The booming electric vehicle (EV) market in Thailand is increasingly evident in 2019 as a number of automakers have sought the Board of Investment (BOI)’s incentives to produce EVs here.
KResearch forecasts that the EV market share in the next five years will increase to one-fourth, or 240,000 units, of the total car sales nationwide. Eco-hybrid cars and mild-hybrid vehicles are likely to accelerate the growth in the early stage.
When the EV production is approaching its full capacity in 2023, it is expected that at least 260,000 units of EV batteries will be rolled out to serve the demands in Thailand.
Prospects are bright for export-oriented EV batteries
Moreover, the prospects are bright for export-oriented EV batteries as many car companies have planned to produce EVs in Thailand at a large scale for export. At present, existing production bases of EV batteries in the world cannot produce enough batteries to serve the soaring demand.
Thus, Thailand has emerged as a new production base for OEM and REM batteries for export to countries such as Japan and Thailand’s auto markets in ASEAN and the Oceania.
KResearch expects that, in 2023, Thailand will produce at least 170,000 EV batteries for export.
Thailand’s EV market is still in its early stage
However, there are ample opportunities to grow further due to strong government incentives to boost local output of environmentally friendly cars. Global automakers are gearing up to produce electric cars and EV batteries in Thailand, boosting the long-term prospect of the industry.
KResearch estimates that Thailand will produce over 430,000 EV batteries in 2023, representing 3 percent of the global market.
This will make Thailand not only a leader of EV battery production in ASEAN and the Oceania but also the 4th largest production base of EV batteries in the Asian region in the future. Thailand is poised to produce over 430,000 units of EV batteries in 5 years, becoming 4th largest production base in Asia. (Current Issue No.2960) – KASIKORN RESEARCH CENTER
Large Shopping Malls in Bangkok Will Be Closed until July 25th
Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.
Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak
The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.
The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.(more…)
Subscribe via Email
3 ways Asia can recover from the COVID-19 pandemic faster
Countries in the East Asia and Pacific region will benefit from cooperation in three major areas: vaccine deployment, reviving sectors...
Thailand’s Vaccine Strategy: What went wrong?
Questions are being asked, and not answered, over the decision to rely almost entirely on Siam Bioscience, a local, palace-owned...
Exclusive interview with Richi Kukreja, HR Lead Director for Zoetis South East Asia
Zoetis is a global animal health industry leader, dedicated to supporting customers and their businesses in ever better ways. Building...
World Bank lowers Thai GDP growth outlook to 2.2%
In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to...
The Importance of E-Wallets for Online Gaming Sites
With e-wallets and cryptocurrency being the most relevant options, banks have been put on the side burner, especially when e-wallets...