Electric Vehicle Market in Southeast Asia: BYD Dominates Sales
In Thailand, the electric vehicle market saw a total of 70,137 pure electric vehicle registrations in 2024, marking an 8.1% decrease compared to the previous year. Despite this decline, the market penetration rate stood at a respectable 14.0%. Interestingly, Chinese brands dominated the top ten best-selling brands list, with BYD leading the pack by claiming over one-third of the market share.
BYD’s success in Thailand can be attributed to the launch of its Atto 3 model in October 2022, followed by strong sales performance starting in November of the same year. Since January 2023, BYD has consistently secured the top spot in pure electric vehicle sales in Thailand for at least 18 months, with one out of every three electric vehicles sold in the country being a BYD vehicle.
Traditionally, Japanese automakers such as Honda, Toyota, Nissan, and Isuzu held a stronghold in the Thai car market, commanding over 90% of the market share. However, BYD’s strategic approach to use Thailand as a springboard to penetrate the wider Southeast Asian market has proven successful.
The trend of BYD’s dominance extends beyond Thailand. In Singapore, BYD surpassed Toyota to claim the overall sales champion title for the first time in 2024. With a significant increase in sales from 1,416 units in 2023 to 6,191 units in 2024, BYD captured 14.4% of the market share, as reported by the Land Transport Authority of Singapore. Toyota trailed closely behind, followed by BMW and Mercedes-Benz.
Moreover, BYD made headlines by surpassing Toyota in the Japanese electric vehicle market in 2024, marking a significant milestone for the Chinese automaker. With 2,223 units sold and a 54% year-on-year increase, BYD outperformed Toyota, whose electric vehicle sales dropped by 30% to 2,038 units.
The electric vehicle market in Southeast Asia is experiencing a shift in dynamics, with Chinese brands like BYD making significant strides in market share and sales figures. As the region continues to embrace sustainable transportation solutions, BYD’s success serves as a testament to the changing landscape of the automotive industry.
References:
– Car News China
– Autohome
