【VynnCapital】2024年东南亚移动出行市场趋势报告_80页_8mb

Vynn Capital - Mobility Market Trends in Southeast Asia

Disclaimer

This report is prepared by Vynn Capital using third-party and internal sources, which are believed to be accurate, complete, and reliable. However, the accuracy and completeness of the information cannot be guaranteed. The report is for general purposes only and should not be used as a basis for any contract, prospectus, or other document without prior consent.

Table of Contents

• Foreword
• Overview
• Electric Vehicle Manufacturing
• EV Battery Manufacturing
• Battery Second Life
• Electric Vehicle Charging
• Ride-hailing
• Vehicle Rental
• On-demand Public Transport
• Aftermarket Inspection & Maintenance
• Automotive Marketplaces
• Autonomous Driving
• Mobility Startup Map
• Afterword

Foreword

Southeast Asia (SEA) is experiencing a surge in vehicle ownership, with over 64 million cars and 221 million motorbikes on the road. This growth has led to significant mobility challenges, including traffic congestion, environmental degradation, and road safety issues. However, it has also created opportunities for innovative mobility solutions, particularly in the areas of shared mobility, connectivity, autonomous driving, and electrification.

The electric vehicle (EV) transition is a key focus of the Mobility Revolution. Governments in the region are promoting EV adoption through policies, subsidies, and investments in charging infrastructure. Despite challenges such as limited charging infrastructure and affordability concerns, the EV market is showing promise.

Overview

Southeast Asia's economy is growing rapidly, with combined real GDP reaching US$4.1 trillion in 2024 and projected to reach US$5 trillion by 2027. This growth is driven by urbanization, with the urbanization rate in six major ASEAN nations climbing steadily. However, this urban migration has outpaced infrastructure development, resulting in traffic congestion and environmental issues.

In 2024, venture capital (VC) and private equity (PE) investments in the mobility sector have declined, but the EV segment has shown resilience. Investments in early-stage startups and major players in the automotive marketplace have driven growth in the mobility sector. The focus is shifting towards more sustainable and efficient mobility solutions.

Electrification

EV Manufacturing

Thailand, Singapore, and Indonesia are leading the EV transition in Southeast Asia. Thailand aims to have 30% of its automotive production be zero-emission vehicles by 2030, while Singapore aims for 100% commercial EV sales by 2040. Indonesia plans for 100% of new motorcycles and cars to be electric by 2050.

Thailand has been the largest EV market in the region, with over 50% of EV and hybrid sales. Companies like Nissan and Mitsubishi have started production in Thailand, while Chinese investors are heavily involved in expanding EV manufacturing and export productivity. Tax incentives and government policies have encouraged EV adoption.

EV Battery Manufacturing

Battery manufacturing is a critical component of the EV industry. Countries are investing in battery production and recycling to support the transition to electric mobility. Battery second life and recycling are gaining attention as sustainable solutions.

EV Charging

Charging infrastructure is essential for the widespread adoption of EVs. Governments are investing in charging stations to support the growing EV market. The development of charging networks is a key focus area for mobility startups and investors.

Key Countries in the EV Market

Thailand

• EV Sales: Leads in the region, accounting for over 50% of EV and hybrid sales.
• Government Policies: Offers tax incentives and has approved numerous EV projects.
• Investment Value: Major investments include those from Great Wall Motors (US$640 million), BYD (US$1 billion), and Changan Automobile (US$550 million).
• Local Production: Companies like Nissan, Mitsubishi, and FOMM are producing EVs in Thailand.

Indonesia

• EV Adoption: Growing rapidly, with a 300% increase in two-wheeler EV sales in 2023.
• Government Incentives: VAT tax reduction from 11% to 1% for EVs since 2023.
• TKDN Requirements: Minimum local content requirement for EVs is set at 40% until 2026.
• Startups: Notable startups include iMoto, Electrum, Alva, and MAKA. MAKA raised US$37 million in a seed round and aims to produce 600,000 EVs by 2030.

Malaysia

• EV Sales: Increased from 22,000 units in 2022 to 26,000 units in 2024.
• Government Support: Offers tax breaks for locally assembled EVs and exemptions for road tax and charging infrastructure costs.
• Local Assemblers: EPMB has secured manufacturing licenses and plans to establish a facility in Melaka. Proton and Perodua are also entering the EV market.

Vietnam

• EV Growth: Emerging as a regional leader, with VinFast leading the charge in domestic EV production.
• Government Policies: Offers registration fee reductions and special consumption tax rates to support EV adoption.
• EV Production Targets: Aims to produce 250,000 EV units annually by 2025 and construct 20,000 charging stations.
• Two-Wheeler EV Market: Accounts for 95% of SEA's share, with over 60% of the population owning motorcycles.

Investment Trends

• Overall Investment Decline: VC and PE investment in SEA has dropped significantly from 2021 levels.
• Mobility Resilience: The mobility sector has shown resilience, with a 27% YOY drop in investment volume compared to an 87% drop in overall venture funding.
• Deal Sizes: Deals raising less than US$10 million have seen a significant increase in H1 2024.
• Key Sectors: Investments are concentrated in EV manufacturing, charging infrastructure, automotive marketplaces, and ride-hailing services.

Conclusion

Southeast Asia is at a pivotal moment in its mobility transformation, driven by the need for sustainable and efficient transportation solutions. The region is experiencing a shift towards electrification, with significant government support and investment in EV manufacturing and infrastructure. Despite challenges, the market presents numerous opportunities for innovation and growth, particularly in the areas of shared mobility, connected vehicles, and autonomous driving. The future of mobility in SEA is promising, with the potential to reshape urban transportation and reduce environmental impact.