Sales and production of electrified vehicles are on the rise in major Asian markets
- Here is the 2022 report on sales and production of electrified vehicles (xEVs) in four Asian countries excluding China and Japan: South Korea, India, Thailand, Indonesia. Alongside the recovery and growth in domestic demand following the Covid-19 pandemic, sales and production of electrified vehicles are on the rise in major Asian markets, reaching all-time highs.
- However, with the exception of South Korea, where the market share of electrified vehicles exceeds 20%, it is below 10% in all other countries, meaning that conventional vehicles remain the best-selling. When it comes to electrified vehicle sales trends, the HEV category is dominated by Toyota, while the main players in the BEV category are Wuling, Hyundai, Kia, and Tesla.
- xEVs registrations in India increased by 66.0% year-on-year to 222,000 units, with market share increasing to 5.4%.
- xEVs registrations in Thailand increased by 71.1% to 74,000 units, market share increased to 7.7%.
- Indonesia saw a 6.5-fold increase in xEVs sales, to 21,000 units, with their market share increasing to 2.0%.
- In South Korea, xEVs sales jumped 25.6% to 368,000 units, while their market share increased to 21.8%, surpassing the 20% mark for the first time. In terms of electrified vehicle production in Korea, Japanese carmakers Toyota and Honda are the main players in the HEV sector, while Korean brands Hyundai and Kia and Chinese company MG lead the BEV segment. PHEVs are represented by German brands.