ASFAN Electric Two-Wheeler Market was valued at USD 954.65 million in 2023 and is anticipated to proiect robust growth in the 2025-2029 with a CAGR of 13.09.The fastest growing segment is electric motorcycles, with Thailand being the largest market.
Two-wheeler sales in ASEAN countries have always been high. In 2019, it hit a record high, breaking the 15 million mark, accounting for nearly a quarter of the global market share. Sales began to decline before 2020, but the industry began to gradually recover from the second half of 2021. In 2022, sales increased by 9.2% to 14.3 million units. In 2023, the upward trend continued. At the end of the year, ASEAN two-wheeler sales increased to 14.7 million units, an increase of 3.6% year-on-year.
● Indonesia performed the strongest. Its sales grew rapidly, up 20.1%.
● The Vietnamese market showed a completely different trend. After experiencing a sharp increase in 2022, sales fell by 17.8% in 2023. Sales in the first six months of 2024 were 1.33 million units (-1.4%). All sectors of the market are declining, including a 1.4% decline in the scooter sector and a 6.9% decline in the motorcycle sector.
● Sales in the Philippines fell 0.5%.
● Sales in Thailand rose 4.4%.
● Malaysia fell 4.0% after setting a new record.
● The Cambodian market is still growing, but the growth rate is slower than before, at 2.3%.
● Myanmar also saw a slight decline.
● The Singapore market maintained a steady growth of 2.5%.
Overall, the electric motor scooter industry in the ASEAN region is still booming, but there are differences between each market.
Motor Scooters are considered by many ASEAN countries to be sturdy everyday vehicles rather than recreational toys.People use them to haul shopping purchases, family members and much more in the countryside as well as the cities. So, it comes as no surprise that more than 85 percent of all households in Thailand, Vietnam and Indonesia own at least one motorized two-wheeler.ASEAN countries are also undergoing a major transition to low-emission vehicles, driven and supported by their governments.
The ASEAN electric motor scooters market is experiencing an unprecedented surge in demand. This growth is primarily driven by rising environmental awareness among consumers, who are increasingly aware of the profound impact that transportation has on the planet. As individuals prioritize sustainability in their purchasing decisions, electric motor scooters are becoming a compelling and popular choice for eco-friendly transportation.
In addition, government support in the form of incentives and subsidies has played a key role in motivating the adoption of electric motor scooters. As ASEAN governments continue to prioritize clean energy initiatives, the future of electric motor scooters looks bright, with advancements in technology and infrastructure further enhancing their appeal and convenience for consumers.
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Post time: Jul-29-2024
