A recent study by the multinational consulting firm Deloitte shows that car buyers’ in Thailand desire to buy battery electric vehicles (BEVs) has decreased over the past year. However, hybrid electric vehicles (HEVs) have become strong competitors, ahead of BEVs.
The 2024 Global Automotive Consumer Study shows that the number of Thai respondents who said they wanted to buy a BEV dropped from 31% in 2023 to 20% this year. On the other hand, interest in HEVs has gone up from 10% to 19%. Inside combustion engine (ICE) cars are still the most popular choice, but their share has been steadily dropping, from 36% to 32%.
In Thailand, like in Indonesia, the Philippines, and China, people are becoming less interested in ice cream. This is different from the US, Japan, and Singapore, where interest in ICE popularity has grown again.
From September to October 2023, Deloitte polled more than 27,000 customers in 26 countries. About 5,939 of those respondents were from Southeast Asia, and about 1,000 of them were Thai. In April 2024, Deloitte Thailand polled 330 more customers for the Thailand Automotive Consumer Survey.
73% of Thais who chose BEVs did so to save money on fuel costs, according to survey results. Also, 71% are worried about how it will affect the environment, and 49% put both their own and their families’ health first, along with saving money on upkeep costs.
Many Thai people choose Hybrid HEVs and PHEVs because they want to save money on gas (73%). 68% also want to cut down on “range anxiety,” which is the worry about how far a BEV can go on a single charge, and 37% want to cut down on pollution, dust, and greenhouse gases.
78% of people who choose ICE vehicles want to eliminate worries about charging and range. Also, 67% want to avoid costs they didn’t expect, like batteries or systems that work with them, and 52% want the freedom to customize and maintain their devices.
Hybrid Vehicles Getting Better Range in Thailand
The poll shows that Thai customers are becoming more open to BEVs, with a general drop in all worries between 2023 and 2024. 46% of respondents, down from 48% a year ago, said that the lack of enough public charge stations was still their biggest worry.
From 44% to 39%, people are less worried about their hitting range. Thai people are also getting used to longer charging times, the poll found. The best amount of time to charge has moved up to 21 to 40 minutes, which 38% of respondents found acceptable. It was 25% in 2023, so this is more than that.
In Southeast Asia, charging at home is still the most popular choice. However, Thai consumers’ tastes in charging choices outside of home have changed a lot. From 26% last year to 34% this year, the number of people using gas stops has gone up.
The number of people who want “charge anywhere” choices has gone from 5% to 29%. The number of people who want dedicated BEV charging points has gone down from 51% to 21%. In 2024, the projected charging range per charge has gone up a little. 44% of respondents said they would prefer a range of 300 to 499 kilometers of range.
While price has only gone up from 18% in 2023 to 47% in 2024, it has become a more important factor in Thai consumers’ choices to buy cars. Performance has also become more important, going from 26% to 51%. Features of cars have become more and more important over time. In 2024, 53% of respondents thought they were very important, up from 49% in 2023.
Product quality is still the most important factor for Thais when they buy a car, though its importance has gone down from 64% to 53%. Brand recognition and image have also gone down a little. Brand recognition was important to 31% of people in 2024, down from 33% in 2023.
Online payment options
The same thing has happened with brand image: 34% of respondents think it’s important, down from 37% in 2023. 64% of Thai people who answered the poll said they would be interested in trying new car brands. This puts Thailand in third place in the region, behind Vietnam and the Philippines. This is because 52% of people can get new tools, 49% want to try something new, and 36% can afford it.
92% of Thai buyers still prefer to see the car in person before making a decision to buy it, even though technologies like virtual or augmented reality (VR/AR) can make the car-buying experience more immersive by letting you explore features and using online payment options. A test drive and bargaining with a salesperson are important to 91% of those who answered.
In the meantime, 74% of Thai people think that paying for their cars in installments is a good way to do it. But 21% would rather pay cash, and 5% would rather use flat payment plans. It’s interesting that younger people (18–34 years old) are more interested in vehicle subscription services (47% of respondents) than in buying a car outright.
Eighty-two percent of Thai people who answered think that the cost of maintenance and parts is very important when picking a car model. Sixty-three percent are ready to buy a maintenance package that includes engine oil, replacement parts, and service fees. Also, 84% of people who are thinking about buying a BEV are interested in battery accident insurance.
“Knowing how customers feel helps us figure out how the industry will change, which will have an effect on others in the same field, like charging stations, finance, telecommunications, and related technologies.” “All of these areas need to change at the same time,” said Deloitte Thailand’s automotive sector head, Mongkol Sompol.
“Competitors will stay ahead for a long time if they can offer cost-effective options and guarantee their customers low prices in the long term.”
“Consumers, on the other hand, will benefit from the intense competition, enjoying a wider range of choices than ever before, including vehicles, products and other related services.”
Source: Bangkok Post
