東南アジアにおけるEVへの移行は、地域企業に新たな機会をもたらす

東南アジアにおける電気自動車への移行は、地域企業にとって新たな機会を生み出す。

2026年6月12日

B&Company

B&Companyは、2008年からベトナムにおいて市場調査および投資コンサルティングを専門とする日本の初の企業です。.

この記事は英語で書かれ、他の言語バージョンには自動翻訳が使用されています。正確なコンテンツのために、英語版をご参照ください。原情報の正確性を確保するよう努めていますが、各情報については別途確認してください。解釈や将来の展望は各研究者の個人的な意見です。.

For decades, Southeast Asia’s automotive market was defined by Japanese-brand dominance, gasoline two-wheelers, and modest electrification ambitions. That picture has changed dramatically. As of late 2025, ASEAN countries now rank among the highest EV (electric vehicle) adoption markets in the world — overtaking the United States, the United Kingdom, and the European Union on key penetration metrics.¹

This article examines the accelerating EV transition across Southeast Asia, identifies structural market opportunities arising from this shift, and illustrates how regional players, particularly those native to ASEAN, are best positioned to capitalize on them. It concludes with practical implications for investors and market entrants.

Market overview: Southeast Asia EV by the numbers

ASEANの電気自動車（EV）市場は、2025年には約46億米ドルと評価され、2026年には60億米ドルに達すると予測されており、2031年には年平均成長率31.6%で236億米ドルに拡大すると見込まれている。²別の試算では、同市場は2021年のわずか20億米ドルから、2035年には年間800億～1000億米ドルの販売機会を生み出す可能性があるとされている。³

The table below summarizes EV market status across ASEAN’s five largest automotive markets as of 2025:

Table 1: Southeast Asia EV market status: 5 key markets (2025)

国	EV domestic sales share (2025)	Key policy	Notable investment
Vietnam	~40%	Tax incentives, VAT reduction, public fleet mandates	VinFast (domestic); World Bank forecasts 6.5M jobs by 2050⁴
タイ	~20%	“30@30” target (30% Zero Emission Vehicle-ZEV by 2030)	Toyota, BYD, Tesla, and Hyundai plants operational or committed to local production⁵
インドネシア	~15%	Reduced VAT on EVs, import tariff cuts for local producers	BYD factory, VinFast Subang plant, CATL company battery facility⁶
マレーシア	成長	EV roadmap under the National Energy Transition	Proton EV line ($19.5M, 20,000 units/year capacity)²
フィリピン	Early stage	EV Industry Development Act	VinFast e-scooter MoU with first dealer partners⁷

出典：B&Company

In Southeast Asia, electric car sales grew by nearly 50% in 2024, representing 9% of all car sales across the region. Among 5 five markets highlighted above, Vietnam and Thailand recorded the highest individual shares.⁸

Policy as the engine: Governments are driving the transition

The Southeast Asia EV surge is not purely market-driven; it has been actively engineered by government policy, and understanding those policies is essential for any market entry strategy.

インドネシア has deployed two powerful levers: reduced value-added tax on EV sales meeting local content thresholds, and temporary import tariff cuts for manufacturers committing to local production by 2026. The result: as of mid-2025, seven manufacturers had committed to establishing local facilities, including Aion, Gili, Maxus, and BYD (China), Citroën (France), Volkswagen (Germany), and VinFast (Vietnam), alongside Chinese battery giant CATL brand.⁴

タイの「30@30」戦略は、2030年までにゼロエミッション車を30%、2035年までに100%にすることを目標としている。⁵EV3.5奨励制度に支えられ、タイには現在3,700か所以上の公共充電ステーションがあり、11,600個のコネクタが設置されている。そのうち6,000個以上は急速DC充電器である。⁵

Vietnam 、税制優遇措置、登録料の引き下げ、公共交通機関の電化義務化を組み合わせることで、国内生産者とインフラ開発者の双方にとって有利な環境を作り出している。⁵ VinFastの主力車種であるVF 3は、2025年にベトナムで最も売れた車となり、販売の75%が消費者への直接販売となった。これは、以前のフリート優先戦略からの大きな転換である。⁴

The policy environment across ASEAN is not uniform, but the direction is consistent: governments are using manufacturing localization requirements, fiscal incentives, and infrastructure spending to accelerate the Southeast Asia EV transition and attract foreign investment simultaneously.

Case study: VinFast in Indonesia — A regional blueprint

VinFast’s expansion in Indonesia represents an ambitious Southeast Asia EV market entry by any regional player to date, and a model that other investors are watching closely.

