Status : Published | Published On : Dec, 2023 | Report Code : VRAT4058 | Industry : Automotive & Transportation | Available Format : | Page : 95 |
Industry Overview
The Thailand Electric Three-Wheeler Market is predicted to grow at 43.3% CAGR during the forecast period, in terms of its fleet size. The Thailand market is still at a nascent stage with few units of electric rickshaws installed in the country in 2019; however, the market is anticipated to grow in the coming years because non-government organizations are supporting and fueling electric vehicle adoption.
Market Segmentation
Insight by Product
Based on product, the electric three-wheelers market is segmented into e-rickshaws, e-autos, and others. E-rickshaws are the most preferred three-wheeler category. E-rickshaws are the typical three-wheelers with a top speed of around 25km/hr. These are alternatives to conventional pull rickshaws with pedals and auto rickshaws. A typical e-rickshaw carries 4+1 or 3 passengers at a time.
Insight by Type
Based on type, the market is categorized into passenger vehicles and load carriers. Thailand's electric three-wheeler fleet size mainly consists of passenger vehicles; however the increasing awareness regarding the benefits of using electric three-wheelers as load carriers is anticipated to create the demand for load carriers electric three-wheelers soon in the country.
Insight by Motor Power
Based on motor power, the market is segmented into 1,500 W. Of all, 1,000-1,500 W powered three-wheelers hold the largest share in the Thailand market. The highest share of the 1,000-1,500 W powered three-wheelers in the market is due to the optimum performance and cost of the vehicle at this power.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. XX Billion |
Revenue Forecast in 2030 |
U.S.D. XX Billion |
Growth Rate |
43.3% |
Segments Covered in the Report |
By Product, By Type, By Motor Power |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
Thailand |
Industry Dynamics
Thailand is yet to formulate organized regulations to promote and encourage electric vehicle adoption in Thailand. The profit and non-government organizations are showing interest in the adoption of electric vehicles in the country; thus initiating programs to support and create an optimistic environment for the industry players to invest in the Malaysian electric vehicle industry. This is expected to directly support the growth of the electric three-wheelers market in the country.
Moreover, the government in Thailand has started taking initiatives to support the growth of the electric vehicles industry in the country. The long-term vision of the government to adopt electric vehicles as a substitute for conventional road transport will create huge traction for the global electric three-wheeler industry players and local players to invest in the Thailand market to grab the immense revenue growth opportunity.
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.
In October 2017, Thailand’s Ministry of Energy announced a plan to export electric versions of the vehicles to European countries, but also plan to convert the country’s 22,000 existing LPG (liquid petroleum gas) powered tuk-tuks to electric-powered over the next five years. The Energy Conservation Fund (ECF) would grant a subsidy to the first 100 tuk-tuk owners who switch to electric vehicles. The first 10 owners will be granted a 100% subsidy, while the other 90 owners.
Competitive Insight
The report offers competitive insight into the players offering electric three-wheelers, OEMs or components manufacturers for these vehicles. Product and services, recent developments, and financial highlights for the players operating in the Thailand electric three-wheelers market.
Somboon Tron Energy Co.,Ltd, a manufacturer of ELECTRIA - electric 3 wheelers vehicle, provide one stop service to enhance Thailand Logistics system.
Elesco is reckoned among reliable Electric Vehicle Manufacturers in Thailand. We offer innovative and advanced e-bikes and vehicles that can redefine riding experience. Their eco-friendly nature and performance-rich design have made it highly demanded. With cutting-edge tools and modern machinery, Company has become India's most prominent Electric Vehicle dealers and suppliers designed to fit your unique requirement.
STRON Electria Cargos, Somboon Tron Energy Co.,Ltd, Elesco, Y.C Electric Vehicle, Saera Auto, Mahindra & Mahindra Ltd, Piaggio are some of the key players of Thailand Electric Three-Wheeler Market.
The Thailand Electric Three-Wheeler Market offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
PRIMARY RESEARCH INTERVIEWS - BREAKDOWN
Thailand Electric Three-wheeler Market