Electric Vehicles Industry is expected to increase EV sales volume from at a CAGR of ~6% between 2021 and 2026: Ken Research
- Increasing government push is likely to boost sales of Electric Vehicles due to exemption of taxes and duties.
- Lack of market leaders and ease of entry will act a positive reinforcement for emergence of newer homegrown EV manufacturing companies.
- Increasing technological advancement and emergence of Electric Mobility-as-a-Service (EMaaS) will be witness in the EV space
GURUGRAM, India, Aug. 9, 2022 /PRNewswire/ --
Increasing Government Support and Initiatives
The Malaysian government, had announced during Budget 2022 that battery electric vehicles (BEVs) will be exempted from both import and excise tax until 2023 for fully-imported vehicles (CBU) and 2025 for locally-assembled (CKD) models. The government is also giving tax income exemption for individuals of up to RM2,500 on the cost of purchase, installation, rent, hire purchase as well as subscription fees for electric vehicle charging facilities. The government has set the goal of making Malaysia a significant participant in the regional electric mobility market, and aims for 100,000 EVs to be on the road in the country by 2030, along with 2,000 electric buses and 125,000 charging stations.
Ease of Market Entry
There are few electric 2-wheeler and 4-wheeler brands in Malaysia. A new company entering the market can easily establish itself in the market with a better business model and strategy. Companies have incentives to enter the industry, as it is still at a nascent stage and is expected to grow. For example, Honda plans to launch four electric two-wheelers by 2024.
Increasing Technological Advancements
The major reason for the affordable prices of electric scooters and bikes is the advancement in battery technology. The decline in electric vehicle battery cost has an overall impact on the cost of an electric vehicle. OEMs are investing capital in research and development to further increase the efficiency of the electric battery along with the reducing their cost. Battery Swapping Technology is pioneering Electric Mobility-as-a-Service (EMaaS) in Malaysia, by developing Smart Swap – a game-changing turnkey solution for a battery-swapping infrastructure for Electric Motorcycles.
Increase in charging infrastructure
In Malaysia, the launch of the National Low Carbon Cities 2030 plan, entails the establishment of 200 low carbon zones across the country, which may bring about a greater push for green vehicle options, including EVs. Malaysia plans to build 25,000 public charging points and 100,000 private charging points by 2030.
The publication titled "Malaysia Electric Vehicle Market Outlook to 2026: Driven by government initiatives along with the need to curb vehicular emissions, and increasing charging infrastructure" provides a comprehensive analysis of the electric vehicles industry by analyzing historical statistics and corresponding developments in the electric vehicles market. The market growth declined during COVID as manufacturing activities were on halt and the supply chain got disrupted. Given the consolidated structure in the electric vehicle industry, analysts have elaborated on competitive landscape of major electric 2-wheelers and 4-wheelers player on the basis of models launched, product prices, technology type and other operational parameters. The report also covers a snapshot on player's business model, value chain analysis, growth drivers, Porters 5 forces analysis, impact of COVID-19 and factors governing the future outlook of industry. The report also provides comprehensive insight on the market size and segmentation of the industry. The report highlights the pain points of the electric vehicles industry along with detailed company profiles of major electric 2-wheeler and 4-wheeler brands. The report concludes with projections for future industry market size, market segmentations and analyst take on future market scenario.
Key Segments Covered in Malaysia Electric Vehicles Industry
By Type of EV
- 4-wheelers
- 2-wheelers
By Type of Electric 2-wheelers
- Electric scooter
- Electric motorcycle
By Type of Battery Capacity for electric 2 wheelers
- <25Ah
- >25Ah
By Battery Technology Type for electric 2 wheelers
- Removable batteries
- Non-removable batteries
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By Voltage Type for electric 2 wheelers
- 24V
- 36V
- 48V
- 60V
- 72V
By Battery Type for electric 2 wheelers
- Lithium-Ion
- Sealed Lead Acid
By Brand of EV
- BMW
- Mercedes Benz
- Honda
- Volvo
- Hyundai
- Others
By Type of EV Technology
- BEV
- HEV
- PHEV
By EV Class
- Mid-priced
- Luxury
Time Period Captured in the Report:-
Historical Period: 2016-2021
Forecast Period: 2022F-2026F
Malaysia Electric Vehicles Industry Players
Electric 2 wheelers
- Eclimo
- Treeletrik
- NIU
Electric 4 wheelers
- Honda
- BMW
- Mercedes Benz
- Volvo
- Hyundai
- Nissan
- Porsche
- Tesla
- KIA
- Mazda
- Audi
Request for Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg0MjY1
Key Topics Covered in the Report:-
- Ecosystem of Electric Vehicles Industry
