BANGKOK, Thailand – Approximately 153,000 new electric vehicles are projected to hit Thailand’s roads this year, driven largely by the ongoing energy crisis triggered by the prolonged conflict in the Middle East, according to a forecast by TMBThanachart Bank’s economic assessment centre, TTB Analytics.

Luxury Hybrid Car Catches Fire While Charging Overnight In Pathum Thani

The figure, which also benefits from more affordable and stable domestic EV prices, represents a year-on-year increase of approximately 28.5 percent, signaling accelerating adoption of battery electric vehicles among Thai motorists.

Overall registrations of EVs nationwide in the first five months of this year stood at 84,000 units, a surge of 94.8 percent compared to the same period last year, while countrywide registrations of red license plate EVs in the same period also increased, particularly across 23 provinces, reflecting growing consumer confidence in electric mobility. TTB Analytics assessed that overall registrations of red plate BEVs domestically should rise by 25.1 percent this year, up from 19.8 percent last year, as more motorists make the switch from conventional internal combustion engine vehicles.

The bank’s analysis also noted that the more EVs are used, the less local drivers will have to spend on fuel and maintenance, citing its latest study on the total cost of ownership of EVs, which demonstrates significant long-term savings for owners. However, TTB Analytics emphasized that it is necessary to accelerate the development of domestic infrastructure to cater for the increasing number of BEVs across Thailand, particularly the even provision of charging stations nationwide to sustain the domestic EV ecosystem in the long term, alongside other supportive measures provided by the public sector.

Based on the International Energy Agency guideline, there should be a charger for every 10 to 15 EVs in Bangkok and all provinces to promote the use of EVs and address range anxiety issues for inter-provincial motorists, a benchmark that Thailand has yet to meet as demand continues to outpace infrastructure development.

Electric Car Erupts In Flames While Charging In Nonthaburi Garage

The projection comes as the government continues to implement incentive schemes to encourage EV adoption, including tax breaks and subsidies, while automakers ramp up local production to meet rising demand in Southeast Asia’s second-largest economy. Industry observers view the rapid growth of Thailand’s EV market as a significant step toward the nation’s goal of becoming a regional hub for electric vehicle manufacturing and innovation.

-Thailand News (TN)