Meanwhile, Vietnam has been considered a potential market for electric four-wheelers, as these vehicles offer an attractive advantage against the backdrop of rising gasoline prices and environmental concerns associated with gasoline vehicles. In addition, the government has been introducing incentives for the use of electric vehicles: from lowering taxes on electric imports to reducing a portion of registration fees for electric vehicle owners.
According to the analyst, the sales volume of electric vehicles will reach US$ 462.76 thousand in 2032 and the CAGR in 2023 to 2032 is 50%.
One of the biggest challenges Vietnam has to overcome in this area is the limited number of electric vehicle charging stations. Vietnam's electric vehicle company VinFast is investing in an extensive and secure charging station system, and there is huge room for growth in Vietnam's car market as infrastructure continues to improve. In addition, car ownership in Vietnam remains low, with 23 cars per 1,000 people, compared to one-tenth and one-twentieth in Thailand and Malaysia, respectively, According to the analyst. Vietnam is a land of great potential with a population of nearly 100 million and an untapped market for electric vehicles. Meanwhile, According to the analyst, electric vehicles are becoming a global trend, with revenues in the electric vehicle sector growing at a rate of 10% per year. According to the analyst, the electric vehicle market is forecast to reach approximately $60 billion in revenue by 2025.
According to the analyst, Vietnam will have one million electric vehicles by 2028, and that number will grow to 3.5 million by 2040. Although electric vehicles currently represent only a small portion of the country's passenger car market, they are expected to become more common in the future.
Topics Covered
- Vietnam Electric Vehicle Industry Overview
- The economic and policy environment of the electric vehicle industry in Vietnam
- What is the impact of COVID-19 on the electric vehicle industry in Vietnam?
- Vietnam Electric Vehicle Industry Market Size 2023-2032
- Analysis of major Vietnamese electric vehicle industry manufacturers
- Key Drivers and Market Opportunities in Vietnam's Electric Vehicle Industry
- What are the key drivers, challenges and opportunities for the electric vehicle industry in Vietnam during the forecast period 2023-2032?
- Which companies are the key players in the Vietnam Electric Vehicle industry market and what are their competitive advantages?
- What is the expected revenue of the Vietnam Electric Vehicle Industry market during the forecast period of 2023-2032?
- What are the strategies adopted by the key players in the market to increase their market share in the industry?
- Which segment of the Vietnam Electric Vehicle Industry market is expected to dominate the market by 2032?
- What are the main negative factors facing the electric vehicle industry in Vietnam?
Companies Mentioned
- KIA
- Mercedes-Benz
- Toyota
- Tesla
- BYD
- Honda
- Proterra
- Vinfast
- Tan Thanh Nhan Co. Ltd.
- Schneider Electric
Methodology
Background research defines the range of products and industries, which proposes the key points of the research. Proper classification will help clients understand the industry and products in the report.
Secondhand material research is a necessary way to push the project into fast progress. The analyst always chooses the data source carefully. Most secondhand data they quote is sourced from an authority in a specific industry or public data source from governments, industrial associations, etc. For some new or niche fields, they also "double-check" data sources and logics before they show them to clients.
Primary research is the key to solve questions, which largely influence the research outputs. The analyst may use methods like mathematics, logical reasoning, scenario thinking, to confirm key data and make the data credible.
The data model is an important analysis method. Calculating through data models with different factors weights can guarantee the outputs objective.
The analyst optimizes the following methods and steps in executing research projects and also forms many special information gathering and processing methods.
1. Analyze the life cycle of the industry to understand the development phase and space.
2. Grasp the key indexes evaluating the market to position clients in the market and formulate development plans
3. Economic, political, social and cultural factors
4. Competitors like a mirror that reflects the overall market and also market differences.
5. Inside and outside the industry, upstream and downstream of the industry chain, show inner competitions
6. Proper estimation of the future is good guidance for strategic planning.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 60 |
| Published | May 2023 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value in 2023 | 11.1 Thousand Units |
| Forecasted Market Value by 2032 | 462.8 Thousand Units |
| Compound Annual Growth Rate | 50.0% |
| Regions Covered | Vietnam |
| No. of Companies Mentioned | 10 |
