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…
