Thailand is said to be one of the top EV markets in the ASEAN region with Indonesia closely following
According to research agency BloombergNEF, Thailand and Indonesia are believed to be the key markets for electric vehicles (EVs) in the ASEAN region, Bangkok Post Office report. This is thanks to the country’s support for the EV industry by providing lucrative incentives like tax cuts and subsidies to boost local consumption and production – both with populations winter.
Currently, Thailand is leading Indonesia with 51,000 electric vehicles sold by 2022 compared to Indonesia selling about 10,000. Thailand’s electric vehicle sales are expected to reach 2.9 million units by 2040. Meanwhile in Malaysia, Electric vehicle sales reached 2,631 units last year860% higher than 2021 – The Malaysian Automobile Association (MAA) expects “much higher sales” this year.
Allen Tom Abraham, senior analyst for Asia-Pacific transportation at BloombergNEF, said: “Thailand will be a big player in the electric vehicle market but after 2040, Indonesia will lead the way. passenger car segment due to its large market size.
The agency also pointed out that the production of EVs requires large investments in the battery supply chain. Annual demand for lithium batteries is expected to grow rapidly, reaching 5.7 terawatt hours (TWh) annually by 2035 in the economic transition scenario. In the no-network scenario, in which governments lobby to balance greenhouse gas emissions and absorptions, new demand for lithium-ion batteries is expected to reach 244 TWh by 2050.
This is in line with growing demand for electric vehicles globally, with Abraham saying the share of new passenger sales of electric vehicles is expected to grow from 14% in 2022 to 30% by 2020. 2026. In major markets like China, electric vehicles account for 52% of the market share, while in Europe, electric vehicle sales account for 42% of total car sales. The agency believes that global electric vehicle sales, especially in the passenger car segment, will grow to nearly 27 million units by 2026, up from 19.5 million units in 2022.
