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OIL PRODUCTS: Chinese EV Sales in SE Asia Slowing Gasoline Demand Growth: Kpler

OIL PRODUCTS
SingaporeAPACPhilippinesCommoditiesEnergy BulletsBulletIndonesiaThailand

Chinese brands and fiscal incentives will have a measurable impact on the region’s gasoline demand growth, Kpler said.

  • Kpler defines Southeast Asia as Indonesia, Malaysia, Vietnam, Thailand, Singapore, and the Philippines.
  • Current forecasts indicate that gasoline demand will register a compound annual growth rate (CAGR) of 2.6% during 2021-2030 in Southeast Asia. Without EVs, this growth rate would be around 3.1%.
  • The EV market is still nascent in the region, comprising just 0.6% of the total car fleet, displacing around 13k b/d of gasoline in 2024 – around 1% of demand.
  • However, 2024 was a pivotal year for EVs as sales skyrocketed, rising 70% in Malaysia and 164% in Indonesia.
  • Kpler expects EVs to displace around 100k b/d of Southeast Asian gasoline demand, or 6%, by 2030. 

 

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Chinese brands and fiscal incentives will have a measurable impact on the region’s gasoline demand growth, Kpler said.

  • Kpler defines Southeast Asia as Indonesia, Malaysia, Vietnam, Thailand, Singapore, and the Philippines.
  • Current forecasts indicate that gasoline demand will register a compound annual growth rate (CAGR) of 2.6% during 2021-2030 in Southeast Asia. Without EVs, this growth rate would be around 3.1%.
  • The EV market is still nascent in the region, comprising just 0.6% of the total car fleet, displacing around 13k b/d of gasoline in 2024 – around 1% of demand.
  • However, 2024 was a pivotal year for EVs as sales skyrocketed, rising 70% in Malaysia and 164% in Indonesia.
  • Kpler expects EVs to displace around 100k b/d of Southeast Asian gasoline demand, or 6%, by 2030. 

 

Keep reading...Show less