Thailand Electric Vehicle (EV) Charging Market by Type of Charger (AC Chargers and DC Chargers), By Charging Speed (Level 1 , Level 2 , and Level 3), By Connector Type (J1772 (Type 1), Mennekes (Type 2), CCS (Combined Charging System), CHAdeMO and other, By Charging Modes (Mode 1, Mode 2, Mode3 and Mode 4), By Installation (Fixed and Portable),and End User (Commercial and Residential)– Opportunity Analysis and Industry Forecast 2023–2030
Industry: Automotive & Transportation | Publish Date: 06-Nov-2024 | No of Pages: 90 | No. of Tables: 72 | No. of Figures: 41 | Format: PDF | Report Code : AT872
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Market Definition
Thailand Electric Vehicle (EV) Charging Market was valued at USD 203.52 million in 2022, and is predicted to reach USD 1545 million by 2030, with a CAGR of 29.5% from 2023 to 2030. Electric vehicle chargers are characterized by the rate at which they deliver energy to the vehicle's battery. They serve as a vital infrastructure connecting plug-in electric vehicles to electrical outlets for the purpose of recharging the vehicle's battery. These chargers facilitate the charging process by supplying the necessary electrical energy to the EV's battery.
Charging stations are compatible with electric vehicles, neighborhood electric vehicles (NEVs), and plug-in hybrids, allowing them to connect to an electrical source for charging. Some charging stations come equipped with advanced functionalities such as smart meters, cellular connectivity, and network access.
The charging of EVs can be carried out through several levels of charging such as level 1, level 2, and level 3. The higher the level of charging, the faster the charging process causing more power to be delivered to the vehicle. The use of electric vehicles significantly reduces the carbon footprints released into the atmosphere, which contain toxic gas. The growing threat of carbon emissions and other harmful gases stemming from transportation has triggered the vital necessity of adopting electric vehicles.
In addition, the penetration of EV charging is high in commercial spaces as compared to residential ones. Long-distance trips would benefit from ultra-fast charging capabilities made possible by public charging infrastructure.
However, EV chargers for residential spaces offer significant growth potential as they are affordable and more convenient for charging electric vehicles as compared to commercial charging stations.
Thailand's Ambitious Electric Vehicle Goals Drive Demand for EV Chargers
The government of Thailand announced aims for 30% of automobiles produced in 2030 to be electric and to become a regional hub for EV manufacturing. The increasing number of EVs on Thailand's roads as a result of the country's National Electric Vehicle Policy and increased production by electric vehicle manufacturers is driving up demand for EV chargers in the country.
For instance, in February 2022, Thailand’s cabinet approved in principle a package of incentives to promote electric vehicle (EV) adoption in Thailand, with the aim of making the country an EV manufacturing hub in Asia. By offering exemptions from or reductions in import duties and excise taxes, as well as incentives to boost EV demand and draw investment to the EV industry, the package encourages the widespread usage of EVs in Thailand.
Prominent Companies' Product Launches and Partnerships Fuel Market Growth
The presence of prominent companies such as Evolt, BYD, and Porsche that are engaged in various strategies including product launches and partnerships further boost the growth of the market. For instance, in September 2022, BYD announced to setup of a facility in Thailand to start producing 1,50,000 passenger vehicles per year from 2024. This development helps to high adoption of EVs in the country hence the rising number of EV charging stations.
Also, in July 2022, Porsche Thailand partnered with Evolt to shape a path for public EV charging stations in Bangkok and tourist cities that aimed to launch EV charging stations. Moreover, in March 2022, Porsche Thailand announced to open a destination charger for EVs and PHEVs. The company plans to build DC high-power EV chargers around the country this year in an effort to increase the number of Porsche customers driving electric and plug-in hybrid vehicles.
Fast Chargers' High Initial Setup Costs Hinder the EV Charging Market Growth
The absence of incentives and concerns about the steep installation expenses for EV chargers could hinder the sector's growth. One of the most significant obstacles to expanding this industry is the substantial upfront cost associated with level 3 and ultra-fast chargers. While level 1 and level 2 chargers can require anywhere from 6 to 16 hours for a full charge, consumers are accustomed to refuelling their conventional fossil fuel vehicles in just 5 to 7 minutes.
