BMI forecasts Vietnamese electric vehicle market to record strong growth in 2023
VOV.VN - Sales of passenger electric vehicles (EVs) in the nation are expected to at least double this year, with the figure being given in a report published recently by BMI Country Risk & Industry Research, a research unit of Fitch Solutions.
According to details set out in the report, passenger EV sales in the country will surge from 8,400 units in 2022 to around 65,000 units annually up to 2032, growing at an average annual rate of 25.8%. Additionally, this will lead to an increase in the passenger EV penetration rate from 2.9% in 2022 to 13.6% by 2030.
This year it is anticipated that sales of passenger EVs will rise by 114.8% on-year to reach roughly 18,000 units. Sales of battery electric cars are anticipated to expand by 104.4% annually to reach over 17,000 units this year, while sales of the sub-segment of plug-in hybrid vehicles are anticipated to rise nine times annually to reach roughly 1,100 units.
"Vietnam's passenger EV fleet is predicted to increase from just under 27,000 units in 2023, to a high of around 390,000 units by the end of our 2023-2032 forecast period. This will represent nearly 3.1 per cent of Vietnam's passenger vehicle fleet in 2032, up from below 1 per cent recorded in 2022," the report said.
VinFast is currently the leading domestic company in the Vietnamese EV market with more than a 50% market share by 2022. The rest are made up of brands from China, it added.
The report outlined that the growth momentum of the Vietnamese EV market will be strongly stimulated when VinFast increases production this year.
Vietnamese EV passenger adoption is hindered by low salaries and a lack of incentives. However, EV producers such as VinFast, Wuling HongGuang, Skoda, and Hyundai will propel the Vietnamese EV market's rapid expansion over the projected 2023 to 2032 period.