Electric vehicles are becoming more prominent in Thailand and in response to this the Thai government has targeted the industry as part of its national development strategy. The Thailand Board of Investment’s tax and non-tax incentives help Thailand keep pace with electric vehicle production and major Japanese and European Auto Makers are already committed to producing hybrid electric vehicles and batteries in Thailand.
According to the Frost & Sullivan report, some 44% of Thai consumers will consider an EV when making their next vehicle purchase decision. It can be anticipated that the market penetration of EV in Thailand is undeniable and inevitable. The Thai Auto industry and power industry have been reassessing their business model and are preparing for the technological and behavioral changes on the way.
The government is offering support to help develop basic infrastructure, smart charging and vehicle-to-grid systems. It also expects that investment and production of electric vehicles will be in full swing within five years and domestic and overseas sales are on target to reach 30 percent within 10 years. An 85% increase in EV registrations every year for the next 20 years, and even larger annual percentage increases in EV sales, is also predicted and on target for completion ASAP.
The growing EV market is also opening up business opportunities for other industries in the energy sector. This includes power plants, EV charging stations, and battery enhancement operations. ELECTRIC VEHICLE ASIA 2019 will be a business platform for companies in the industry to benefit from being one of the first-movers into the Thai EV market.