KOTRA 해외시장뉴스에 따르면 태국은 전기차 관련 사업에 2024년 1월 기준 이미 약 2조9,298억원에 달하는 투자 촉진 혜택을 승인했으며, 중국은 태국에서 전기차 관련 투자를 확대했고, 일본 역시 적극적인 투자 의사를 밝힌 것으로 나타났다.

▲Thailand electric vehicle market size (Image source: KOTRA Overseas Market News)
21 automakers and 2,355 parts manufacturers in Thailand… 10th place in global auto production by 2023
Thailand aims to convert 30% of automobile production to electric vehicles by 2030… Actively attracting subsidies and investments Thailand's goal of entering the global top 10 electric vehicle market is becoming a reality as its domestic electric vehicle industry investment is expected to reach approximately KRW 8.6033 trillion.
According to KOTRA's overseas market news, Thailand has already approved investment incentives worth approximately KRW 2.9298 trillion for electric vehicle-related businesses as of January 2024, China has expanded its investment in electric vehicles in Thailand, and Japan has also expressed its intention to actively invest.
As of November 2023, Thailand has 21 finished vehicle companies and 2,355 parts manufacturers, and as of the same year, it ranked 10th in global automobile production and 4th in commercial vehicle production, and is the largest producer in ASEAN with an annual production capacity of 4 million units.
KOTRA's overseas market news reported that the Thai government is actively seeking subsidies and attracting investment with the goal of converting 30% of total automobile production to electric vehicles by 2030.
The Thai Board of Investment is studying appropriate electricity rates for electric vehicle charging station operators and businesses such as battery swapping stations.We are also actively pursuing additional campaigns, such as offering additional incentives.
In addition, market research firm Statista forecasted that the Thai electric vehicle market size will reach USD 1.132 billion in 2024, with a CAGR of 5.1%, reaching USD 1.3436 billion in 2028, drawing attention to the growth of Thailand's electric vehicle market.
Active investment from other countries, including China, played a role here.
Chinese electric vehicles are expected to account for 80% of the Thai market share in the first quarter of 2024, so the investment by Chinese companies can be seen as significant.
China's GWM invested $343 million to acquire General Motors' Thailand plant in 2020 and began building an electric vehicle production line.
GWM began producing electric vehicles at the plant in January 2024, marking the first Chinese automaker to commercially produce electric vehicles.
The plant will have a capacity to produce 120,000 electric vehicles per year, and GWM expects to produce 8,000 Ora Good Cat compact electric vehicles in its first fiscal year.
Production of core electric vehicle components, such as batteries, has also begun in March, and with the purchase rate from Thai manufacturers set at over 40%, it is expected to bring significant benefits to Thai companies as well.
BYD, which accounted for 46% of Thailand's electric vehicle market share in the first quarter of 2024, also completed a factory in the same area (Rayong, Bangkok) as GWM's factory on the 4th of this month.
BYD said it invested about 680 billion won to build the plant, which can produce 150,000 electric vehicles per year.
Germany is also investing in Thailand.
In January, German President Frank-Walter Steinmeier visited Thailand and held talks with Thai Prime Minister Seta Thaweesin, after which he pledged to expand investment in the Thai electric vehicle market.He revealed that he was involved.
Four Japanese manufacturers, including Toyota and Honda, have also announced plans to invest about 4.65 trillion won over the next four years to produce electric vehicles in Thailand.
Our country is also putting effort into advancing into the Thai market, centered around KOTRA.
KOTRA Bangkok Trade Center held the '2024 Thailand Electric Vehicle Global Partnering Consultation' in March to support the entry into the global value chain and technological cooperation of small and medium-sized Korean companies in the electric vehicle parts and battery sectors.
It is reported that about 20 domestic electric vehicle battery and parts equipment companies and about 30 local Thai electric vehicle, battery, and charger manufacturers and vendors participated in the event.
Thai Summit Harness said in an interview with KOTRA’s local company that “innovative technologies that other companies do not have are an important factor in recent advancements into the Thai electric vehicle market, and home chargers for electric vehicles will become an important factor in the future electric vehicle market.”
Another company, Setsuyo Astec, said, “Support from Korean companies is an important part, and while product quality and price are important, after-sales service is also very important,” adding, “We would like to refrain from selling parts that are not produced directly in Thailand or are difficult to obtain.”
After the above event and interview, KOTRA stated, “For our companies considering entering the Thai market, successful after-sales service and quality issues are considered important factors in securing competitiveness in the local market,” and “In addition, technological innovation, product development through localization, and strengthened cooperation appear to be essential factors for our companies’ successful entry into the Thai market.”