2024年东南亚移动出行市场趋势报告英文版-Vynn Capital

VynnCapital

Mobility

MarketTrendsinSoutheast

Asia

2024

Dis

Thi

intprforwacopuforco

claimer2024VynnCapital

sresearchreporthasbeenpreparedbyVynnCapitalusingthird-partyandernalsourceswebelievetobeaccurate,completeandreliableatthetimeofeparationbuttheaccuracyandcompletenesscannotbeguaranteed.Thisis generalpurposesonly.VynnCapitaldoesnotmakeanyrepresentationor rrantyasto,ortakesresponsibilityfor,theaccuracy,reliabilityormpletenessoftheinformationcontainedinthisreport.Itmaynotbeblished,reproducedorquotedinpartofwhole,normayitbeusedasabasisanycontract,prospectus,agreementorotherdocumentwithoutprior

nsent.

TableofContents

1

Foreword

Overview

2

ElectricVehicleManufacturing

10

EVBatteryManufacturing

28

BatterySecondLife

42

ElectricVehicleCharging

46

Ride-hailing

54

VehicleRental

56

TableofContents

On-demandPublicTransport

60

AftermarketInspection&Maintenance

65

AutomotiveMarketplaces

70

AutonomousDriving

73

MobilityStartupMap

74

Afterword

75

1

Foreword

Today,over2.1billionvehiclesareonthe

,

roadworldwidewithSoutheastAsiaalone

accountingfor64millioncarsandanastonishing221millionmotorbikes.Asglobalizationacceleratesandgreenhousegaspollutionrises,citiesandcountriesgrapplewiththeuniquemobilitychallengesposedbyamassivesurgeinvehiclesontheroad.Amidthese

challenges,agoldenopportunityhasemerged—globalventurefundsarepouringinvestmentsintogroundbreakingmobilitysolutions,fuelingwhatisseenasthe21st-centuryMobilityRevolution.

Thiswaveofinnovationcentresaroundfourtransformativesectorssettoredefinethefutureoftransportationoverthenextdecade:sharedmobility,connectivity,autonomousdriving,andelectrification,withtheelectricvehicletransitiontakingthespotlight.Thesesectorsarecrucialtosupportingthefutureofglobalcleanmobility.

SimilartrendsareemerginginSoutheastAsia,whererapidurbanizationandincreasedvehicleownershiphavesignificantlypressuredexistingtransportationinfrastructure.Citiesintheregionaregrapplingwithchallengessuchastrafficcongestion,environmentaldegradation,androadsafetyissues,strugglingtokeeppacewitheachcountry'seconomicdevelopment.

Concurrently,technologicalinnovationisgainingmomentum,particularlyinthetransitiontoelectricvehiclesandrelatedadvancements,includingcharging

infrastructure,batterytechnology,anddigitizationofsecondarymarketsdrivenbyrobustpolicysupportandevolving

consumerpreferences.Furthermore,anewwaveofstartupsissurgingacrosstheregion,reshapinghowpeoplemovebyintroducingdisruptiveandinnovativesolutionsinconnectivityandsharedmobilitysegmentssuchasride-hailing,car-sharing,micro-mobility,aftermarketinspectionandmaintenance,automotivemarketplaceandon-demandservices.

Thisreportaimstoinformstakeholdersaboutthetransformativepotentialofthemobilityspace,presentingacomprehensiveanalysisofthemobilitytechnologylandscapeinSoutheastAsia.Thereportoutlinesmarketdynamics,pinpointschallengesandopportunities,andtracksfundingtrendsacrosskeytechnologicalsectors,offeringadeepdiveintoSoutheastAsia'sevolvingpanoramaofmobilitytechnology.Thisreportexplores:

Marketoverview:Mobilitytechnologypatterns,transportationinfrastructure,andconsumerpreferencesacrosstheregion.

Challengesandopportunities:

Addressingissuesofsustainability,safety,andcreatingfuture-prooftransportationsystems.

Fundinganalysis:Identifyingmobilityfundinghighlightsandtheflowofcapitalintopromisingmobilitysolutions.

Technologysectoranalysis:ExamininginnovationsinEVmanufacturing,charging,connectedvehicles,autonomousdriving,ride-hailing,sharedmobility,andmore.

