Market Insights Mobility Electric Vehicles

Battery Electric Vehicles

Thailand

In 2024, the projected revenue in the Battery Electric Vehicles market in Thailand is expected to reach US$3,729.0m.
It is anticipated that this revenue will experience an annual growth rate of 6.70% from 2024 to 2029, resulting in a projected market volume of US$5,156.0m by 2029.
By 2029, it is estimated that the unit sales of Battery Electric Vehicles market in Thailand will reach 138.50k vehicles.
The volume weighted average price of Battery Electric Vehicles market in Thailand in 2024 is expected to be US$37.3k.
From an international perspective, China is projected to generate the highest revenue in the Battery Electric Vehicles market, amounting to US$210,800m in 2024.
Thailand is experiencing a surge in demand for Battery Electric Vehicles, driven by government incentives and a growing awareness of environmental sustainability.

Key regions: United Kingdom, Japan, Netherlands, France, United States

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Analyst Opinion

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

Customer preferences: Thai consumers are increasingly showing a preference for Battery Electric Vehicles (BEVs) due to their environmental benefits and cost savings. BEVs produce zero emissions, which aligns with the growing global concern for reducing carbon footprints and combating climate change. Additionally, the lower operating costs of BEVs, such as lower fuel and maintenance costs, make them an attractive option for cost-conscious consumers.

Trends in the market: One of the key trends in the BEV market in Thailand is the increasing availability of charging infrastructure. As more charging stations are being installed across the country, the range anxiety associated with BEVs is being alleviated, making them a more viable option for consumers. This trend is supported by government initiatives and incentives to promote the adoption of BEVs, such as subsidies for charging infrastructure installation and tax incentives for BEV owners. Another trend in the market is the expansion of the BEV model lineup offered by automakers. As the demand for BEVs grows, automakers are introducing a wider range of models to cater to different customer preferences and needs. This includes both compact and larger vehicles, as well as options for different price ranges. This diversification of the BEV market is expected to drive further growth in the coming years.

Local special circumstances: Thailand has a strong automotive manufacturing industry, which presents a unique opportunity for the development of the BEV market. The country is already a major producer of conventional vehicles, and many automakers are now investing in the production of BEVs in Thailand. This not only supports the growth of the domestic BEV market but also positions Thailand as a regional hub for BEV production and export.

Underlying macroeconomic factors: Thailand's government has set ambitious targets to promote the adoption of electric vehicles, including BEVs. These targets are in line with global efforts to reduce greenhouse gas emissions and combat climate change. The government has implemented various policies and incentives to support the growth of the BEV market, including tax breaks for BEV manufacturers and subsidies for BEV buyers. These measures are expected to drive the demand for BEVs in Thailand in the coming years. Furthermore, Thailand has a strong manufacturing base and expertise in the automotive industry, which provides a competitive advantage for the production of BEVs. The country's skilled workforce and established supply chain make it an attractive location for automakers to set up production facilities for BEVs. This, in turn, supports the growth of the domestic BEV market and contributes to the overall development of the industry in Thailand. In conclusion, the Battery Electric Vehicles market in Thailand is experiencing significant growth and development due to customer preferences for environmentally friendly and cost-effective vehicles, the increasing availability of charging infrastructure, the expansion of the BEV model lineup, and the government's support and incentives. The country's strong automotive manufacturing industry and underlying macroeconomic factors further contribute to the positive outlook for the BEV market in Thailand.

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).