Over 150,000 new EVs to take to Thailand’s roads this year

About 153,000 new electric vehicles (EVs) are predicted to appear on the roads of Thailand this year, prompted mainly by the ongoing energy crisis triggered by the prolonged conflict in the Middle East.

TMBThanachart Bank’s economic assessment centre, known as TTB Analytics, made the projection this week, saying that the figure, which is also boosted by more affordable and stable domestic EV prices, is about a 28.5% year-on-year increase.

According to TTB Analytics, overall registrations of EVs nationwide in the first five months of this year stood at 84,000 units, a 94.8% year-on-year surge, while countrywide registrations of red license plate EVs in the same period also increased, particularly in 23 provinces.

This trend reflects the growing adoption of Battery Electric Vehicles (BEVs) by local motorists, stated TTB Analytics, assessing that overall registrations of red plate BEVs domestically should rise by 25.1% this year, from 19.8% last year.

TTB Analytics also noted that the more EVs are used, the less local drivers will have to spend, citing its latest study of the total cost of ownership (TCO) of EVs.

It is necessary, according to TTB Analytics, to accelerate the development of domestic infrastructure to cater for the increasing number of BEVs across Thailand, especially the even provision of charging stations across the country to sustain the domestic EVs ecosystem in the long term, along with other supportive measures provided by the public sector.

Based on the International Energy Agency (IEA) guideline, there should be a charger for every 10-15 EVs in Bangkok and all provinces, to promote the use of EVs and to address the range anxiety issue for inter-provincial motorists.