Thailand xEV Market Demand Outlook 2022-2031
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This report summarizes forecasts for the Thailand’s market for xEV systems, semiconductors, and sensors. Despite uncertainties such as the Ukraine conflict, semiconductor shortages, and a slowing global economy, the momentum towards electrification and battery electric vehicles remains robust, with volume demand continuing to rise. xEV production in Thailand is projected to grow at a CAAGR of 39%, reaching 310.7 thousand units by 2031. Demand for xEV powertrain electronics is expected to grow at a CAAGR of 45%, increasing from $86.3 million in 2023 to $551.1 million by 2028, and reaching $644.1 million by 2031. This growth will help to sustain demand for xEV semiconductor and sensor components, with the market projected to grow at a CAAGR of 40% from $19.6 million in 2023 to $104.5 million by 2028 and reaching $115.9 million by 2031.
