东南亚电动汽车转型为区域企业创造新机遇—

东南亚电动汽车转型为区域参与者创造了新的机遇

126 月2026

B&Company

B&Company 是第一家自 2008 年起在越南专门从事市场研究和投资咨询的日本公司。.

本文以英文撰写，其他语言版本为自动翻译版本。请以英文版本为准。尽管我们力求确保原始信息的准确性，但请您自行核实每条信息。文中的解读和未来展望均为各研究者的个人观点。.

抽象的

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

本文探讨了东南亚地区加速发展的电动汽车转型，分析了这一转变带来的结构性市场机遇，并阐述了区域企业，尤其是东盟本土企业，如何才能更好地把握这些机遇。文章最后总结了对投资者和市场进入者的实用建议。.

市场概览：东南亚电动汽车数据解读

2025年东盟电动汽车市场规模约为46亿美元，预计2026年将达到60亿美元，到2031年将增长至236亿美元，复合年增长率达31.6%。² 另据估计，到2035年，该市场年销售额有望达到800亿至1000亿美元，而2021年仅为20亿美元。³

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

表1：东南亚电动汽车 市场地位: 5 钥匙 市场（2025 年）

国家	电动汽车国内销量份额（2025 年）	关键政策	值得关注的投资
越南	~40%	税收优惠、增值税减免、公共车队强制令	VinFast（国内）；世界银行预测到2050年将创造650万个就业岗位⁴
泰国	~20%	“30@30” target (30% Zero Emission Vehicle-ZEV by 2030)	丰田、比亚迪、特斯拉和现代的工厂已投入运营或承诺在当地生产⁵
印度尼西亚	~15%	降低电动汽车增值税，削减本地生产商的进口关税	比亚迪工厂、VinFast Subang工厂、宁德时代电池工厂⁶
马来西亚	生长	国家能源转型下的电动汽车路线图	Proton电动汽车生产线（$19.5M，年产能20,000辆）²
菲律宾	早期	电动汽车产业发展法	VinFast电动滑板车与首批经销商合作伙伴签署谅解备忘录⁷

B&Company 的合成

2024年，东南亚电动汽车销量增长近50%，占该地区汽车总销量的9%。在上述五个市场中，越南和泰国分别占据了最高的市场份额。⁸

政策是驱动力：政府正在推动转型

东南亚电动汽车的蓬勃发展并非完全由市场驱动，而是政府政策积极推动的结果，了解这些政策对于任何市场进入策略都至关重要。.

印度尼西亚 政府已采取两项强有力的措施：降低符合本地化率门槛的电动汽车销售的增值税，以及对承诺在2026年前实现本地化的制造商暂时降低进口关税。结果：截至2025年中期，已有七家制造商承诺在本地建立生产设施，其中包括Aion、Gili、Maxus和比亚迪（中国）、雪铁龙（法国）、大众（德国）和VinFast（越南），以及中国电池巨头宁德时代（CATL）品牌。⁴

泰国‘s “30@30” strategy targets 30% zero-emission vehicles by 2030 and 100% by 2035.⁵ Backed by its EV3.5 incentive scheme, the country now hosts over 3,700 public charging stations with 11,600 connectors, more than 6,000 of which are fast DC chargers.⁵

越南 has combined tax incentives, reduced registration fees, and public transport electrification mandates to create a favorable environment for both domestic producers and infrastructure developers.⁵ VinFast’s flagship VF 3 became the best-selling car in Vietnam in 2025, with 75% of sales going direct to consumers, a sharp turnaround from its earlier fleet-first strategy.⁴

东盟各国的政策环境并不统一，但方向一致：各国政府正在利用制造业本地化要求、财政激励措施和基础设施支出，加速东南亚电动汽车转型，同时吸引外国投资。.

案例研究：印尼的 VinFast——区域蓝图

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

市场调研揭示了什么：与印尼中央洞察公司的一次对话

B&Company’s team recently held a discussion with 核心洞察印尼一家总部位于雅加达的市场研究公司，对印尼消费者的行为和行业领域有着直接的了解，此次访谈旨在了解 VinFast 在市场上的接受度，以及哪些结构性因素正在更广泛地影响电动汽车的普及。以下内容反映了访谈中分享的见解。.

“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.
对于电动汽车制造商而言，现在是拓展市场的绝佳时机，因为有几个驱动因素会促使人们从燃油车转向电动汽车：

– 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.”

— 核心洞察, 一家印尼市场研究公司，正如 B&Company 所讨论的那样。.

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.

机会所在之处

东南亚电动汽车转型并非单一机遇，而是价值链上一系列相互关联的市场开放机遇的集合。下表按细分市场和领先市场列出了关键机遇领域：

表2：东南亚电动汽车市场机遇地图（按细分市场划分）（2025-2030年）

机会细分市场	主要市场	进入市场的理由
车辆制造与组装	印度尼西亚、泰国、越南	当地需求促进了国内生产
电动汽车充电基础设施	东盟六国：印度尼西亚、马来西亚、菲律宾、新加坡、泰国和越南	与不断增长的电动汽车保有量相比，充电桩长期供不应求，而直流快速充电桩正迅速成为消费者期望的标准配置。
电池供应链及材料	印度尼西亚（富含镍）	印尼拥有约40%的全球镍储量。
车队电气化和网约车	越南、印度尼西亚、泰国	快速城市化；政府强制推行绿色车队政策
电动两轮车（电动滑板车）	印度尼西亚、越南、菲律宾	东南亚地区的主要运输方式；价格较低
电动汽车的融资和保险	印度尼西亚、泰国	电动汽车贷款和电池保险是新兴领域

B&Company 的合成

结论

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.

对于投资者和市场新进入者而言，机会之窗虽已开启，但并非无限期开放。印尼、越南和泰国等市场青睐先行者，但也正面临着最激烈的竞争。想要进入这些市场，需要的不仅仅是资金；还需要深入了解消费者的实际需求、政策的实施方式以及基础设施缺口最大的领域。.