According to Counterpoint Global Passenger Electric Vehicle Model Sales 2024 tracker, Thailand was the largest EV market in Southeast Asia (SEA) region but electric vehicle (EV) sales in the country declined by 11% year-on-year in 2024. Thailand’s automotive sector declined in 2024 as stricter loan disbursement, driven by rising household debt and growing non-performing loans, reduced consumer vehicle purchases. Despite challenging market conditions, the Thai government has remained steadfast in its commitment to the EV transition, introducing initiatives such as the “30@30” policy and the EV3.5 incentive plan to accelerate electric vehicle adoption in the country.
With the increasing demand for EVs, the long-standing dominance of Japanese automakers has waned due to their slow shift toward electric mobility, creating opportunities for Chinese EV manufacturers to establish a strong foothold in the market. Offering competitive prices, advanced features, and strong value, Chinese EVs have quickly earned the trust of Thai consumers. As a result, Chinese OEMs in 2024 dominated nearly three-fourth of the Thai EV market. Leading players include BYD Auto, Deepal, MG, Neta, and Aion. The presence of Chinese manufacturers in Thailand expanded significantly, with the number of active OEMs doubling from 9 in 2023 to 18 in 2024. New entrants such as Avatr, Deepal, Changan, Omoda, and Zeekr have begun selling their EVs in the Thai market.
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