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The Market is Driven by Government Efforts to Make EV Viable by Promoting Local Manufacturing Through Incentives and Privileges
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In 2018, the penetration of electric vehicles, including Plug-In Electric Vehicles (PHEVs) and Battery Electric Vehicles (BEVs) in the total auto sales in Thailand was less than 1%. For instance, there were only 57 units of BEVs and 8,745 units of PHEVs were sold.PHEVs in the Thai market are premium vehicles and there are no mass-market models available presently. Some key models include BMW 330e, 530e, Mercedes C300e, S560e, Porsche Cayenne E-Hybrid, Porsche Panamera SE- Hybrid, and Volvo XC60, S90, and XC90. BYD and Hyundai are presently the market leaders in terms of BEV sales in Thailand. Participants that have recently entered into the BEV space in Thailand are Audi, Nissan, MG Motors, and Jaguar.Urbanization, change in vehicle ownership, autonomous driving developments, EVs, and Thailand 4.0 are some Mega Trends in the automotive industry in Thailand. Urbanization will drive economic growth in secondary cities of Thailand and will help narrow down the income gap between rural and urban cities. Looking ahead, the Thailand EV market is expected to grow at a CAGR of 21.6% from 2018 to 2025. The Total Industry Volume (TIV) is expected to reach 34,603 units in 2025 compared to 8,802 units in 2018.
The aim of this study is to evaluate the electric vehicle market in Thailand. The scope is limited to BEVs and PHEVs and excludes Hybrid Electric Vehicles (HEVs) that do not require charging. The study focuses on the incentives offered by the government to promote manufacturing and sales of EVs. It also describes factors that drive and restraint market growth and provides existing key trends in the market.
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