BMI sees Asean passenger EV sales rising to 916,997 units by 2035
AI Market Summary
BMI projects Asean passenger EV sales to more than double by 2035, lifting EV penetration to 22.7% and reinforcing Southeast Asia's role as a manufacturing and battery-materials hub. The note highlights Indonesia and the Philippines' dominance in nickel mining and Indonesia's refined nickel capacity, aligning long-run EV demand with regional supply strength. However, it is a medium-to-long-term outlook without immediate policy or supply shocks, limiting near-term market impact.
Impact level
● Low
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● Neutral
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BMI forecasts Asean passenger EV sales will rise from 419,547 units in 2025 to 916,997 units by 2035, lifting EV penetration to 22.7%. The report also highlights the region’s role in critical inputs, noting Indonesia and the Philippines accounted for more than 68% of global nickel mine production in 2024, while Indonesia is the world’s second-largest refined nickel producer. It adds that Vietnam holds about 20% of global rare earth reserves. The outlook is framed as a medium- to long-term industry projection, with no immediate policy or supply-change catalyst cited.
