Industry Information

Southeast Asia EV Market Outlook 2024

author：Jarondate：2025-05-19hit：39

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.