Vietnam's electric vehicle market appears poised for rapid expansion in the next decade, but there could be significant headwinds blunting that growth.
According to BMI Research, a Fitch Solutions research unit, passenger EV sales in the country is expected to at least double this year.
"In 2023, we expect passenger EV sales to expand by 114.8% year-on-year to reach around 18,000 units," said BMI's report published Thursday.
Specifically, sales for battery electric vehicle (BEV) could surge by 104.4% compared to the previous year to nearly 17,000 units, the report said.
The penetration rate for passenger EVs — defined as passenger EV sales as a percentage of the country's total passenger vehicle sales — is set to increase to 13.6% by 2030.
Persons:
BEV
Organizations:
BMI Research, Fitch Solutions, Vietnam Automobile Manufacturers Association, Electric
Locations:
Vietnam, That's