2

Overview

ThevibrantregionofSoutheastAsia(SEA)hasseensignificanteconomicgrowthinrecentdecades.Thisyear,theregionsawitscombinedreal2024GDPreachUS$4.1trillion,afigurethatisprojectedtoreachUS$5trillionby2027.Thisgrowthisdrivenbyrapidurbanizationasyoungandtech-savvySoutheastAsiansmigratetocitiestofindbetterworkingopportunities.

ThegrowingrateofurbanmigrationhascausedSoutheastAsia(SEA)toexperienceaseismicshiftinitsmobilitylandscape,drivenbytheintertwinedforcesof

,,

urbanizationenvironmentalconcernsand

technologicalinnovation.Theregion'srapidurbanizationisoutpacinginfrastructuredevelopment,withtheurbanizationrateacrosssixmajorASEANnationsclimbingsteadily,exceptforaminordeclineinthePhilippines(WorldBankdata).Thisinfluxofpeopleintodenselypopulatedmega-citieslikeJakarta,Bangkok,andManilahasfueledasurgeinprivatevehicleownership,leadingtochronictrafficcongestion.Theeconomicimpactissevere:AECOM,aninfrastructureconsultingfirm,estimatesthattrafficbottleneckscostSEAeconomiesbillionsof

dollarsannuallyinlostproductivity,increasedtransportationcosts,anddiminishedcompetitiveness.

Theenvironmentalconsequencesofthefossil-fuel-dependenttransportationmodelareequallystark.Fossilfuelscontribute75%and90%ofglobalgreenhousegas

,

emissionsandcarbondioxideemissions

respectively.Risingemissionsfrominternalcombustionengine(ICE)vehiclesdegradeairqualityandcontributetoclimatechange.

Averagetimelostatrushhoursin2023perperson

CityHOURS

Jakarta

117

Manila

105

Bangkok

108

KualaLumpur

81

Singapore

65

Source:TomTom

SEAgovernmentsacknowledgethis

,,

problembyactivelypromotingtheadoptionofelectricvehicles(EVs).AmbitiousnationalEVpolicies,suchastaxincentivessubsidiesand

investmentsincharginginfrastructure,arebeingrolledoutacrosstheten-countryregion.SingaporewantstocompletelyphaseoutICEvehiclesby

,

2040whileThailandseekstobecomea

regionalEVproductionhub.

However,manychallengesstillneedtobeaddressedwhenadoptingelectricvehiclesbeforetheregioncanseeasuccessfultransition.Limitedcharginginfrastructureoutsidemajorurban

3

UrbanizationRateinSoutheastAsia

Country

Urbanizationratein2023

Expected

urbanizationratein2050

%year-over-yearchange

Indonesia

59%

73%

24%

Malaysia

78%

87%

12%

Philippines

48%

62%

29%

Singapore

100%

100%

0%

Thailand

54%

69%

28%

Vietnam

40%

57%

43%

,

Source:StatistaWorldBank

centrescreaterangeanxietyforpotentialEVbuyers.Thecostofelectricvehicleshasalsobeenaprimaryconcernintheregion'sdevelopingeconomies.Additionally,roadsafetyisasignificantissue,withSEAexhibitinghigherroadfatalityratesthanglobalaverages(WHO,2023).

Despitethesechallenges,SEA'smobilitymarketpresentssignificantopportunities.A

,

vibranttechscenefuelstheriseofEVs

,

connectedIoTvehiclefeaturesandother

data-drivenmobilitysolutionsthatholdthepotentialtooptimizetrafficflows,streamlinepublictransitsystems,predictcongestionpatterns,andinformdata-drivenurbanplanningdecisions.Theincreaseinride-hailingandrentalsoffersalternativestoprivatecarownershipwhileenhancingurbanmobilityefficiency.

TheSEAmobilitysectorispoisedfortransformationdrivenbynecessityandinnovation.Thepathtosuccessliesinmodernizingtrafficmanagement,acceleratingEVadoptionwithrobustsupport,integratingalternativemobility

solutionsandharnessingthepoweroftechnologytocreateanefficient,sustainable,andpeople-centrictransportationsystemintheregion.

