Looking beyond Europe, BEV sales have seen strong growth in several emerging markets since 2023. In Southeast Asia, Thailand and Vietnam stood out in 2024; each doubled their BEV market share compared with 2023 and they reached 18% and 22% shares, respectively. In Q1 2025, the trend in Vietnam continued, with BEV sales (which are nearly all EV sales in the country) accounting for approximately 41% of new car registrations, nearly twice the 2024 average. This growth has been driven by strong domestic production, led by local manufacturer VinFast, and supportive government policies such as registration fee exemptions for EVs. Thailand is both a rapidly growing market for EVs and a major production hub—it is home to 43% of motor vehicle production in the ASEAN region. Thailand has set ambitious goals and provided tax incentives and subsidies to stimulate EV growth, including a goal for zero-emission vehicles to account for 30% of all vehicle production by 2030. Sales of BEVs in Thailand further rose in 2025 and comprised 23% of the market in Q1. PHEV sales further make up a small but rapidly expanding share of the market in Thailand and nearly tripled in Q1 2025 compared with the 2024 average.
In Latin America, Colombia and Mexico also experienced notable growth in 2024. Market shares for BEVs were 5% and 4%, respectively, and the absolute number of BEV sales roughly tripled year-over-year. This is attributable to government incentives and targets and expanded charging infrastructure. In Q1 2025, Colombia’s BEV market share rose to 8%, while in Mexico, a shift to PHEVs was observed, with a 1-percentage-point decline in BEV share accompanied by a 2-percentage-point increase in PHEV share.
In Türkiye, BEVs were 8% of new registrations in 2024, an increase of 3 percentage points compared with the previous year. This trend is expected to continue in 2025, and shares already surpassed 13% in Q1 2025. In contrast, the share of BEVs in Europe declined by 1 percentage point in 2024 compared with 2023, falling to 14%. However, it rebounded in Q1 2025 and rose to 16%.
