Thailand Electric Three-wheelers Market to Witness 41.3% CAGR During 2018 – 2024

Published Date: Dec, 2018

The Thailand electric three-wheeler market is predicted to grow at 41.3% CAGR during the forecast period. The Thailand electric three-wheelers market is primarily driven by due to the fact that non-government organizations are supporting and fueling electric vehicle adoption. Moreover, the government in Malaysia 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 to conventional road transport will create huge traction for the global electric three-wheelers industry players local players to invest in the Malaysian market to grab the immense revenue growth opportunity.

Thailand is yet to formulate organized regulations to promote and encourage electric vehicles adoption in the country. The non-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.

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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 the 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.

Based on product, the market is categorized into passenger vehicles and load carriers. The Thailand electric three-wheelers fleet size mainly constitutes of passenger vehicles; however, with the increasing awareness regarding the benefits of using electric three-wheelers as load carriers is anticipated to create the demand for load carrier electric three-wheelers in the near future in the country. On the basis of motor power, the market is segmented into1,500 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.

The report offers competitive insight of 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.

Thailand Electric Three-Wheelers Market Coverage

 

Product Insight and Forecast 2014-2024

  • Passenger Vehicle
  • Load Carrier

Motor Power Insight and Forecast 2014-2024

  • <1,000 W
  • 1,000-1,500W
  • >1,500W 
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Thailand Electric Three-wheelers Market to Witness 41.3% CAGR During 2018 – 2024