Thailand tipped to be among leading EV markets in ASEAN region with Indonesia following closely behind

Thailand tipped to be among leading EV markets in ASEAN region with Indonesia following closely behind

According to research agency BloombergNEF, Thailand and Indonesia are tipped to be key markets for electric vehicles (EVs) within the ASEAN region, Bangkok Post reports. This is thanks to the nations’ support for the EV industry by providing lucrative incentives such as tax cuts and subsidies to promote consumption and local production – both also have large populations.

At present, Thailand has the lead over Indonesia with 51,000 EVs sold in 2022 compared to the latter that managed around 10,000 units. Thailand’s EV sales figure is expected to reach 2.9 million units by 2040. Meanwhile in Malaysia, EV sales numbered 2,631 units last year, which is 860% higher than in 2021 – the Malaysian Automotive Association (MAA) expects “much higher sales” this year.

“Thailand will be a big player in the EV market but after 2040, Indonesia will take the lead in the passenger car segment due to the large size of its market,” said Allen Tom Abraham, senior analyst of Asia-Pacific transport at BloombergNEF.

The agency also pointed out that EV production requires a large investment in battery supply chains. Annual lithium battery demand is expected to grow rapidly, approaching 5.7 terawatt-hours (TWh) annually by 2035 in the economic transition scenario. In the net-zero scenario where governments campaign for a balance between greenhouse gas emissions and absorption, new demand for lithium-ion batteries is expected to reach 244 TWh by 2050.

This is in line with rising demand for EVs globally, with Abraham stating the EV share of new passenger sales is expected to jump from 14% in 2022 to 30% in 2026. In major markets like China, EVs command a 52% market share, while in Europe, EV sales make up 42% of total car sales. The agency believes global EV sales, especially in the passenger car segment, will rise to almost 27 million units in 2026, up from 19.5 million units in 2022.

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Gerard Lye

Originating from the corporate world with a background in finance and economics, Gerard’s strong love for cars led him to take the plunge into the automotive media industry. It was only then did he realise that there are more things to a car than just horsepower count.

 

Comments

  • satistics never lie on Jul 07, 2023 at 12:59 pm

    statistics never lie.
    So EV is not a rich-man’s toy anymore. It’s an alternative and future of transportation.

    Malaysia, bila nak maju?

    Like or Dislike: Thumb up 10 Thumb down 2
    • Buyer on Jul 07, 2023 at 10:58 pm

      EV’s are popular in Thailand because RON95 is RM4.75 per litre.

      Like or Dislike: Thumb up 3 Thumb down 1
  • DAP Korup on Jul 07, 2023 at 1:16 pm

    With our lousy government,  we will be the last in this region.

    Like or Dislike: Thumb up 22 Thumb down 30
    • suomynona on Jul 07, 2023 at 2:07 pm

      We’re really just waiting for P1 & P2 to catch up, and then it seems like we’ll open up..which isn’t soon

      Like or Dislike: Thumb up 2 Thumb down 0
    • devotees of black pebble on Jul 07, 2023 at 4:02 pm

      your nation needs to protect the pockets of O&G moghul community

      Like or Dislike: Thumb up 3 Thumb down 0
    • If the Malaysian government in 2021... on Jul 08, 2023 at 7:40 am

      https://paultan.org/2021/04/19/malaysias-ev-roadmap-proposes-7000-ac-and-500-dc-charging-points-10000-units-of-cbu-full-evs-tax-free/
      Back in April 2021, a paultan.org article regarding the Malaysian EV roadmap did mention that the Malaysian government at that time has yet to officially announce its automotive electrification agenda for the country. If the Malaysian government in 2021 already had an official agenda, Malaysia should be currently neck to neck with Thailand & Indonesia in the SEA region EV markets.