TrendsinMobilityInvestmentsinSEA

In2024,SoutheastAsia'sventurecapital(VC)landscapeisundergoingsignificantchanges,markedbyashiftininvestmentfocusandstrategies.Exitsintheregionareexperiencingaslowdown,witha50%dropinIPOproceedsinthefirsthalfoftheyear.

,

OverallVCandPEinvestmentinSoutheast

Asiahaveplummetedbytwo-thirdsfromtheir2021peak,accordingtotheGlobalPrivateCapitalAssociation(GPCA).

VCinvestmentsinmobilityhaveprimarilyfollowedthisprudenttrend,recordingadecreaseincumulativeinvestmentvolumesince2021.However,inpercentageterms,themobilitysectorhasshownresilience

againstthefallingvolume,evidentlybyadecreaseofonly27%Y-O-yin2023from2022ascomparedtothe87%Y-O-Ydrop

4

inoverallventurefundingintheregion.Theindustrywaslargelycushionedbythelargerroundsheldbymajorplayersintheautomotivemarketplacesector,long-termprospectsofEVdevelopmentintheregionandanincreasinginterestinearly-stagestartups.Infact,theinvestmentvolumefordealsraisinglessthanUS$10millioninthemobilityindustryshoweda130%increaseinH12024comparedtoH12022.

InvestmentsareprimarilyconcentratedinVietnam,Indonesia,Singapore,andMalaysia,whereinIndonesia,investmentvolumesaredrivenbyastronglocal

,

interestinelectrificationindustries

specificallyelectricmotorbikes,EVchargingandbatteryswappingtechnologies;inMalaysia,investmentvolumeisdrivenbyautomotivemarketplaceheavyweight,Carsome;whileSingapore’sinvestmentvolumeisdrivenbyagovernmentalpushtowardshigh-tech

andinnovativeresearchtowardsmobilitysubsectors.

TheautomotivemarketplaceinvestmentshavebeenmainlyabsentinH12024afterdominatinginvestmentsharesthroughout2022and2023.ItisworthnotingthataSingaporeanstartup,Motorist,didcompleteanundisclosedseriesAfunding,whileCarsomeexpandeditsnetworkoffinancingpartnersinQ32024.Thissteadilydeclininginvestmentvolumetrendmightsignalmarketmaturityintheonlineautomotivemarketplacesegment.Still,itreflectsthegrowinginterestinothersectors,withincreasingfundingroundsunderscoringthistrend.Forexample,Indonesia’sbatteryswapstartupEnergiSwapraised$22million,whileSingapore-based4-WEVmanufacturerSingAutoachievedanotable$45millioninitsSeriesAround—thelargestmobilityseriesroundinH12024.

TotalPE&VCmobilityInvestmentvolumeinSoutheastAsiain2022-H12024

(inmillionsUS$)

Indonesia

Malaysia

Singapore

Thailand

Vietnam

Phillipines

613.869

448.063

140145

.

20222023H12024

Source:Varioussources

*includeannounced&disclosedtransactionsonly

5

Numberofdealsbyround

(inmillion

sizeinFY2023&2024

US$)

TotalDeal

ValueinUS$Millions

<US$10million

9

30.44

19

45.563

>US$10millionto<US$50

million

2

55.05

9

202.5

>US$50million

3

478

1

200

TotalDeal

ValueinUS$Millions

DealCountin2023

DealCountin2022

DealValue

Source:Varioussources

*includeannounced&disclosedtransactionsonly

NumberofdealsbyroundsizeinH12022to2024

(inmillionUS$)

