Southeast Asia Hybrid Electric Vehicle Market Size & Insights

The  Southeast Asia Hybrid Electric Vehicle Market is estimated to grow at a CAGR of around 18% during the forecast period, i.e., 2024-30. The market growth imputes the rising demand for electric mobility, increasing fuel prices, and stringent regulations framed by governments in various countries. The rising awareness about climate change and air pollution has led consumers & governments to seek cleaner transportation alternatives. Hybrid vehicles, with their lower emissions compared to traditional gasoline-powered vehicles, are seen as a more environmentally friendly option, surging market growth.

What are the Key DROs in the 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.

What are the Key Segments in the Southeast Asia Hybrid Electric Vehicle Market?

The Southeast Asia Hybrid Electric Vehicle Market is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

• 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

• 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.

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How does geographical analysis highlight in the Southeast Asia Hybrid Electric Vehicle market?

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.

Who are the Key Players 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

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Southeast Asia Hybrid Electric Vehicle Market News

• 2023: Honda Motor Company Limited launched 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.

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