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Over 2024 to 2026, the outlook for the domestic EV industry will remain positive thanks to strength on both the demand and supply sides of the market, driven by: (i) the continuation of subsidies for buyers of BEVs, which will help to push new registrations of total passenger BEVs to an annual total of around 190,000 vehicles; (ii) the enforcement of provisions in the EV 3.0 and EV 3.5 measures requiring manufacturers to compensate for imports of EVs with domestically produced vehicles;

Thailand’s electric vehicle (EV) industry is expected to continue growing during 2026–2028, with new passenger BEV registrations projected at 125,000 units annually

Used Electric Vehicles: Supply and Resale Value

The auto industry will see continuing growth through the period 2023-2025 thanks to a combination of factors. (i) The recovery in the overall economy and purchasing power with softer inflationary pressure (ii) Although conflicts between the US and China over access to technology will mean that periodic problems with chip shortages will persist through 2023, greater investment in production capacity in the US, Germany, and Japan will translate into increased output, and so in 2024 and 2025, semiconductor supply problems should ease. (iii) Government measures to stimulate demand for battery electric vehicles will continue to support the market. (iv) Government spending on infrastructure development, growth in logistics and online retail,

Revenue from vehicle sales is projected to grow by an average of 3.5-4.5% per year during 2026-2028,

Auto production is forecast to drop by -3.5% to -2.5% annually from 2024 to 2026 as a result of weakness in the domestic market through 2024 and greater competition from imported EVs. However, output should improve somewhat in 2025 and 2026. Domestic sales in 2024 will decline by -4.5% to -3.5%

accelerating the transition to clean-energy vehicles not only supports the business sector and helps countries achieve long-term sustainability goals, but also serves as a driving force to create a better world for the future.

Automobile production is projected to expand gradually by 0.5-1.5% per year during 2026-2028, driven by increased manufacturing investment and excise tax reductions for hybrid vehicles (HEVs and MHEVs).

The Thai auto parts sector is forecast to see continuing growth through the period 2019-2021 on annual increases in domestic demand of 0-5%. This demand will be both for parts used in the assembly of new automobiles and motorcycles (the OEM market) and for spares and replacement parts (the REM market), demand for which will expand in step with the increasing size of the national vehicle fleet.

Automobile production growth is projected to remain flat at around -0.5% to 0.5% annually during 2025–2027