Total

Deal

ValueinUS$

Millions

<US$10million

4

16.47

13

34.15

13

44.745

>US$10millionto<

US$50million

2

55.05

5

89.9

4

95.4

>US$50million

3

478

1

200

0

0

Total

Deal

ValueinUS$

Millions

Total

Deal

ValueinUS$

Millions

Deal

CountinH12023

Deal

CountinH12022

Deal

CountinH12024

DealValue

Source:Varioussources

*includeannounced&disclosedtransactionsonly

6

TotalmobilityVCandPEinvestment

volumebysegmentinSoutheastAsia

AftermarketInspectionMaintenanance0.2%

2022

EVCharging1.1%

EVManufacturing2.9%

CarRental1.3%

BatteryRecycling1.9%

Others22.4%

BatteryManufacturing0.3%

AutomotiveMarketplace70%

2023

Ride-hailing0.9%

Others0.5%

EVCharging2.4.%

EVManufacturing35%

Carrental3.4%

BatteryRecycling

3.5%

Autonomous

Driving

0.3%

Battery

Manufacturing

2.4%

AutomotiveMarketplace50.7%

AftermarketInspection&

Maintenance

0.96%

H12024

Others16.2%

EVManufacturing

33.9%

EVCharging28.8%

On-DemandPublic

Transport

2.3%

Ride-hailing5.7%

Carrental5.5%

AutonomousDriving1.7%

Source:Varioussources

*includeannounced&disclosedtransactionsonly

7

Year-Over-YearmobilityInvestmentvolumechangebysegmentInSoutheastAsia

2-and4-wheelermanufacturing

4-wEVmanufacturing2-wEVmanufacturing

150

100

50

0

200156.87

00

+781.3%

45

-98%

(Undisclosed)17.80(Undisclosed)

2.50

20222023H12024

EVbatterymanufacturing

2.52.01.51.00.50.0

2.50

2.10

+19.05%

-100%

0(Undisclosed)

20222023H12024

25

20

15

10

5

0

EVbatteryrecycling

20.50

11.60

+76.7%

-100%

0

(Undisclosed)

20222023H12024

8

Year-Over-Yearmobilityinvestmentvolumechangeby

segmentInSoutheastAsia

50

40

30

20

10

0

Electricvehiclecharging

40.40

+180%

10.80

6.60

+64%

20222023H12024

8

6

4

2

0

Ride-hailing

8

+100%

4

0(Undisclosed)

20222023H12024

25

20

15

10

5

0

Vehiclerental

21

+162.5%

87.65

-63.6%

20222023H12024

9

Year-Over-Yearmobilityinvestmentvolumechangeby

segmentInSoutheastAsia

Automotivemarketplaces

500429.60

400

227.50

300

(Undisclosed)

-47.04%

0

200

100

0

20222023H12024

Aftermarketinspection&maintenance

5

4.37

4

-100%

2

1

0

3

1

0

(Undisclosed)

20222023H12024

7

6

5

4

3

2

1

0

On-demandpublictransportation

7.20

(Undisclosed)(Undisclosed)

00

20222023H12024

10

ElectricVehicle

Manufacturing

GovernmentinitiativesandconsumerinterestinSoutheastAsiathusfarhave

beenreceptivetowardstheElectricVehicle(EV)movement.CountrieslikeThailand,Singapore,andIndonesiaaimtoachievetheirboldEVadoptiontargetsbycraftingmoreconduciveregulatoryenvironmentsforEVmanufacturingandcharginginfrastructure.Forexample,Thailandaimsforaminimumof30%oftotalautomotive

productiontobezero-emissionvehiclesby2030,Singaporeaimsfor100%commercialEVsalesshareby2040,andIndonesiaaimsfor100%ofnewmotorcyclesandcarstocomefromEVsby2050.AsgovernmentscontinuetoannouncenewtargetsandsolidifytheirEVroadmaps,thefutureofelectricmobilityinSEAiscomingintofocus.Whiletheoutlookisgenerallypositive,eachcountryisprogressingattheirownpace,facingnew,uniquechallengesastheEVindustrymaturesintheregion.

SEAEVpassengercarsales

(inThousandsofUnits)

Plug-inHybridElectricVehicleBatteryElectricVehicle

11.96113.30

11.92114.70

1305

620

8.65

.

16.11

1.282.01

.

2.28

4.75

201920202021202220232024F

Source:StatistaMarketInsights-July2024

EVtransitionsby2050inSoutheastAsia

Sector

2023

2050

RoadTransport-Passenger

~2%

ofregistered2W/3Wareelectric

~2%

ofregisteredcarsareelectric

~40-95%

ofregistered2W/3Wareelectric

~75-95%

ofregisteredcarsareelectric

RoadTransport-Commercial

~1%

ofbusesareelectric

~30-80%

ofbusesareelectric

Source:Taylor2023

11

Thailand

DespitesluggishsalesinH12024,ThailandremainstheleaderinEVsalesinSoutheastAsia,contributinghalfofEVandHybridElectricVehicle(HEV)salesintheregion.

