Passenger electric vehicle (EV) demand across the Southeast Asia region is increasing gradually, however, sales remain relatively low compared to global EV sales constituting just 0.5% of the global total for 2022, according to a Counterpoint report.
Overall Passenger EV sales in the region accounted for just under 2% of the region’s total passenger vehicle sales in 2022. Battery EVs (BEVs) represented 64.6% of the total EV sales, while plug-in hybrid EVs (PHEVs) constituted the rest.
Among the major countries in the region, Thailand took the top spot, accounting for 58% of total EV sales, while Indonesia and Vietnam followed. The growth of Thailand's EV market was driven by various EV initiatives by the country's government, such as demand-side incentives and corporate income tax incentives for EV manufacturers.