Does Indonesia LEV Market have the potential to sustain high double digit CAGR in the future?: Ken Research
With the rising awareness of a sustainable environment and increasing prices of fuel, the LEV market in Indonesia is growing at a CAGR of ~87% between 2017 and 2021. The industry is in a nascent stage and moderately fragmented, where more players are expected to enter the market. The vision to make Indonesia a free-emission country and strong government support will drive the growth of this market in the future. But are these factors strong enough to enable the LEV market to reach a double-digit CAGR in the next five years? Let’s find out!
1. Building an EV ecosystem in emerging Asia is important for ASEAN countries to accelerate consumer uptake and achieve their climate goals
1.1. Even when the EV adoption rate is low in Indonesia, the country has a huge potential to flourish in the coming years as compared to other South East Asian countries
2. Availability of Nickel, Tax Incentives, Low Electricity Cost are the main growth drivers for the Light Electric Vehicle Market in Indonesia
3. Indonesia rolls out initiatives that offer tax breaks for EVs, in the latest effort to promote and push the use of electric vehicles for the green energy transition in the country
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4. With an influx of investment and accelerated development in the Indonesian EV market, the LEV sector is expected to grow at a CAGR of ~103% between 2021 and 2026
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