The company launched its Subang plant in West Java in December 2025, just 17 months after breaking ground, a facility representing an initial investment of USD 200 million with capacity for 50,000 vehicles per year, with expansion plans targeting 350,000 units annually.⁶ The plant produces right-hand drive versions of the VF3, VF5, VF6, and VF7 e-SUVs, and is positioned as VinFast’s right-hand-drive export hub for APAC markets including Thailand, Malaysia, and Australia.⁶

The Indonesia strategy is deliberately integrated: vehicle sales and dealer networks are paired with ride-hailing fleet operations (Xanh SM taxis, expanded through a partnership with Gojek’s Green SM feature), V-Green charging infrastructure, and financial institution partnerships.³ In February 2026, VinFast signed e-scooter MoUs with seven Indonesian dealer groups, signaling further expansion into the two-wheeler segment.⁷

What market research reveals: A discussion with Central Insight Indonesia

B&Company’s team recently held a discussion with セントラルインサイト Indonesia, a Jakarta-based market research firm with direct visibility into Indonesian consumer behavior and the industry sectors, to understand how VinFast is being received in the market and what structural forces are shaping EV adoption more broadly. The following reflects insights shared during that conversation.

“We believe that VinFast still has a lot of room for growth in Indonesia, despite currently already meeting its sales target since expanding to this market.
This is a great timing for market expansion for EV makers, as there are several driving factors that can lead people to shift from ICE cars to EVs:

– EVs have been widely accepted, especially in big cities. Now, many people no longer see EVs as a second option to ICE cars but have been considering them as the first option as well. Public charging infrastructure, mainly in Java Island, is well developed, so the public’s worry about limited charging stations has been significantly decreasing compared to a few years ago. As of December 2025, Indonesia has 4,778 public charging stations and is targeting 192,253 units across 3,099 locations by 2034. The 2034 target is based on a projection of a 4W EV population of 2.8 million units that year. ⁹

– The rush hour traffic in Indonesia’s capital city, Jakarta, has been defined by the odd-even policy, where the last digit of the car’s license plate should match the date to determine if the car is allowed to enter Jakarta’s main roads during rush hour. However, this policy is not applicable to EVs, prompting many people who commute daily to Jakarta to own an EV due to its flexibility during rush hour.

– The retail fuel supply situation in Indonesia has been uncertain since last year, as the private fuel companies sometimes have supply shortages, while many people prefer private fuel retailers for their great services and high product quality. The non-subsidized fuel and diesel prices had also been skyrocketing due to the geopolitical conflict in the Middle East, further burdening people’s fuel expenses. Therefore, EVs have become a more reasonable option.

– Pricing-wise, VinFast is on the competitive side, offering great value for money. Compared to ICE cars in the low- to mid-pricing segment, EVs in a similar price range typically have better build quality and more features, which are also the main attractions for consumers beyond low operating and maintenance costs. The competitive pricing is also supported by the government’s incentives.”

— セントラルインサイト, an Indonesian market research firm, as discussed with B&Company.

This insight aligns with B&Company’s observation of EVs’ regional landscape: To many people in Southeast Asia’s major cities, EVs are now a first-choice purchase, not a backup. Fuel supply uncertainty is quietly driving this shift in ways that aggregated data doesn’t yet reveal. And in the mid-range segment, value for money is a far more important deciding factor than environmental friendliness—a difference that will directly shape how manufacturers position their products and structure financing packages.

Where the opportunities exist

The Southeast Asia EV transition is not a single opportunity; it is a cluster of interconnected market openings across the value chain. The table below maps the key opportunity areas by segment and leading markets:

Table 2: Southeast Asia EV opportunity map by segment (2025–2030)

Opportunity segment	Key markets	Entry rationale
Vehicle manufacturing & assembly	Indonesia, Thailand, Vietnam	Local requirements facilitate domestic production
EV charging infrastructure	All ASEAN-6: Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam	Chronic undersupply compared to the growing EV fleet, while Direct Current (DC) fast chargers are fast becoming the standard consumers expect
Battery supply chain & materials	Indonesia (nickel-rich)	インドネシアは世界のニッケル埋蔵量の約40％を保有している。
Fleet electrification & ride-hailing	Vietnam, Indonesia, Thailand	Rapid urbanization; government green fleet mandates
Electric two-wheelers (e-scooters)	Indonesia, Vietnam, Philippines	Dominant transport mode across SEA; lower price point
Financing & insurance for EVs	Indonesia, Thailand	EV loans and battery insurance are emerging segments

出典：B&Company

まとめ

Southeast Asia’s EV transition is no longer a forecast; it is happening now, at a pace that is outrunning most market projections. Governments are committed, consumer attitudes are shifting, and regional players with the right combination of price, ecosystem, and local presence are already capturing share.

For investors and market entrants, the window is open but not indefinite. The markets that reward early movers, Indonesia, Vietnam, and Thailand, are also attracting the most competition. Getting in requires more than capital; it requires ground-level understanding of what consumers actually want, how policies are being implemented, and where the infrastructure gaps are widest.