The Thailand automotive relay market is anticipated to grow at a considerable CAGR during the forecast period (2022-2028). The rise in government incentives while supporting the electric vehicle (EV) adoption is anticipated to drive the growth of the Thailand automotive relay market. For instance, in February 2022, Thailand released the latest government incentives for its electric vehicle (EV) industry. This incentive is a part of its ambitious plan to transform 50.0% of its auto production into EVs by 2030 to become a production base for cleaner vehicles in Southeast Asia. The incentive plan includes a 40.0% reduction in import duty for completely build-up (CBU) of battery EVs priced up to $61,805 and a 20.0% reduction for those priced between $61,805 and $211,278 from 2022 to 2023. Moreover, excise tax cut from 8.0% to 2.0% for imported EVs, which is predicted to add 7000 EVs in the first year. In addition, the subsidy programs are funded by $90.4 million from the 2022 central budget and longer-term ($1.2 billion) investments in the EV industry between 2023 and 2025. This subsidy program also allows exemption of import duties on important electrical components such as batteries, traction motors, compressors for EVs, drive control units, battery management systems, and others.
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Also, the EV incentive package reflects ASEAN’s investment into environmentally friendly transportation to align with a global shift to EVs by major players. For instance, as per the 2021 EV report, the total stock of EV vehicles accounted 3.4 million in 2019 and is projected to grow amid concerns for the environment and improving economic development. Within Southeast Asia, Thailand has ranked first in terms of auto production output and 11th in 2019. Furthermore, Thailand plans to attract $12.08 billion in investments over the fourth coming years and support 1.2 million EVs and 690 charging stations by 2036. Therefore, such incentives coupled with subsidy programs are anticipated to fuel the demand for Thailand’s automotive relay market.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Product
- By Relay Type
- Competitive Landscape- Panasonic Holdings Corp., Mitsuba Corp., Denso Corp., Robert Bosch GmbH, and Fujistu Ltd., among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Thailand Automotive Relay Market Report by Segment
By Product
- PCB Relays
- Plug-in-Relays
By Relay Type
- Solid state Relays(SSR)
- Hybrid
- Electromechanical
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