Fast chargers that can charge EVs in under 30 minutes are therefore in demand on the market. A level 3 charging station can be somewhat expensive at first, though. For those who might want to transition to EVs, this could be a deterrent because a lengthy charging period might interfere with their already hectic schedules.
Surging Adoption of Vehicle-to-Grid (V2G) EV Charging Stations in Thailand Unlocks Promising Opportunities
A technology called vehicle-to-grid (V2G) EV charging allows plug-in EVs and the power grid to exchange electrical energy in both directions. Electric vehicles (EVs) can store extra electricity and release it to the grid thanks to V2G technology. This may enhance the functionality of the electrical component and increase value for EV owners.
The development of this concept has made charging for electric vehicles easier, and EVs are now among people's top transportation options. As a result, the entire market for charging stations is essential for connecting the electric vehicle to the grid and enabling the vehicle to charge.
Two V2G EV vehicle charging stations were erected by Enel Energia S.p.A. at the Italian Institute of Technology's Genoa headquarters. The installation is a part of MOV-E, a Nissan-sponsored corporate electric car sharing trial project. The Italian Institute of Technology received two battery electric vehicles (LEAF models) from Nissan as well as the Glide app management platform. The partnership between Enel and Nissan represents a shift in the way that technology is used for sustainable transportation.
As a result, manufacturers have a great chance with the V2G charging technology because it is predicted to change the EV industry and determine how EVs will be charged in the future. Although V2G infrastructure is more beneficial than smart charging, installing V2G charging stations has a hefty up-front cost. Manufacturers of EV connectors are projected to have opportunities to produce sophisticated connectors to withstand electrical architecture due to the predictable and anticipated expansion of V2G technology.
Competitive Landscape
The Thailand Electric Vehicle (EV) Charging industry includes several market players such as Tesla Inc., ell Plc, ectricity Generating Authority of Thailand (EGAT), llbox, Pulse, emens, rta Global, olt, Pro Solutions Co., Ltd., lta Electronics, Inc..
KEY BENEFITS
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The Thailand Electric Vehicle (EV) Charging market report provides a quantitative analysis of the current market and estimations through 2023-2030 that assists in identifying the prevailing market opportunities to capitalize on.
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The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.
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The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.
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The competitive analysis of the market players along with their market share in the Thailand Electric Vehicle (EV) Charging market.
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The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
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Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
THAILAND ELECTRIC VEHICLE (EV) CHARGING MARKET KEY SEGMENTS
By Type of Charger
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AC Chargers
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DC Chargers
By Charging Speed
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Level 1
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Level 2
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Level 3
By Connector Type
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J1772 (Type 1)
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Mennekes (Type 2)
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CCS (Combined Charging System)
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CHAdeMO
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Others
By Charging Modes
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Mode 1
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Mode 2
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Mode 3
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Mode 4
By Installation
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Fixed
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Portable
By End User
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Commercial
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Commercial Public EV Charging Stations
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Highway Charging Stations
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Fleet Charging Stations
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Workplace Charging Stations
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Commercial Private EV Charging Stations
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Residential
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2022 |
USD 203.52 Million |
|
Market Volume in 2022 |
20 Thousand Units |
|
Revenue Forecast in 2030 |
USD 1545 Million |
|
Growth Rate |
CAGR of 29.5% from 2023 to 2030 |
|
Analysis Period |
2022–2030 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
The demand for EV chargers. The emergence of EV manufacturers. |
|
Companies Profiled |
10 |
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Market Share |
Available for 10 companies |
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Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
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Tesla Inc.
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Shell Plc
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Electricity Generating Authority of Thailand (EGAT)
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Wallbox
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BP Pulse
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Siemens
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Virta Global
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Evolt
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EV Pro Solutions Co., Ltd.
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Delta Electronics, Inc.
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