The Thailand electric two-wheeler market is predicted to grow at 17.4% CAGR during the forecast period in terms of value. The Thailand market is still at nascent stage, however, driven by the fact that non-government organizations are supporting and fuelling electric vehicle adoption. However, now the government of the country has kick-started its actions towards the adoption of electric vehicles including light electric vehicles. Different products including e-scooters and e-bikes are majorly contributing to the electric two-wheeler market size in Thailand.
THAILAND ELECTRIC TWO_WHEELERS MARKET HIGHLIGHT
Insight by Product
Based on product, the market is categorized into e-scooters, e-bikes, e-motorcycles, and others. E-scooters hold the largest share in the Thailand market, in terms of revenue as well as fleet size. E-motorcycles are anticipated to witness the fastest growth at a CAGR of 37.9%, in terms of fleet size, during the forecast period.
Insight by Battery Type
On the basis of battery type, the market is segmented into sealed lead acid, Li-ion, and NiMH. Of all, sealed lead acid is the most common type of battery used in the electric two-wheelers in Thailand. Lower prices are the primary reason behind the highest share of sealed lead acid battery in the Thailand electric two-wheelers market.
Insight by Battery Technology
On the basis of battery technology, the market is categorized into removable battery and non-removable battery. Of both the categories, non-removable batteries are majorly used in the market as it is convenient for electric two-wheelers to plugin and charge batteries instead of removing and charging indoors.
Insight by Voltage
Based on voltage, the market is segmented into 24V, 36V, 48V, 60V, 72V. Of all, 48V electric two-wheeler holds the largest share in the Thailand electric two-wheeler market, followed by 36V two-wheelers. Most of the e scooters run with a battery of 48V which provides it optimum power to perform better in the congested metropolitan cities of the country.
Thailand is still unexplored electric vehicle market and the number of electric vehicles in the country remain low in the country. The country is yet to formulate organized regulations to promote and encourage electric vehicles adoption in Thailand. The market for light electric vehicles in the country is primarily driven by the fact that non-government organizations are supporting and fueling electric vehicle adoption.
However, now the government of the country has kick-started its actions towards the adoption of electric vehicles including light electric vehicles. The government in Thailand plans to run 1.2 million electric vehicles and 690 charging stations in the country by 2036. The Thailand Automotive Institute has signed a letter of intent with Japan External Trade Organization (JETRO) for talks on next-generation vehicles to develop the EV industry in Thailand.
STAR 8 (THAILAND) Co. Ltd., UDA Motor Co. Ltd, Honda Motor Company, Ltd., E-Revolution Co Ltd, and Ningbo MYWAY Intelligent Technology Co. Ltd. are some of the key players operating in the Thailand electric two-wheelers market.
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