Thailand’s EV Market

To build on GLOBAL ANGLE’s research into global electric vehicle (EV) markets, this article explores Thailand’s robust EV landscape.

What does Thailand’s EV Landscape Look Like Today?

A fast-growing market:

• Thailand led EV growth in Southeast Asia in 2023, contributing almost 79% of sales. 

Key Players:

• Chinese players like BYD, GWM, ZEEKR and NETA lead the value-for-money segment while western brands like Tesla, BMW and Mercedes-Bens dominate the premium segment.
  • Besides China and ASEAN countries, Thailand does not have Free Trade Agreements (FTAs) with major exporting markets like the US, Japan, South Korea and Germany, allowing Chinese brands to set their pricing competitively.

What are Consumers’ Preferences for Future Vehicle Purchases?

Source: Ipsos

• Majority of Thai consumers prefer EVs or hybrid models for their future vehicle purchases.
• Interest in petrol vehicles is dropping — while 77% of Thai drivers own a petrol car in 2025, only 28% of consumers prefer to purchase it in the future. 

What is Driving These Consumer Preferences?

Source: Ipsos

‘Price and value’ is the key factor influencing consumers to develop a preference for EVs:

• Thailand has a price-sensitive consumer market, and the competitive prices of rising Chinese EV brands appeals to them.
• The EV 3.5 package, a policy that promotes the growth of Thailand’s EV industry, provides subsidies for consumers purchasing EVs based on vehicle type and battery capacity.

What is the Future Outlook of Thailand’s EV Landscape?

Government encouragement:

• Under Thailand’s 30@30 vision, the country aims for 30% of its total vehicle production to be zero-emission vehicles by 2030.
  • This government vision and the EV 3.5 package are encouraging EV adoption among Thai consumers.

Continuous growth expected:

• With a cost-conscious consumer base and government policies lowering EV costs, the market is set to experience more growth in the coming years.
• Thailand’s EV market is projected to experience a 5.06% CAGR from 2024-2028 and reach a market volume of USD 1,344.0m by 2028.