Published on March 18th, 2022 | by Daniel Sherman Fernandez0
Thailand To Jumpstart The Electric Vehicle Value Chain In Asia
Thailand is leading Asia Pacific with a major role in the global shift to carbon neutral mobility.
Research has shown that the global carbon dioxide emissions are projected to hit 43.08 billion metric tons by 2050, up from 35.3 billion in 2018. The rising pollution concerns are calling for global transformative efforts in achieving carbon neutral mobility through innovations, technologies, and policies.
As the green markets grow with a sustainable investing industry, the Asia Pacific is surfacing with a major role in the global shift to carbon neutral mobility.
By 2030, the global electric mobility market and electric vehicles (EV) charging infrastructure is expected to reach more than USD207.5 billion contributing to 30 percent of global vehicles that are expected to be electric.
For the Kingdom of Thailand, the Chairman of the National EV Policy Commission has announced that to transform Thailand into a low-carbon society, electric vehicles will contribute to at least 30 percent of total domestic vehicle production by 2030 (30 by 30 policy).
With an expected increase of 725,000 electric passenger cars, pick-up trucks and 675,000 electric motorcycles, Bangkok is positioning itself as the energy hub of Asia.
Not forgetting, the growing environmental concerns, EV fleet adoption is poised to grow significantly by 2030 as a ban on petrol and diesel-fueled vehicles is gathering momentum among governments, corporations, and automakers.
A projected global fleet of more than 185 million plug-in electric vehicles (PHEVs) by 2030 has increased forecasts for spending on EV charging infrastructure.
According to a recent report from Guidehouse Insights, the EV charging infrastructure market is expected to reach more than USD207.5 billion by 2030 at a compound annual growth rate (CAGR) of 24.6 percent.
The market for EV charging equipment is strong and its prospects highly positive, but there are challenges common to rapidly evolving technologies and markets. Standardization issues are at the forefront as there is no common way for PHEV drivers to charge their vehicles.
Furthermore, fundamental adjustments to grid transmission and distribution capacity, load visibility, and distributed generation and storage technologies, among others are necessary.
While most charging of EVs is done at home and work, roll-out of publicly accessible charging will be critical as countries leading in EV deployment enter a stage where simpler and improved autonomy will be demanded by EV owners.
Publicly accessible chargers reached 1.3 million units in 2020, of which 30 percent are fast chargers. Installation of publicly accessible chargers was up 45 percent, a slower pace than the 85 percent in 2019, likely because work was interrupted in key markets due to the pandemic. China leads the world in availability of both slow and fast publicly accessible chargers.