Thailand’s electric vehicle industry has shown rapid and remarkable growth over the past few years. In 2020, 1,897 EVs were sold in the country, estimated at a market value of ~134 million USD. The figure is forecasted to grow exponentially by 2025 to ~886 million USD, or around 12,500 units.
To further drive the adoption of electric vehicles in the country, the Thai government has introduced tax incentives and is pushing the development of EVC (electric vehicle charging station) infrastructure.
This publication explores the market opportunities brought about by the EV infrastructure industry, most notably partnerships within the value chain. As of September 2021, Thailand had 693 EV charging stations mostly located in larger metropolitan areas.
Users in Thailand’s EV Industry
Reports indicate that potential EV buyers perceive there to be a lack of adequate charging facilities across the country, as most users fall under three categories:
This presents opportunities for foreign EV charging market manufacturers to establish partnerships with Thailand-based firms to explore local production, which will help lower prices for users who want to charge at home.
However, investors must take into consideration other factors local to Thailand’s EV landscape before deciding to invest—including its EV regulations, local buyer demographics, and opportunities along the EVC supply chain. Learn more about these key factors when you download our full report.