Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Thailand

Thailand

Thailand is projected to experience significant growth in the Plug-in Hybrid Electric Vehicles market.
In 2024, the revenue is estimated to reach €1,466.0m.
This is expected to show a steady annual growth rate (CAGR 2024-2029) of -5.09%, resulting in a projected market volume of €1,129.0m by 2029.
The unit sales in the Plug-in Hybrid Electric Vehicles market are expected to reach 7.40k vehicles by 2029.
In 2024, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in Thailand is expected to be €151.0k.
This indicates the value and demand for these vehicles in the market.
From an international perspective, it is evident that China will generate the most revenue in the Plug-in Hybrid Electric Vehicles market, with an estimated €153,600m in 2024.
This highlights the strong presence and potential of the market China.
Thailand has seen a significant increase in the adoption of Plug-in Hybrid Electric Vehicles due to government incentives and growing environmental consciousness.

Key regions: China, Norway, United Kingdom, Netherlands, France

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Analyst Opinion

The Plug-in Hybrid Electric Vehicles market in Thailand has been experiencing steady growth in recent years. Customer preferences for environmentally-friendly vehicles and government initiatives to promote clean energy are driving the increased demand for plug-in hybrid electric vehicles (PHEVs) in the country.

Customer preferences: Thai consumers are becoming more conscious of the environmental impact of their vehicles and are increasingly opting for greener alternatives. PHEVs offer a balance between electric and gasoline power, providing reduced emissions and increased fuel efficiency. This makes them an attractive option for environmentally-conscious consumers who want to reduce their carbon footprint without compromising on convenience or driving range.

Trends in the market: The PHEV market in Thailand has seen a significant increase in sales over the past few years. This can be attributed to several factors. Firstly, the government has implemented various policies and incentives to encourage the adoption of PHEVs. These include tax breaks, subsidies, and reduced import duties on electric vehicles. These initiatives have made PHEVs more affordable and accessible to the general public. Furthermore, automakers have been introducing a wider range of PHEV models in the Thai market, catering to different customer preferences and budgets. This increased availability of PHEVs has contributed to the growth of the market, as consumers now have more options to choose from.

Local special circumstances: Thailand is a major automotive manufacturing hub in Southeast Asia, with many global automakers having production facilities in the country. This has led to the localization of PHEV production, making these vehicles more affordable for Thai consumers. Additionally, the government has been actively promoting the development of a local electric vehicle industry, which has further incentivized automakers to invest in PHEV production in Thailand.

Underlying macroeconomic factors: Thailand has a strong economy and a growing middle class, which has contributed to the increasing demand for PHEVs. As disposable incomes rise, consumers are willing to invest in more sustainable and technologically advanced vehicles. Additionally, the government's push for clean energy and sustainable transportation aligns with global trends and has created a favorable environment for the growth of the PHEV market. In conclusion, the Plug-in Hybrid Electric Vehicles market in Thailand is experiencing growth due to customer preferences for environmentally-friendly vehicles, government initiatives to promote clean energy, the availability of a wider range of PHEV models, and the localization of PHEV production. These factors, along with Thailand's strong economy and growing middle class, have created a favorable market environment for the expansion of the PHEV market in the country.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).