Electric cars in Asean economies: a slow evolution

Singapore

ELECTRIC vehicles will be one of Asean's largest growth segments in the next decade. But the evolution will be a slow one, and likely be led by commercial fleets, two-wheeled vehicles or a disrupter taking a new approach, unlike elsewhere where passenger vehicles pave the way.

Indeed, electric vehicles are expected to be a material market for regional economies with new sales of passenger electric vehicles to top US$6 billion by 2030, according to Bain & Company. Other profit opportunities include US$500 million in new charging infrastructure and billions invested in telematics, fleets and their management, and passenger services.