As the global electric vehicle (EV) market continues to grow, emerging economies are becoming key contributors to the next wave of EV adoption. While China, Europe, and the United States remain dominant, accounting for the majority of EV sales, countries in Southeast Asia and other developing regions are seeing accelerated growth.

• Emerging Market Growth: Sales of electric cars in emerging economies are expected to surpass one million units in 2024, marking a 40% increase from 2023. Southeast Asia, in particular, is showing significant growth, with domestic and Chinese automakers gaining traction.

• Geographical Concentration: In 2023, China accounted for 60% of global EV sales, followed by Europe at 25% and the United States at 10%. However, emerging markets are beginning to close the gap.

• Policy Support: The expansion of EVs in these regions is being driven by policy measures such as purchase subsidies and incentives for battery manufacturing, which are crucial for sustaining growth.

Source: This article draws on insights from the "Industry Overview" report released by TBC Capital on July 31, 2024. The report highlights the growth of electric vehicle sales in emerging economies and the factors driving this expansion, as well as the challenges and opportunities in these markets.