KResearch projects that the sales of Hybrid Electric Vehicles (HEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) in 2021 will likely amount to 48,000-50,000 units, or growth of 63-70 percent YoY. Such innovative vehicles are set to become the standard models for numerous car brands, providing the foundation for a complete shift to new automotive technologies in the future. Meanwhile, Battery Electric Vehicle (BEV) sales will likely be around 4,000-5,000 units, or growth of 210-288 percent YoY. Sweeping installation of EV charging stations nationwide and more affordable xEV prices will serve as key factors in helping to accelerate market growth.
KResearch perceives that the share of domestic xEVs could potentially reach 55 percent of total vehicle sales within 10 years' time. At the same time, Thailand's share of xEV production could eventually rise above 50 percent. Along with increased EV charging stations and tax measures to encourage more investment and consumption, another factor that could help to stimulate expansion of the xEV market is an increased vehicle turnover rate, which could be achieved through appropriate measures.