ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market Size and Share
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 1.75 Million |
| Market Size (2030) | USD 2.99 Million |
| CAGR (2025 - 2030) | 11.35% |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market Analysis by Mordor Intelligence
The ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market size is estimated at USD 1.75 million in 2025, and is expected to reach USD 2.99 million by 2030, at a CAGR of 11.35% during the forecast period (2025-2030).
- In the coming years, the ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market is poised to be significantly influenced by surging electric vehicle sales and the plummeting costs of lithium-ion batteries.
- However, the market faces headwinds, notably from the steep replacement costs associated with plug-in hybrid electric vehicle batteries.
- Yet, ongoing advancements in battery chemistries, aimed at enhancing energy capacity and extending driving range, promise to unlock numerous opportunities for the market.
- Among all the countries, Indonesia is expected to dominate the market during the upcoming years.
ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market Trends and Insights
Passenger Vehicles to Witness Growth
- Driven by a mix of government policies, environmental concerns, and technological advancements, the passenger vehicle segment of the plug-in hybrid electric vehicle (PHEV) battery market is experiencing notable growth in ASEAN (Association of Southeast Asian Nations) countries.
- With rapid urbanization and a burgeoning middle class, ASEAN nations are witnessing a surge in vehicle demand. As urban congestion and pollution escalate, governments are responding with stringent emission regulations and incentives to promote electric and hybrid vehicle adoption.
- Data from the ASEAN Automotive Federation highlights Indonesia's lead in 2023 with 779,326 units sold, trailed by Malaysia at 719,160 units. Thailand's market stands robust at 406,501 units, while Vietnam and the Philippines report 230,706 and 111,980 units, respectively. Singapore and Myanmar round out the figures with 32,511 and 2,832 units. Such sales figures underscore the growing appetite for passenger vehicles in the region.
- Government initiatives, including subsidies, tax rebates, and charging infrastructure development, are propelling the adoption of plug-in hybrid vehicles across ASEAN. Furthermore, regional collaborations and R&D investments are solidifying the plug-in hybrid vehicle battery market's significance in the ASEAN automotive arena.
- In a move to boost domestic PHEV battery production, the Thai government, in November 2023, introduced the "EV3.5" subsidy program. This initiative offers a subsidy of up to USD 2,760 per battery produced, valid from 2024 to 2027.
- The primary objective is two fold: to entice foreign investments and cement Thailand's stature as a pivotal player in the Southeast Asian plug-in hybrid vehicle battery manufacturing landscape. Given the current dominance of Chinese plug-in hybrid vehicle brands and the growing interest from European counterparts, this strategic move is poised to redefine Thailand's trajectory in the swiftly evolving plug-in hybrid vehicle battery sector.
- Battery technology advancements are crucially shaping the plug-in hybrid vehicle market in ASEAN. Innovations, especially in lithium-ion batteries, are boosting energy density, extending life cycles, and enabling faster charging, thereby enhancing the allure of plug-in hybrids.
- Given these dynamics, the passenger vehicle segment is poised for growth in the coming years.
Indonesia is Expected to Dominate the Market
- Driven by factors such as government policies, economic growth, consumer behavior, and technological advancements, the Indonesian segment of the ASEAN plug-in hybrid electric vehicle (PHEV) battery market is undergoing a notable transformation. As Southeast Asia's largest economy, Indonesia's burgeoning automotive market holds immense promise for the plug-in hybrid electric vehicle sector.
- Through policies and initiatives, the Indonesian government is actively working to reduce carbon emissions and champion sustainable transportation. These efforts, including tax incentives, subsidies, and crucially, the development of charging infrastructure, aim to alleviate the higher upfront costs typically associated with plug-in hybrid electric vehicles.
- The Indonesian Ministry of Industry has rolled out purchase subsidies for electric and hybrid vehicles, including electric motorbikes. Furthermore, there's a push to subsidize converting traditional combustion-engine motorbikes to electric. New battery-electric vehicle purchases can benefit from a generous subsidy of USD 5,130, while conventional hybrids enjoy a subsidy that's half that amount.
- Over the past decade, breakthroughs in battery technology and manufacturing have accelerated the adoption of lithium-ion batteries in Indonesia's hybrid electric vehicle landscape. These advancements have not only reduced costs but also enhanced performance and reliability, making lithium-ion batteries a favored choice for both manufacturers and consumers.
- Recently, lithium-ion battery and cell pack prices have been on a downward trajectory, appealing to end-user industries. After a minor uptick in 2022, prices resumed their decline in 2023, with lithium-ion battery packs hitting a historic low at USD 139/kWh, marking a 14% decrease.
- Moreover, the rise of local manufacturing facilities for plug-in hybrid electric vehicle batteries is poised to drive down production costs. This, in turn, is set to make plug-in hybrid electric vehicles more accessible to consumers. Coupled with government incentives and technological strides, this economic pivot towards affordable and sustainable transportation is primed to spur substantial growth in Indonesia's plug-in hybrid electric vehicle market.
