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Southeast Asia EV Market Outlook 2024
In 2024, the Southeast Asian automotive industry is undergoing rapid transformation, fueled by shifting consumer demand, economic conditions, and government support for green energy.
Despite regional GDP growth between 2.7% and 7%, the light vehicle (LV) total industry volume (TIV) dropped 5.4% to 3.28 million units.
Country-Specific Market Overview
Thailand: Sales fell 25% due to weak economic performance and tightened auto loans.
Indonesia: Also saw a 13% drop in sales.
Malaysia: Grew 2% due to strong demand and backlog deliveries.
Philippines, Vietnam, Singapore: All recorded strong growth from post-COVID recovery and new model launches.
Thailand remains the production hub with ~1.5 million units produced in 2024.
Source: PwC
Rapid EV Adoption
Driven by policy support and environmental awareness, EV adoption in ASEAN-6 rose from 9% (2023) to 13% (2024).
Competitive Shift – Chinese OEMs on the Rise
Japanese OEMs’ market share declined 12%, larger than the regional average drop, indicating weakened dominance.
Chinese automakers are quickly gaining share by offering affordable, high-tech EVs.
Chinese brand share in ASEAN LV rose from 3.4% (2021–22) to ~5.0% in 2024.
SAIC fell from 2.5% (2021) to 1.7% (2024).
BYD rose from 0.1% (2022) to 1.8% (2024).
Chery remained steady at 1.0% in 2024.
With Southeast Asia’s EV market rapidly expanding, the demand for thermal management and power protection solutions is rising significantly.
Jaron NTCLCR specializes in:
NTC Thermistors and High-Precision Temperature Sensors
Applied in EV battery packs, motors, BMS, onboard chargers, inverters, and HVAC systems.
Surge current protection components: MF72 series NTC thermistors, thermal protection varistors, and customized circuit protection solutions for electric vehicle power systems.
Automotive-grade semiconductor devices, with high precision, high reliability, and long-term stability, are widely used in key systems of electric vehicles.
Relying on a mature manufacturing system, continuous R&D capabilities and rich export experience, Jaron serves Southeast Asian countries such as Thailand, Indonesia, Malaysia, Vietnam and global customers.
Contact us today—let’s drive Southeast Asia’s e-mobility revolution together: Faster, Safer, Smarter.
WhatsApp:+66 970782549
Email:[email protected]