Bloomberg suggests Southeast Asia poised to be global EV industry hub. (Photo: iStock)

Despite a slowdown in global electric vehicle (EV) market growth, BloombergNEF’s latest report remains optimistic about Southeast Asia becoming a global hub.

The report forecasts that by 2040, the region will account for 56% of global EV sales, which will also drive the demand for infrastructure such as charging stations, with electricity demand expected to grow more than 260 times by 2040.

Bloomberg estimates ASEAN EV market will continue growing

On August 26, BloombergNEF released its "Southeast Asia Electric Vehicle Outlook 2024" report, analyzing the current state of the EV market in Thailand, Indonesia, Vietnam, Malaysia, Singapore, and the Philippines—six key markets in Southeast Asia.