ASEAN electric car market is at the nascent stage and is estimated to exhibit considerable growth in the near future. ASEAN electric car market is estimated to grow at a CAGR of more than 22.0% during the forecast period. Government subsidies are expected to play a major role in the growth of the market in the region. For instance, in February 2019, the Thailand Board of Investment (BOI) has considered waiving excise tax to 2% from 8% for eligible electric vehicle manufacturers in Thailand to encourage them to produce electric cars.