available for – 2019-2025
- Base year- 2019
- Forecast period- 2020-2025
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
ASEAN Electric Vehicle Market by Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
ASEAN Electric Vehicle Market by Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
ASEAN Electric Vehicle Market by Battery Type
- NiMH
- Li-Ion
- Others
Regional Analysis
- Indonesia
- Thailand
- Malaysia
- Singapore
- Other
Company Profiles
- BMW AG
- Eclimo Sdn. Bhd.
- Honda Motor Co., Ltd.
- Mitsubishi Motors Corp.
- Nissan Motor Co.
- STAR 8 (THAILAND) Co. Ltd.
- Terra Motors Corp.
- Toyota Motor Corp.
- Toyotron Motor Co, Ltd.
- Viar Motor Indonesia
- Zero Motorcycles Inc.
The Report Covers
- Comprehensive research methodology of the ASEAN Electric Vehicle market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the ASEAN Electric Vehicle market.
- Insights about market determinants which are stimulating the ASEAN Electric Vehicle market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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