Press Release Description
Thailand Electric Scooter Demand to Upwell Due to Higher Adoption from Delivery Services
The Thailand Electric Scooter market is projected to grow at a CAGR of around 29% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. Several factors influenced the demand for electric two-wheelers in Thailand during the historical period, including the availability of efficient charging infrastructure, reduced import tariffs on battery electric vehicles, and the growing number of ride-hailing companies like Scoots.
The Thai government is taking steps to improve the availability of charging infrastructure for electric vehicles in the country, intending to eventually phase out vehicles that rely on internal combustion engines (ICE). A major concern for people considering electric vehicles is range anxiety, which is the fear of running out of battery power before they reach a charging station. By increasing the number of charging stations in Thailand, the government can help alleviate this concern & encourage more people to switch to electric vehicles. This, in turn, is expected to support the market expansion during the forecast period.
The widespread adoption of e-scooters by last-mile delivery service providers like DHL & Food Panda for cost savings has played a significant role in this growth. E-commerce has been on the rise in Thailand in recent years & the COVID-19 pandemic has accelerated this trend, resulting in an expanded demand for last-mile delivery services to fulfill orders. The Thai government has been investing in transportation networks & infrastructure development, which has facilitated the evolution of logistics & delivery services. As a result, food delivery and ride-hailing service providers such as BEAM, JustKitchen, and ShopeeFodd have expanded throughout the country.
Consequently, the popularity of this vehicle for last-mile delivery services is projected to grow dramatically over the forecast period, according to the research report "Thailand Electric Scooter Market Analysis, 2023."
Lithium-ion Battery Scooters to Witness Substantial Progression
Based on the battery, the market is bifurcated into Lead Acid, Lithium Ion, and Others (Lithium Ion Polymer, Nickel–metal hydride battery). During the historical period, scooters equipped with Lithium-ion batteries achieved significant sales figures due to several factors, including longer range, fast charging capability, and superior performance. Unlike lead-acid batteries, lithium-ion batteries can store more energy in a smaller, lighter package, allowing electric vehicles to travel long distances on a single charge.
Additionally, lithium-ion batteries can deliver greater power output, allowing electric vehicles to accelerate faster & navigate hills & rough terrain more easily. As a result of these benefits, companies such as NIU, Ather, and SYM Motors have witnessed higher adoption of lithium-ion battery scooters for both personal mobility & commercial purposes.
Commercial Sector to Fuel the Market Growth During Forecast Period
Based on application the market is further classified as Commercial Use & Private Use. Of them, the Commercial sector is a significant consumer of e-scooters in Thailand, with many companies utilizing them for transportation & short-distance deliveries. Thus, there has been a substantial gain in the sales volume of this vehicle across the country. In Thailand, restaurant chains such as The Pizza Company & Pizza Hut have widely adopted these scooters as they are more cost-effective than conventional delivery vehicles.
Consequently, companies like Etran have introduced electric scooters, designed specifically for delivery purposes. Furthermore, numerous delivery services & restaurant chains are now setting sustainability goals to minimize their carbon footprints. This would encourage these establishments to use e-mobility, thereby promoting market growth during the forecast period.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Gogoro, Yamaha, SYM Motors, Yadea Group Holdings Ltd., Vmoto Soco Group, NIU Technologies, EZYRIDE, Ather, etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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