Thailand'sdomesticEVproduction,particularlyBatteryElectricVehicles(BEVs),remainsinitsearlystage.ManyinternationalcarmakersinThailandhave

heavilyinvestedinexistinginternalcombustionengine(ICE)technologiesandarestillplanningtotransitionintoBEVproduction.Whilesomecompaniesofferhydrogenfuelcellvehicles,theseareproducedoutsideofThailandduetoacontinuedfocusonutilizingcurrentICE-basedfacilities.

However,certainproducerslikeNissanhavedirectlytransitionedtoBEVproductioninThailand,promptingtheThaigovernmenttoadoptEVpromotionstrategiesswiftly.Interestingly,MitsubishiMotorshastakenahybridapproach,aimingtoproduce39,000vehiclesannually,including9,500BEVsand29,500hybridvehicles,forboththelocalmarketandexportstoASEANmembers(Source:BOI).

TheThaiCabinethasapprovedandlaunchedanElectricVehiclePromotion

PolicyandtheEasternEconomicCorridor(EEC)totargetnewindustries,includingnext-generationautomobiles.TheBoardof

Investment(BOI)hasofferedspecialtaxincentivesforEVinvestmentsince2016toencouragedemand.TheexcisetaxforBOI-approvedBEVpassengercarsissetat2%,asignificantlylowerratethanthe25-35%forstandardpassengercarsunder3000cc.From2017to2023,theBOIhasapprovedandexecutedover100EV-relatedprojectsunderpromotionsinitiatedbytheBOI.Thailand'sdominantpositionintheworldwideelectricvehiclesupplychainhasresultedinnumerousbenefitsforthecountry,drawinginaconsiderableinfluxofsuppliersandbusinesses.Mostnotably,ThailandhasbecomethemaintargetforexpandingEVmanufacturingandexport

productivityamongChineseinvestors,who

accountedforan80%shareofThailand’sEV

,,

marketasof2023,withsomecompaniesfromJapanaswell,includingTakanoAutomobiles(anestablishedJapanesebusproducer)andFomm(aJapaneseventurespecializinginsmallEVpassengercars),havecommencedproductioninThailand.Notably,Thai-ownedstartupslikeEtranKRAFFEdisonMotorsandSLEEKEVare

emergingintheelectricmotorcyclemarket,withSLEEKEVreceivingearly-stageinvestmentfromKrungsriFinnovatein2023.ThisevolvingEVmarketfinallypresentsawindowofopportunityforlocalfirms.

ThailandholdsthemorethanhalftheshareoftotalregisteredEVsand

hybridsintheregionupuntilH12024

g

n

i

S

e

r

o

5.8%

ap

a

T

i

a

d

l

i

n

M

h

I

P

s

e

a

a

i

i

n

s

s

i

a

7.3%

65.4%

lay

8.9%

pp

hilnd

one

11.2%

t

O

s

r

he

1.4%

Source:Statista;DatafromrespectiveTransportministries;NationalAutomotiveAssociations

Thailand'sEVproductiontargets

(inThousandsofUnits)

800

600

400

200

0

Motorcycle

Bus&truck

Passengercar

725

675

225

360

1833

20252030

Source:EVMagazine,BangkokPost

TargetinvestmentvalueofEVMakersinThailand

AutomotiveManufacturerInvestmentValue

GreatWallMotorsUS$640million

BYDUS$1billion

ChanganAutomobileUS$550million

GACAionUS$64million

Source:companyannouncements

ICE

Pickup

BEV

Van

MotorvehicleassemblersInThailand

PassengerCar

BEV

Bus&Truck

ICE

Company

AutoAlliance(Thailand)Mazda

BMWManufacturing

(Thailand)

FordMotorCompany

(Thailand)

FOMM(Asia)

IsuzuMotorThailand

GreatWallMotorManufacturing

HondaAutomobile

(Thailand)

