Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Southeast Asia Hybrid Electric Vehicle Market, The Southeast Asia Hybrid Electric Vehicle Market size is estimated to grow at a CAGR of around 18% during the forecast period, i.e., 2024–30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Southeast Asia Hybrid Electric Vehicle Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2024-2030
- CAGR (2024-2030): 18%
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Southeast Asia Hybrid Electric Vehicle Market Segmentation Breakdown:
The Southeast Asia Hybrid Electric Vehicle Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
By Vehicle Type
- Passenger Car- Market Size & Forecast 2019-2030, Thousand Units
- Commercial Vehicle- Market Size & Forecast 2019-2030, Thousand Units
- Two-wheeler-- Market Size & Forecast 2019-2030, Thousand Units
The Passenger Car segment held a major share of the Southeast Asia Hybrid Electric Vehicle Market, owing to a higher level of consumer awareness & acceptance of hybrid technology in passenger cars.
By Electric Powertrain Type
- Series Hybrid- Market Size & Forecast 2019-2030, Thousand Units
- Parallel Hybrid- Market Size & Forecast 2019-2030, Thousand Units
- Parallel-Series Hybrid- Market Size & Forecast 2019-2030, Thousand Units
By Degree of Hybridization
- Micro Hybrid- Market Size & Forecast 2019-2030, Thousand Units
- Mild Hybrid- Market Size & Forecast 2019-2030, Thousand Units
- Full Hybrid- Market Size & Forecast 2019-2030, Thousand Units
- Plug-in Hybrid- Market Size & Forecast 2019-2030, Thousand Units
The demand for Plug-in Hybrid vehicles has been growing considerably across the region in recent years. This has been primarily attributed to the improving charging infrastructure across the country.
Geographical Growth Insights:
By Country
- Thailand
- Malaysia
- Indonesia
- Singapore
- Cambodia
- Philippines
- Rest of Southeast Asia
Indonesia has dominated the Southeast Asia Hybrid Electric Vehicle Market during the historical years.
MarkNtel Advisors Highlights Key Market Drivers for Southeast Asia Hybrid Electric Vehicle Market:
Surging Greenhouse Gas Emissions Across the Region to Propel Hybrid Vehicle Adoption – Rapid industrialization, urbanization, and economic development in countries like Thailand, Malaysia, Singapore, and others have led to increased energy consumption, primarily reliant on fossil fuels such as coal & natural gas. The expanding transportation sector, characterized by a growing number of vehicles on the roads, exacerbated emissions from burning gasoline & diesel. For instance, in 2022, the transport sector contributed about 15% to total greenhouse gas emissions in Indonesia.
With the rising greenhouse gas emissions, government bodies in countries such as Thailand, Indonesia, and Malaysia have started focusing on reforms for mitigating greenhouse gas emissions in their respective countries. This led governments to provide subsidies & incentives to consumers for adopting hybrid vehicles, thus boosting the sales graph. Moreover, the rising consumer awareness regarding global warming is anticipated to further surge the adoption of hybrid vehicles among consumers, owing to their efficiency & pollution control, therefore driving the growth of the Southeast Asia Hybrid Electric Vehicle Market.
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A Comprehensive Analysis of Leading Companies in Southeast Asia Hybrid Electric Vehicle Market
- Toyota Motor Corporation
- Honda Motor Company Limited
- BMW Group
- Hyundai Motor Company
- Mitsubishi Motors Corporation
- MG Motor
- Mazda Motor Corporation
- BYD Co. Ltd
- Nissan Motor Company
- Audi AG
- AB Volvo
- PT Yamaha Indonesia
- Others
India Automotive Paints & Coatings Market Recent Development:
- 2023: Honda Motor Company Limitedlaunched a new Honda Accord RS Hybrid in Indonesia, which is a complete built-up (CBU) import from Thailand.
- 2022: Toyota Motor Corporation launched Kijang Innova Zenix Hybrid MPV in the Indonesian market, and the model has a size of around 4,755 mm in length & a width of 1,855 mm.
What are the Opportunity driving the Southeast Asia Hybrid Electric Vehicle Market?
Proliferating Government Initiatives Towards Sustainability to Create New Prospects – Governments across the region are fostering sustainable initiatives to mitigate global warming & environmental issues in the country. The government bodies are focusing on promoting sustainable development through measures such as renewable energy expansion & biodiversity conservation. Policies like the Green Growth Strategy in Vietnam and Singapore Green Plan 2030 outline ambitious goals to achieve net-zero carbon emissions and enhance resilience against climate change.
Indonesia's Low Carbon Development Initiative seeks to reduce greenhouse gas emissions while promoting inclusive economic growth. Further, with the rising focus on sustainability initiatives, the demand for hybrid vehicles is expected to surge in the upcoming years. Hybrid vehicles with their convenience & lesser environmental impact, would become the preferred choice for consumers augmenting their demand in the upcoming years, thus creating opportunities in the Southeast Asia Hybrid Electric Vehicle Market.
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