Sharge Management Co, an electric vehicle (EV) charging solution provider, expects the Thai EV charging equipment market to reach 14 billion baht in value by 2025 as a result of growth of the industry in the country.
The increase is mainly the result of the government's policy to promote EVs, a global trend, and new technologies to support the EV industry as well as an ongoing campaign for carbon neutrality.
The environmentally friendly movement is aimed at achieving net-zero carbon emissions by requiring countries to strike a balance between emissions and absorption of carbon dioxide from the atmosphere.
Sharge co-founder and managing director, Peerapatr Sirichantaropart, said global automakers are launching more EVs into the global market at prices below 1 million baht.
This will attract prospective buyers and increase their demand for EVs which will eventually boost the charging equipment industry.
"Sharge believes there will be more competition in the charging equipment market domestically and globally. This will benefit car users because they can buy equipment to install in their home at cheaper prices," said Mr Peerapatr.
He expects prices to start at 40,000 baht compared with 100,000 baht previously.
Sharge observed a sharp increase in EV numbers last year, including battery electric vehicle (BEVs) and plug-in hybrid electric vehicles (PHEVs).
This will boost the EV charging market in Thailand, further increasing the number of charging outlets which currently stands at 2,100, according to the company's estimate.
The growth of the Thai EV industry is attributed partly to state promotion. Authorities introduced EV promotional privileges to car and auto parts makers in 2017, covering three types of EVs: hybrid, plug-in hybrid and battery.
The privileges include tax holidays of 5-8 years and import duty exemptions for cars and machinery.
The government is also pushing ahead with a more ambitious target of EV production in Thailand, hoping to make the country a manufacturing hub of EVs in Asean.
Authorities had initially set a target to have EVs make up 30% of total car manufacturing, around 750,000 of 2.5 million units, by 2030.
However, they decided to increase the target to 50% on March 24, following the rapid growth of EVs in many countries, especially in Europe.