      Like or Dislike: Thumb up 22 Thumb down 0
  • MalaysiaBoleh on Jul 07, 2023 at 1:17 pm

    eh leh…Thailand or Indonesia EV power so what? Kami di Malaysia nobor satu pakai kapcai dan sampan brader..Don’t play play ok. Mau challenge sama Malaysia ka? Pergi main jauh jauh sikit la. kikiki

    Like or Dislike: Thumb up 7 Thumb down 3
  • Rafizi sembang kencang on Jul 07, 2023 at 1:19 pm

    Congrats Thailand and Indonesia. Where is our formula man’s formula to bring more FDI to Malaysia. It seems like he forgot the formula.

    Like or Dislike: Thumb up 14 Thumb down 17
    • Frightened off Foreign Investment Scheme on Jul 07, 2023 at 4:05 pm

      ROTFL foreign investors flew into KLIA get detained needs to pay HKD30K for release.

      Like or Dislike: Thumb up 3 Thumb down 4
      • Norlia on Jul 09, 2023 at 4:49 pm

        Our useless gomen is despo for money that they are now resorting to blackmailing foreign tourists. Time to change now!
        #UBAHtoPN

        Like or Dislike: Thumb up 4 Thumb down 5
        • are you part of the scheme? on Jul 10, 2023 at 1:25 pm

          Why are you permitting little Napoleon to sabotage your gov nation?

          Like or Dislike: Thumb up 0 Thumb down 1
          • Rakyat Malaysia on Jul 11, 2023 at 1:01 am

            Little Napoleons are the mentris, need to change them out since they are sabotaging the nation.

            Like or Dislike: Thumb up 0 Thumb down 0
  • Nurul Izzah on Jul 07, 2023 at 1:21 pm

    Anwar menang, investment lari

    Like or Dislike: Thumb up 13 Thumb down 17
    • Rakyat Malaysia on Jul 09, 2023 at 7:12 pm

      Anwar gembira, rakyat sengsara
      Anwar di Sg Buloh, rakyat sorak kali sepuloh

      Like or Dislike: Thumb up 5 Thumb down 10
  • Madani syok sendiri on Jul 07, 2023 at 1:28 pm

    There is no EV manufacturers willing to invest in Malaysia due to our weak and incapable government.

    Like or Dislike: Thumb up 18 Thumb down 5
  • pomen on Jul 07, 2023 at 3:00 pm

    what EV??? we got kereta terbang!!!
    but where is kereta terbang and also 3rd national car? where ya? any news?

    Like or Dislike: Thumb up 3 Thumb down 0
  • FreakingAnnoyed on Jul 07, 2023 at 7:41 pm

    Yay!!! Less ppl use fuel means more fuel for Malaysian to use! Malaysian tolak EV! Malaysia can produce our own oil forever! Malaysian don’t mind car with 50 years old Toyota engine technology asalkan good resale value! Hanya golongan kayangan and bangsawan need EV and luxury car! Kelantan, Terengganu and Kedah government department vip car park only for Lexus, BMW, Merc and cars worth 1mil and above!

    Like or Dislike: Thumb up 1 Thumb down 0
  • kckfen on Jul 08, 2023 at 9:08 am

    That why I say no need to protect national car anymore, open up the market fair play for all. All the cronies vendor never improve till Proton have to go to Thailand for parts. This only put Malaysia vendor tongkat mentality and out performs by other in this Asean region. Anyway national car is not national away….. make is survive of the fitness, dont keeps wasting money on life support with brain death vendors.

    Like or Dislike: Thumb up 0 Thumb down 0
  • Futur EV owner on Jul 08, 2023 at 11:29 am

    Malaysia follows Japan. If Elon Musk/Tesla can make big investment in MY to significantly install DC charger stations , we will be driving EV cars with less worries.

    Like or Dislike: Thumb up 1 Thumb down 0
  • dontfollowtheherd on Jul 09, 2023 at 12:00 am

    if you feel can afford and confident then buy….if you feel not confident and not realistic then dont buy…no one forcing…..dont buy because you want to follow the herd….no one point a gun on your head …

    Like or Dislike: Thumb up 2 Thumb down 0
 

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