IsuzuMotorThailand

MercedezBenzManufacturing

MineMobility

MitsubishiMotors(Thailand)

NissanMotor(Thailand)

SAICMotorCP

SuzukiMotor(Thailand)

Note:Inoperation令BoardofInvestmentapprovedBEVprojectnotstartedproductionyet

Source:VynnCapital12

13

Indonesia

Theelectricvehiclesupplychainbuild-upinIndonesiaplaysacrucialroleinthecountry’sbroadernationalindustrialpolicyinabidtobeahigh-incomenationby2045,asoutlinedintheMakingIndonesia4.0roadmap.TheframeworksetbythenPresidentJokoWidodounderPresidential

RegulationNo.55in2019wantstoaccelerateEVdevelopment,specifyingtimelinesforEVadoptioninpublicandprivatetransportation.

Outsideofrangeanxiety,affordabilityhas

beenamainconsumerconcerninIndonesiaregardingEVadoption,asrecordedinaconsumersurveyconductedbyPwCin2023.Toaddresstheseconcerns,thegovernmenthasprovidedaVATtaxreductionfrom11%to1%forEVssinceearly2023andisapplicableuntilDecember2024.

Thetaxexemptionissteadilyshowingresults,withEVsalesinthecountryhavingsteadilygrownfrom8,562unitsof4-wheelEVssoldin2022to11,943unitsforonlythefirsthalfof2024.Anotherfascinatinginsighthasbeenthegrowingadoptionof

two-wheelerelectricvehiclesinthenationwhichsawa300%increasein2023to60,000unitsfromjust17,000unitsin2022.

type,byunit

SalesofEVinIndonesiabyvehicle

PassengercarMotorcycle

62409

,

30,083

8562

17,198

12,248

,

11943

,

20222023H12024

,

Source:StarOnlineIndonesianAutomotive

ManufacturersAssociation(Gaikindo),TheDiplomatNote:includesBEVsandhybrids

Inacountrywheremorethan75%vehiclesregisteredaremotorbikes,thissignalsamoremassmarketchangeinpreferencetowardsEVs.

RegardingEVmanufacturing,oneofthecrucialpointsofthepresidentialregulationinvolvestheamendmenttoArticle8,whichregulatestheminimumlocalcontentrequirement(TKDN)withinspecifictimeframes.Underthelatestregulations,thegovernmenthassetaminimumTKDNforEVsat40percentuntil2026.Inthepreviousrules,the40percentTKDNwastobeachievedby2024,followedbya60percentTKDNrequirementbefore2030andmandating80percentlocalcontentafterwards.

ThisuniqueapproachhasreceivedtractionwithHyundai,Mitsubishi,Wuling,Chery,andDFSK,whichhavealreadystartedproductionofEVsinIndonesia.China’sBYDhopestobeginproductionthisyear,andStellantis’sCitroenandGWMwillfollowsuit.

Thecountryisalsohometoseveralnotabletwo-wheelEVstartups,includingiMoto,Electrum,Alva,andMAKA.Notably,MAKAraisedanimpressiveUS$37millioninaseedround,oneofthelargestseedroundsinSoutheastAsiain2023.Thecompanylauncheditsfirstpilotelectricvehiclesin2023andaimstomass-producetwo-wheeledEVsbytheendof2024.AccordingtoMAKAMotors,existingplayersinIndonesiahaveonlyprovideda

fleetof43,000registeredelectricmotorcycles,fallingshortoflocaldemand.MAKAplanstoproduce600,000EVsby2030.

Moreover,inJuly2024,iMotointroduced

,

itsnewestmotorbikeVISION.ev.This

electricmotorbikeisclaimedtobethe

firstinIndonesiawithaDomesticComponentLevel(TKDN)targetofover75percentandissettohitthemarketin2025.

14

Incentives/subsidiesinIndonesiatopromoteEVadoption

Taxholidayincentives

Taxholidayincentivesareextendedforadurationofupto10yearstoelectricvehicle(EV)manufacturerswhocommittoinvestingaminimumofIDR5trillion(equivalenttoUS$346.2million)withinthenation.

Subsidies

Newbattery-electricvehiclepurchasesareeligibleforasubsidyofIDR80million(approxi