- For example, in June 2023, Indonesia sealed a significant agreement with four prominent Chinese automakers – Hapco Neta, Wuling, Chery, and Xiaokang – positioning Indonesia as a potential electric vehicle export hub. In talks with Chery Automobile, there's a clear intent to explore research avenues for manufacturing plug-in hybrid electric vehicles (PHEVs) domestically. Given their enhanced fuel efficiency over traditional hybrids, plug-in hybrid electric vehicles are already popular in China. Chery has ambitious plans, targeting a rollout of 100,000 electric vehicles by 2030.
- Given these developments, Indonesia is poised to lead the market in the coming years.
Competitive Landscape
The ASEAN Countries Plug-in Plug-in Hybrid Electric Vehicle Battery Market is semi-fragmented. Some of the key players in this market (in no particular order) are LG Energy Solution, Contemporary Amperex Technology Co Ltd., BYD Company, HDS Global Pte Ltd, and 3K Battery
ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Industry Leaders
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LG Energy Solution
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Contemporary Amperex Technology Co Ltd.
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BYD Company
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HDS Global Pte Ltd
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3K Battery
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- February 2024: Singapore's ST Engineering unveiled the Terrex s5, an infantry fighting vehicle it touts as the world's pioneering hybrid-electric 35-ton armored vehicle. The vehicle boasts a standard 711 horsepower output and a 1,000-kilometer range. However, with the optional hybrid range extender, featuring a lithium-ion battery, the Terrex s5 can surge to 1,200 horsepower and offers a stealthy 50-kilometer range, as detailed in the company's fact sheet.
- September 2023: With the government intensifying its eco-friendly endeavors in the automotive sector, the Malaysian Automotive Association (MAA) was advocating for Budget 2024 to extend incentives to all types of electrified vehicles (xEVs), not just limited to electric vehicles (EVs). This move aims to bolster the adoption of xEVs across Malaysia. Malaysia has set ambitious targets, eyeing a 15% share of electrified vehicles in the total industry volume (TIV) by 2030, escalating to 38% by 2040. In a bid to further propel EV adoption, the government has declared that EVs in Malaysia will be exempt from road tax until December 31, 2025.
ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market Report Scope
A plug-in hybrid electric vehicle (PHEV) battery is a rechargeable battery used to power the electric motor of a PHEV. These batteries can be recharged by plugging the vehicle into an external electric power source, hence the term "plug-in." PHEV batteries are typically larger and have a higher capacity than those found in traditional hybrid vehicles, allowing for a greater electric-only driving range. The batteries work in conjunction with a conventional internal combustion engine, providing both electric and gasoline power to enhance fuel efficiency and reduce emissions.
The ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market is segmented by battery type, vehicle type, and Geography. By battery type, the market is divided into Lithium-ion Batteries, Lead-Acid Batteries, Sodium-ion Batteries, and Others. By vehicle type, it is divided into Passenger Cars and Commercial Vehicles. By Geography, the market is segmented into Singapore, Philippines, Vietnam, Thailand, Malaysia, Indonesia, and the Rest of ASEAN Countries. The report also covers the size and forecasts for the Plug-in Hybrid Electric Vehicle Battery Markets across major regions. The market sizing and forecasts have been done for each segment based on revenue (USD).
| Lithium-ion Battery |
| Lead-Acid Battery |
| Sodium-ion Battery |
| Others |
| Passenger Cars |
| Commercial Vehicles |
| Singapore |
| Philippines |
| Vietnam |
| Thailand |
| Malaysia |
| Indonesia |
| Rest of ASEAN Countries |
| Battery Type | Lithium-ion Battery |
| Lead-Acid Battery | |
| Sodium-ion Battery | |
| Others | |
| Vehicle Type | Passenger Cars |
| Commercial Vehicles | |
| Geography | Singapore |
| Philippines | |
| Vietnam | |
| Thailand | |
| Malaysia | |
| Indonesia | |
| Rest of ASEAN Countries |
Key Questions Answered in the Report
How big is the ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market?
The ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market size is expected to reach USD 1.75 million in 2025 and grow at a CAGR of 11.35% to reach USD 2.99 million by 2030.
What is the current ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market size?
In 2025, the ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market size is expected to reach USD 1.75 million.
Who are the key players in ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market?
LG Energy Solution, Contemporary Amperex Technology Co Ltd., BYD Company, HDS Global Pte Ltd and 3K Battery are the major companies operating in the ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market.
What years does this ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market cover, and what was the market size in 2024?
In 2024, the ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market size was estimated at USD 1.55 million. The report covers the ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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ASEAN Countries Plug-in Hybrid Electric Vehicle Battery Market Report
Statistics for the 2025 ASEAN Countries Plug-in Hybrid Electric Vehicle Battery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ASEAN Countries Plug-in Hybrid Electric Vehicle Battery analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
