According to a report, Indonesia’s electric vehicle (EV) market is expected to grow to $20 billion by 2029, a significant increase from $533 million in 2022. McKinsey associate partner Rahul Gupta also mentioned at the G20 summit that electric two-wheelers could replace up to 50% of the motorbike market in Southeast Asia by 2030.
The EV market in Indonesia is projected to reach $20 billion by 2029, up from $533 million in 2022.
McKinsey associate partner Rahul Gupta stated that electric two-wheelers could replace up to 50% of the motorbike market in Southeast Asia by 2030.
The growth of the EV market in Indonesia is driven by government incentives, increasing consumer demand, and a push for sustainable transportation solutions.
Indonesia has set a target to have 20% of its vehicles be electric by 2025.
The country is investing in charging infrastructure and battery manufacturing to support the growth of the EV market.
The shift to electric two-wheelers in Southeast Asia is driven by factors such as rising fuel costs, environmental concerns, and the need for efficient urban transportation solutions.
The projected growth of Indonesia’s EV market to $20 billion by 2029 highlights the country’s commitment to sustainable transportation and the potential for significant economic opportunities. The shift towards electric two-wheelers in Southeast Asia also presents a promising market for manufacturers and investors in the region.
With government support, increasing consumer demand, and investments in infrastructure, Indonesia’s EV market is poised for substantial growth. The shift towards electric two-wheelers in Southeast Asia further reinforces the region’s focus on sustainable transportation solutions. As the market expands, it presents opportunities for both local and international players to contribute to the development of the EV industry in the region.
Original article: https://techcrunch.com/2023/07/19/with-37m-seed-round-maka-motors-begins-ev-pilot-on-indonesias-streets/