- Value Chain Analysis of Electric Vehicles Industry
- Business Models of Major Entities in the Electric Vehicles Industry
- Customer Preferences and Buying Decision Behavior in Electric Vehicles Industry
- Market Size of Electric Vehicles Industry by Transaction Value and Sales Volume
- Market Potential of Malaysia Electric Vehicles Market
- Market Segmentation of Electric Vehicles Industry by type of EV, type of electric 2 wheelers, type of battery capacity, type of battery technology, type of voltage, type of EV class, type of EV technology, by type of brands, by battery type
- Competitive Scenario of the Electric Vehicles Industry
- Issues and Challenges in Electric Vehicles Market
- Trends and Developments in the Electric Vehicles Industry
- Porter's Five Forces analysis of the Electric Vehicles Industry
- Growth Drivers of Electric Vehicles Industry
- Challenges and Restraints in the Electric Vehicles Industry
- Government Rules and Regulations in the Electric Vehicles Industry
- Impact of Covid-19 and Government Regulations on Electric Vehicles Industry
- Future Market Size of Electric Vehicles Industry by Transaction Value and Sales Volume
- Future Market Segmentation of Electric Vehicles Industry by type of EV, type of electric 2 wheelers, type of battery capacity, type of battery technology, type of voltage, type of EV class, type of EV technology, by type of brands, by battery type
- Industry Speaks
- Analyst Recommendations
- Research Methodology
- Battery Technology Malaysia Electric Vehicles Market
- Eclimo Malaysia Electric Vehicles Market
- Treeletrik Malaysia Electric Vehicles Market
- NIU Malaysia Electric Vehicles Market
- Honda Malaysia Electric Vehicles Market
- Hyundai Malaysia Electric Vehicles Market
- Mazda Malaysia Electric Vehicles Market
- Kia Malaysia Electric Vehicles Market
- Volvo Malaysia Electric Vehicles Market
- Porsche Malaysia Electric Vehicles Market
- Nissan Malaysia Electric Vehicles Market
- BMW Malaysia Electric Vehicles Market
- Mercedes Benz Malaysia Electric Vehicles Market
- Tesla Malaysia Electric Vehicles Market
- PHEV Malaysia Electric Vehicles Market
- Lithium-Ion Malaysia Electric Vehicles Market
- Sealed Lead Acid Malaysia Electric Vehicles Market
- Voltage Malaysia Electric Vehicles Market
- Battery capacity Malaysia Electric Vehicles Market
For More Information, refer to below links:-
Malaysia Electric Vehicles Market
Related Reports:-
UAE is the second largest automotive market in the Gulf Cooperation Council (GCC) after Saudi Arabia owing to the growing population and high disposable income. The demand for vehicles in the country mainly originates from the construction, infrastructure, logistics, tourism, and public transport sectors have turned the emirate into a major exporter and re-exporter of vehicles. The transportation sector is one of the most significant contributors to CO2 emissions in UAE, second to the industrial sector. Incentives offered by the government, banks, and car dealers, has also led to the growth in the UAE's imports of EVs and increased environmental awareness among citizens. The Battery Electric Vehicles sales grew at a CAGR of ~49% during 2017 and 2021.
Indonesia is the fourth largest country in the world, with a population of nearly 250 million people. With fast economic growth and rapid urbanization in Indonesia, it is projected that more people will acquire a personal vehicle for mobility. The transportation sector is one of the most significant contributors to CO2 emissions in Indonesia, second to the industrial sector. In 2019, Presidential Regulation Number 55 Year 2019 regarding the Acceleration Program for Battery Electric Vehicles for Road Transportation was enacted. This regulation acts as the legal umbrella for Indonesian electric vehicle development and creates a domino effect for several ministries to start electric vehicle (EV) projects in Indonesia. The Battery Electric Vehicles sales grew at a CAGR of 719% during 2017 and 2021.
India, the world's 6th largest economy by nominal GDP and the 3rd largest by PPP, is characterized as a middle-income developing market economy. 2- and 3- Wheelers that account for close to 50% share dominate the Indian urban mobility modal share. EVs are slowly gaining traction with less than 2% of vehicles deployed as EVs in India. The charging infrastructure in India is currently quite under-developed with as many as 26 EVs per
charger available in the country, compared to only 8 in China and 17 in the US. There are ~300 community charging stations in India, of which 22 were fast-charging points in 202. However, India EV Charging Equipment Market gained significant momentum after the implementation of the FAME India scheme. The Department of Heavy Industry (DHI) also planned to incentivize 1,000+ charging stations with 6,000+ chargers, which is the major growth driver for the market. Lack of Space, Infrastructure, and Manpower for Setting-Up along with High Initial Cost of Charging Equipment and Installation are the major challenges in India EV Charging Equipment Market.
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