Hybrid EV sales in Thailand could hit 50,000 this year: KResearch
Kasikorn Research Centre expects sales of hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV) to rise between 63 and 70 per cent this year, as Thailand makes the transition from combustion engines.
KResearch estimates 48,000 to 50,000 HEV and PHEV units will be sold in 2021, becoming the standard model for certain types of car.
It also expects sales of 4,000-5,000 battery electric vehicles (BEVs) this year, an increase of 210 to 288 per cent.
The price of EVs and the number of charging stations will be key factors in the EV market's rapid expansion, said the centre.
Domestic EVs will account for 55 per cent of total car sales in the next decade, and also make up more than 50 per cent of Thailand's domestic auto production, it forecasts.
Government measures in collaboration with the private sector – including tax breaks to stimulate investment/consumption and building charging stations – will accelerate expansion of the EV market, KResearch said.