Electric Vehicles - Thailand

Thailand

Thailand's Electric Vehicles market is projected to reach a revenue of US$1,103.0m in 2024.
This market is expected to experience an annual growth rate (CAGR 2024-2028) of 5.06%, resulting in a projected market volume of US$1,344.0m by 2028.
The unit sales of Electric Vehicles market in Thailand are expected to reach 27.32k vehicles in 2028.
Furthermore, the volume weighted average price of Electric Vehicles market in Thailand is expected to be US$50.5k in 2024.
In terms of international comparisons, in China is projected to generate the most revenue in the Electric Vehicles market, amounting to US$319,000m in 2024.
Thailand is rapidly emerging as a key player in the electric vehicle market, with government incentives and a growing charging infrastructure driving significant adoption.

Key regions: United States, Germany, Netherlands, China, United Kingdom

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Analyst Opinion

The Electric Vehicles market in Thailand is experiencing significant growth and development.

Customer preferences: Customers in Thailand are increasingly showing a preference for electric vehicles due to their environmental benefits and cost savings. With growing concerns about air pollution and climate change, consumers are becoming more conscious of their carbon footprint and are seeking greener alternatives for transportation. Electric vehicles offer a cleaner and more sustainable option compared to traditional gasoline-powered vehicles. Additionally, the lower operating costs of electric vehicles, including savings on fuel and maintenance, are appealing to cost-conscious consumers.

Trends in the market: One of the key trends in the Electric Vehicles market in Thailand is the government's push to promote the adoption of electric vehicles. The government has implemented various incentives and policies to encourage consumers to switch to electric vehicles. These include tax breaks, subsidies, and the development of charging infrastructure. The government's commitment to promoting electric vehicles is driving the growth of the market and creating a favorable environment for manufacturers and consumers alike. Another trend in the market is the increasing availability and variety of electric vehicle models. As more manufacturers enter the market, consumers have a wider range of options to choose from. This not only increases competition but also drives innovation and improvement in electric vehicle technology. With more choices available, consumers can find electric vehicles that meet their specific needs and preferences, further boosting the market's growth.

Local special circumstances: Thailand's position as a major automotive manufacturing hub is also contributing to the development of the Electric Vehicles market. The country has a well-established automotive industry and a strong supply chain, which makes it an attractive location for electric vehicle manufacturers. The presence of local manufacturing capabilities allows for easier access to components and reduces production costs, making electric vehicles more affordable for consumers.

Underlying macroeconomic factors: Thailand's commitment to reducing greenhouse gas emissions and transitioning to a low-carbon economy is a key driver of the Electric Vehicles market. The government has set ambitious targets for electric vehicle adoption and is investing in infrastructure development to support the growth of the market. Additionally, the country's strong economic growth and rising middle class are creating a larger consumer base with the purchasing power to afford electric vehicles. In conclusion, the Electric Vehicles market in Thailand is experiencing significant growth and development driven by customer preferences for greener and more cost-effective transportation options, government incentives and policies, the increasing availability of electric vehicle models, Thailand's position as an automotive manufacturing hub, and the country's commitment to reducing greenhouse gas emissions. These factors are contributing to the positive outlook for the Electric Vehicles market in Thailand and are expected to continue driving its growth in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).