How emerging markets became the new growth engine
The most significant shift in the global electric vehicle (EV) story is happening outside of traditional automotive hubs. Emerging markets in Asia, Latin America and parts of Africa are increasing EV adoption at a pace few analysts predicted five years ago. By 2025, while only four countries exceeded the 10% threshold in EV sales in 2019, this figure will reach 39.
Southeast Asia stands out. Vietnam’s electric vehicle sales share has risen towards 40%, supported by domestic production and fleet electrification. Singapore maintains a penetration rate of over 40%, while Thailand has increased to over 20%. These markets compete with many European countries in terms of adoption speed.
A similar situation is observed in Latin America. Colombia and Indonesia recorded triple-digit annual growth rates in electric vehicles through early 2025. Brazil, Mexico, Uruguay and Costa Rica, on the other hand, reach electric vehicle shares close to the EU average, thanks to urban air quality concerns, fuel import costs and access to lower-priced electric models.
For many of these countries, electric vehicles serve strategic goals beyond climate policy. Electrification reduces oil imports, improves local air quality and supports industrial development. Where electricity grids are heavily reliant on renewable energy, efficiency gains are significantly displacing fossil fuel use.
Automobile Magazine – English
