The Market Growth of Light Electric Vehicles (EVs) in Thailand Situation Projection from 2024 to 2031
Keywords:
EV market, OEMs, ForecastingAbstract
This study explores the forecast and dynamics of Thailand's electric vehicle (EV) market from 2024 to 2031, focusing on methodologies involving confidential data and qualitative interviews with automotive sector stakeholders. The research highlights insights into EV production trends, and market dynamics. The production is expected to rise from 25,000 in 2024 to 197,000 in 2031. The largest production forecast belongs to Chinese OEMs. Discussions also address from interviews about the potential for a price war among manufacturers, impacting market strategies and supply chains. Also, the study mentions the role of competitive pricing in influencing EV adoption rates and market outcomes. Despite the promising growth projections, the findings underscore the need for adaptive strategies by stakeholders to navigate challenges and capitalize on emerging opportunities in Thailand's evolving EV market scope.
References
Anosike, A., Loomes, H., Udokporo, C. K., & Garza-Reyes, J., A. (2021). International Journal of Logistics Research and Applications, 26(6), 683-707. https://doi.org/10.1080/13675567.2021.1978409.
Beresteanu, A., & Li, S. (2011). Gasoline prices, government support, and the demand for hybrid vehicles in the United States. International Economic Review, 52(1), 161-182. https://doi.org/10.1111/j.1468-2354.2010.00623.x.
Biotkach, V., & Mills, M. (2012). Simple Economics of Electric Vehicle Adoption. Procedia - Social and Behavioral Sciences, 54(4), 989-988. https://doi.org/10.1016/j.sbspro.2012.09.813.
Carranza, J. E. (2010). Product innovation and adoption in market equilibrium: The case of digital cameras. International Journal of Industrial Organization, 28(6), 604-618. https://doi.org/10.1016/j.ijindorg.2010.02.003.
Chandra, A., Gulati, S., & Kandlikar, M. (2010). Green drivers or free riders? An analysis of tax rebates for hybrid vehicles. Journal of Environmental Economics and Management, 60(2), 78-93. https://doi.org/10.1016/j.jeem.2010.04.003.
Chantanusornsiri, W. (2021). State mulls cut in import tax on EVs. Bangkok Post. Retrieved from https://www.bangkokpost.com/business/general/2223187/state-mulls-cut-in-import-tax-on-evs.
Company A. (2023). Confidential report on Light Vehicle Engine and Battery & eMotor Module production projections.
Company A. (2024). Confidential report on Light Vehicle Engine and Battery & eMotor Module production projections.
Electricity Generating Authority of Thailand. (n.d.). What is the EGAT EV Society's 30@30 policy?. https://www.egat.co.th/home/save-energy-for-all-20221109/.
Gallagher, K.S., & Muehlegger, E. (2011). Giving green to get green? Incentives and consumer adoption of hybrid vehicle technology. Journal of Environmental Economics and Management, 61(1), 1-15. https://doi.org/10.1016/j.jeem.2010.05.004.
Ghoshal, D., & Wongchaum, P. (2024). How Thailand's new lithium mine could boost its EV production. World Economic Forum. Retrieved from https://www.weforum.org/agenda/2024/01/lithium-mine-thailand-ev-powerhouse/.
Graham-Rowe, E., Gardner, B., Abraham, C., Skippon, S., Dittmar, H., Hutchins, R., & Stannard, J. (2012). Mainstream consumers driving plug-in battery-electric and plug-in hybrid electric cars: A qualitative analysis of responses and evaluations. Transportation Research Part A: Policy and Practice, 46(1), 140-153. https://doi.org/10.1016/j.tra.2011.09.008.
Great Wall Motor partners with TAT to promote Ecotourism. (2022, August, 17). The Nation. https://www.nationthailand.com/thai-destination/travel/40018999.
Itoda, T., & Shimbun, Y. (2024). Japanese Automakers’ New Car Market Share Plummeting in Thailand. The Japan News. https://japannews.yomiuri.co.jp/business/companies/20240211-168067/.
Just Auto. (2024). Rever to build BYD CVs in Thailand. https://www.just-auto.com/news/rever-to-assemble-byd-cvs-in-thailand/?cf-view.
Kurani, K., Torrentine, T., & Sperling, D. (1996). Testing electric vehicle demand in ‘hybrid households’ using a reflexive survey. Transportation Research Part D: Transport and Environment, 1(2), 131-150. https://doi.org/10.1016/S1361-9209(96)00007-7.
Languepin, O. (2024). Thailand gears up to make a significant impact in the zero-emission vehicles (ZEV) sector. Thailand Business News. https://www.thailand-business-news.com/business/115602-thailand-gears-up-to-make-a-significant-impact-in-the-zero-emission-vehicles-zev-sector.
Lieven, T., Muhlmeier, S., Henkel, S., & Waller J. F. (2011). Who will buy electric cars? An empirical study in Germany. Transportation Research Part D: Transport and Environment, 16(3), 236-243. https://doi.org/10.1016/j.trd.2010.12.001.
Market Research. (2022). The Growth of Thailand’s Electric Vehicle Market. https://www.thailandmarketresearch.com/insight/the-growth-of-thailand-electric-vehicle-market.
Melnikov, O. (2013). Demand for Differentiated Durable Products: The Case of the U.S. Computer Printer Market. Economic Inquiry, 51(2), 1277-1298. https://doi.org/10.1111/j.1465-7295.2012.00501.x.
Ministry of Industry. (2010). Thailand 4.0 Industrial Development Strategy for 20 Years (2017 - 2036). https://waa.inter.nstda.or.th/stks/pub/2017/20171114-oie.pdf.
Rust, J. (1987). Optimal replacement of GMC bus engines: An empirical model of Harold Zurcher. Econometrica, 55(5), 999-1033. https://doi.org/10.2307/1911259.
Seong, W., Choi, H., & Koo, Y. (2024). The Dynamics of Electric Vehicle Adoption Based on Strategic Consumer Choices. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4781357.
Song, I., & Chintagunta, P. K. (2003). A Micromodel of New Product Adoption with Heterogeneous and Forward-Looking Consumers: Application to the Digital Camera Category. Quantitative Marketing and Economics, 1(4), 371-407. https://doi.org/10.1023/B:QMEC.0000004843.41279.f3.
Tianyang, H. (2012). SAIC and Charoen Pokphand Group form Thai joint venture. https://www.chinadaily.com.cn/bizchina/2012-12/10/content_16003275.htm.
Xorui, L. (2024). How China’s EVs are Taking Thailand by Storm. The Diplomat. https://thediplomat.com/2024/02/how-chinas-evs-are-taking-thailand-by-storm/.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Journal of Industrial Business Administration
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
