Electric Vehicle Batteries Directing ASEAN On A Greener Growth Avenue
In this commentary on ASEAN automotive and EV battery market dynamics, Nikhil Kaitwade from Future Market Insights inspects major trends, roadblocks, and opportunities in carving out its path of growth.
The automotive industry has undergone an ardent transition into electrification, with electric vehicles (EVs) arising as the prospect of transportation. As countries around the globe are striving to diminish carbon footprints and fight climate change, ASEAN is spearheading the transition to emerge as an innovation hub for Electric vehicle battery technology.
Revving Up Insights Into The ASEAN Automotive Industry
The ASEAN automotive market witnessed significant growth, escalated by rising disposable incomes, modernisation, and an amplified middle-class population. The ownership rates of vehicles have been increased in the ASEAN region, ushered by augmenting consumer requirements for versatility and economic progress.
Alongside this progression, issues pertaining to environmental conservation and air pollution have gained prominence, encouraging governments in ASEAN to look for cleaner and more sustainable transportation substitutes. Electric vehicles are a feasible solution to tackle the ecological troubles of obsolete internal combustion engine automobiles.
With emission-free tailpipes and moderate cost of operation, EVs are a carbon-neutral alternative to consumers and governments looking to diminish their carbon emissions. The adoption of electric vehicles is picking up speed in ASEAN, owing to an array of factors:
Government Initiatives
The ASEAN governments are administering numerous policies and subsidies to rev up the adoption of EVs. From tax rebates and subsidies to investments in the allocation of charging units, these standards are focused to induce a suitable environment for EV growth. For instance, economies like Thailand and Singapore have launched tax rebates for electric vehicle consumers, while Malaysia has started investing in the development of charging infrastructure.
Strengthening Consumer Awareness
As consciousness regarding climate change and air pollution surges, ASEAN consumers are more ecologically mindful. This switch in mindset accelerates the demand for cleaner transportation alternatives like EVs. Consumers consider factors like environmental influence and fuel efficacy while making purchasing decisions, which soars the demand for EVs.
Blue Energy’s lithium-ion batteries were launched for use in Honda’s STEP WGN SPADA, adopted for hybrid and EVs. This amplifies the competition in the market while surging the sales of EV batteries.
Investment And Partnerships
The local governments, coupled with international shareholders, invest in research and development to advance the EV battery landscape. Partnerships between automotive manufacturers, battery producers, and technology providers surge innovation and curb production costs. For instance, partnerships between local governments and MNCs support the setup of battery manufacturing units and innovation centers in ASEAN countries.
Infrastructure Development
The formation of charging facilities is cardinal to the extensive adoption of EVs. Governments and private ventures in ASEAN are making efforts to establish a strong network of charging stations and elevate the EV ownership experience. Schemes like public-private collaboration and subsidies for charging unit investments are launched to proliferate the adoption of charging stations in urban and rural areas.
Read more here at page 50
What You Missed:
LG-Hyundai Electric Opens Car Battery Factory In Indonesia
Chinese Automakers Double Down On Presence In Thailand
Hitachi Industrial Equipment Systems’ ML Predictive Diagnosis Service For Air Compressors
TSMC Sees Annual Sales Growth To Reach 10% In Semiconductor Industry
Vietnam Versus Malaysia For Semiconductor Design Hub Crown
Vietnam Sluggish Auto Sales Hit Major Motorshow
Motional Flies Solo After Aptiv’s Curtain Call
Tesla Fired Its Supercharger Division – A Shocking Yet Brilliant Move
Tesla Profits Decline By More Than 50% In Q1 2024
Tesla Reduces Full Self-Driving Software Price To US$8,000
WANT MORE INSIDER NEWS? SUBSCRIBE TO OUR DIGITAL MAGAZINE NOW!
CONNECT WITH US: LinkedIn, Facebook, Twitter
Letter to the Editor
Do you have an opinion about this story? Do you have some thoughts you’d like to share with our readers? APMEN News would love to hear from you!
Email your letter to the Editorial Team at [email protected]
