Electric vehicle trends
Globally, electric vehicles (EVs) are on the rise. According to a study by the International Energy Agency, the number of EVs globally is forecasted to rise to be 35% of all vehicles by 2040.
In Thailand, on the other hand, the popularity of EVs are still low, although hybrid electric vehicles (HEVs) have been launched since around 2009-2010. According to statistics from the Land Transport Department, the number of registered HEVs and plug-in hybrid electric vehicles (PHEVs) were at 84,236 units, while only 63 units were battery electric vehicles (BEVs).
However, the incentives of Board of Investment (BOI) may encourage Thai manufacturers to start production of HEV parts in the initial phase. Commercial EVs are expected to be launched in the Thai market by 2025. By 2036, the Thai government aims to have 690 charging stations and 1.2 million electric vehicles nationwide.
“The technological advances in power storage together with the urgent need to improve air quality in the cities to compensate for the consequences of urban development will fuel the growth of EV’s popularity tremendously. It can be anticipated that the market penetration of EV in Thai society is undeniable and inevitable. Auto industry and power industry have to reassess their business model and prepare for the technological and behavioral changes. It is an example of disruption at its best.”
Head of Climate Change and Sustainability Services, KPMG in Thailand