Thailand and Indonesia: new electric vehicle power
The two Southeast Asian countries will become the workshop of the electric vehicle industry in the near future thanks to the support of the government.
According to research firm BloombergNEF, electric vehicle (EV) sales have continuously grown to gain market share globally, of which Thailand and Indonesia are the top two manufacturing countries in Southeast Asia.
“The global new passenger sales share of electric vehicles is expected to grow from 14% in 2022 to 30% in 2026,” said Allen Tom Abraham, Duong Asia-Pacific senior transportation analyst at BloombergNEF. Electric vehicle sales grew strongly in many countries and regions, especially in China and Europe.
In China, EVs account for 52% of the market share, while in Europe, EV sales account for 42% of total car sales.
Some European countries recorded very strong growth in the electric vehicle market, of which Northern Europe accounted for 89% of the market share and Germany for 59%.
Similarly, the US also saw significant growth in EV sales. According to BloombergNEF, the EV market share is expected to reach 28% by 2026, up from 7.6% last year.
The research firm believes that global sales of electric vehicles, especially in the passenger car segment, will increase from 19.5 million units in 2022 to almost 27 million units in 2026.
Meanwhile, in Southeast Asia, Thailand and Indonesia will be the biggest players in the EV market, thanks to government support for the EV industry and the size of their populations. In 2022, EV sales in Thailand reached 51,000 units, and the figure is expected to be about 2.9 million vehicles in 2040.
Thailand will become an electric vehicle powerhouse, but after 2040, Indonesia will rise to the top in the passenger car segment due to its large market size, Abraham said.
The electric vehicle market in Thailand is growing rapidly in part thanks to the government’s promotion of production and a series of supportive policies for green cars, such as tax cuts and subsidies for 2022-2023. The production of electric vehicles requires large investments in the battery supply chain. The annual demand for lithium-ion batteries is expected to grow rapidly, reaching 5.7 TWh (Tera Watt Hour) annually by 2035 in the economic transition scenario. It is expected that by 2050, the new demand for lithium-ion batteries will reach 244 TWh.
With the growth of the electric vehicle market in many countries, global demand for fossil fuels for trucks is expected to decline to 35.5 million barrels per day by 2040, from 42.6 million barrels per day last year. , according to Sisi Tang, director of oil and gas. petrochemicals at BlogbergNEF.
(according bangkok daily)