Asia’s Electric Vehicle Sales and Production Results in 2022

This report covers the sales and production results of electric vehicles of seven Asian countries (India, Indonesia, Malaysia, South Korea, Taiwan, Thailand, Vietnam) in 2022. Along with the recovery and expansion of domestic demand after the COVID-19 pandemic, the sales and production of electric vehicles are on the rise in major Asian markets, hitting record high levels. However, with the exception of South Korea, where the market share of electric vehicles exceeds 20%, it is less than 10% in all other countries, which means that conventional vehicles remain mainstream.

Looking at the sales trends of electric vehicles, locally-made models are selling well due to being price competitive. The HEV sector is led by Toyota, while major players in the BEV segment are Wuling, Hyundai, Kia and Tesla. New registrations of electric vehicles in India increased 66.0% year-on-year to 222,000 units, market share rising 1.8 points to 5.4%. New registrations in Thailand went up 71.1% to 74,000 units, market share increasing 2.6 points to 7.7%. Indonesia saw a 6.5-fold rise to 21,000 units and a market share expansion of 1.6 points to 2.0%. The sudden rise in sales is driven by the start of local production of electric vehicles in 2022. In South Korea, sales surged 25.6% to 368,000 units, while market share expanded 4.9 points to 21.8%, surpassing the 20% milestone.

In terms of electric vehicle production, Japanese manufacturers such as Toyota and Honda are the main players in the HEV sector, while Korean brands Hyundai and Kia and Chinese-owned MG are leading the BEV segment.