Southeast Asia’s electric vehicle (EV) market experienced a significant surge in 2024, with sales growing by over 50% year-on-year (YoY), pushing the EV share of new passenger vehicle sales to 10%, according to the latest Counterpoint Technology Market Research Global Passenger EV Sales Tracker.

Southeast Asia is now one of the world’s fastest-growing regions. For years, its automotive market was dominated by Japanese and South Korean manufacturers. However, the post-COVID-19 era saw a surge in EV demand, and the slower response from traditional players like Toyota, Honda, Nissan, and Mazda allowed Chinese EV makers to gain significant traction in the region.

Looking ahead, EVs are expected to account for more than 13% of total passenger vehicle sales in Southeast Asia in 2025, with YoY growth of 41%. The momentum is likely to continue, with every second car sold in 2035 expected to be an EV, according to Counterpoint Research’s latest Global Passenger Vehicle Forecast.

By: DocMemory
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