Market Research for Thailand Automotive

Thailand’s electric automotive industry is showing fast-paced growth: as of 2020, 1,897 electric vehicles (EVs) were sold in the country, with a projected growth rate of ~45% by 2025 to reach an estimated ~886 million USD in market value. The industry is being driven by long-term investments from both the public and private sectors, particularly with charging infrastructure that makes EVs more accessible to the greater public.

The Thai government is also actively promoting the adoption of EVs through the development of EV charging infrastructure, with the BOI implementing a five-year corporate tax exemption for investors in EV charging stations. The localization of EV manufacturing also provides ample initiative for consumers to consider the shift to EVs as prices will be more competitive.

Market opportunities abound for investors and players who want to enter the Thailand EV industry as it grows out of the nascent stages. Our professionals have extensive knowledge of Thailand’s local demographics and market needs and can provide interested investors and players with data-driven insights and solutions to identify the correct opportunities. Beyond the EV market segment, our consultants have a vast experience of the automotive aftermarket in Thailand, with more than 50 consulting projects advising car, bus, trucks OEM and tier 1 part and solution makers (automotive coating, automotive glass, batteries, tires, engine oil, collision parts) to grow, expend and disrupt the Thailand aftermarket scene.

Market Size
& Trends

Market Size & Trends

Our Service

In addition to the desktop research of existing databases, we estimate current market value and forecast future value, based on gathering information from interviews with key stakeholders in the industry, while considering micro/macro economic and related industry factors.

Business Issue

There is no reliable statistical data for issues like data maintenance delays and accuracy concerns
The quantitative data published does not allow me to understand the market and competitive environment instantly, and I cannot devise a strategy
As it is a niche industry, it is necessary to gather data from scratch, but I don’t know where to start
The local business flow is uncertain, so I don't know where to enter
Lack of in-house know-how on local business practices, competitive environments, and understanding of local consumers
Lack of local industry experts and network

Value Provided

Conducting direct interviews with the leading local players to validate the detailed structure of market size and commercial trends in niche industries that cannot be covered by large databases
In addition to interviews from the perspective of a third party as a consulting firm, proactive information is gathered using approaches such as a potential business partnerships, as well as leveraging on our internal businesses and investment portfolio
Senior consultants perform quality control, reporting and project management while field surveys are conducted by our in-house survey teams, achieving a cost-effective and high-quality output

Example of Past Projects

Electronic Appliances｜Thailand & Singapore｜Smart Home Appliance Market Survey
Chemical Process｜Five Southeast Asian countries｜Surface Treatment Equipment Market Survey
Pharmaceutical Products｜Vietnam｜Prescription Drug Market Research
Natural Gas-powered Vehicle｜Indonesia/Thailand｜Market Survey
Cold Chain｜Indonesia｜Market Survey

Industry Structure

Our Service

By leveraging on our local teams, we can conduct effective primary interviews with major local stakeholders in the industry. This enables us to understand the detailed structure of the market size and commercial flow in niche industries that cannot be covered by statistics from major databases.

Business Issue

There is no existing reports or data in the relevant market or industry
The quantitative data published does not allow me to understand the market and competitive landscape immediately, and therefore I cannot devise a strategy
Startups are increasingly building a strong presence in the market, but they don't know how to change their business models to stay relevant
The local business flow is uncertain and varied, so I don‘t know where and how to enter
Lack of local industry experts and network

Value Provided

Conducting direct interviews with the leading local players to validate the detailed structure of market size and commercial trends in niche industries that cannot be covered by large databases
In addition to interviews from the perspective of a third party as a consulting firm, proactive information is gathered using approaches such as a potential business partnerships, as well as leveraging on our internal businesses and investment portfolio
Senior consultants perform quality control, reporting and project management while field surveys are conducted by our in-house survey teams, achieving a cost-effective and high-quality output

Example of Past Projects

Agrochemical Products｜Thailand & Malaysia｜Value Chain Analysis
Electronic Components｜Thailand｜Supply Chain Analysis and Procurement Survey
Food｜Singapore & Malaysia｜Frozen Food Distribution Structure Survey
Construction Materials｜Vietnam｜Supply Chain Analysis
Automotive Parts｜Thailand & Indonesia｜Supply Chain Analysis

Competitive
Intelligence

Competitive Intelligence

Our Service

Based on secondary research and interviews with relevant personnel in the local subsidiary of benchmark companies, we design an organizational structure, business strategy, and future policies for the target company.

Business Issue

I want to understand the business development strategy of local major players when considering market entry, but there is not enough information
It is difficult to draw information by direct contact using our own resources because they identify me as a potential competitor
The quantitative data and mid-term strategy published alone are not enough to examine the success factors and future direction of the company's strategy
I don't really understand how much impact the local competition will have on my business

Value Provided

Deduce the local organizational structure of the target company based on research and various interviews
Understand the division of responsibilities within departments, as well as the division of responsibilities and interactions between local subsidiaries and the headquarters
Understand local business of target companies (sales trends / partnerships / new products & services / sales channels / promotions)
Senior consultants perform quality control, reporting and project management while field surveys are conducted by our in-house survey teams, achieving a cost-effective and high-quality output

Example of Past Projects

Automotive Parts｜Thailand & Indonesia｜Competitor Research
Semiconductor Industry｜Singapore, Malaysia & Indonesia｜Competitor Research
Medical Equipment｜Singapore, Malaysia & Thailand｜Competitive Research into Medical Tablet Manufacturers
Confectionery｜Vietnam & Indonesia｜Competitor Research
Construction Machinery｜Thailand & Myanmar｜Manufacturer Competitive Research

Listing

Our Service

We leverage local staff to help you identify a list of quality candidates and set up appointments with the right people through both online and offline interviews in the local language

Business Issue

It is extremely important to select reliable and competent agents for overseas business development. However, for countries that do not speak English, communication barrier is a concern despite being able to find a suitable candidate
Although there is data on the long list, the data is not tidied with multiple contacts who are not contactable or not interested
When members or business partners of the head office visit the local market, they want to arrange for a meeting with the relevant parties, but it is hard to communicate due to language barriers

Value Provided

Actively utilize local insights in setting up and collecting information with a team including our local staff, who are native speakers of the language of the target country
To ensure the long list has relevant business value, we thoroughly implement data cleaning techniques through phone calls and desktop search
In addition to refining the list, we make full use of our local network, which also conducts market research and new entry strategy, providing higher chance for appointments to be set

Example of Past Projects

Chemical Coatings｜Indonesia｜List of Wholesalers
Logistics｜Five Southeast Asian countries｜Survey of Partner Companies
Electronic Appliances｜Five Southeast Asian countries｜Support for the Startup Discovery Alliance
Chemicals｜Vietnam｜Support for Sourcing M&A Candidates
Construction｜Indonesia, Malaysia & Thailand｜Construction Consultant Job Listings

Customer
Understanding

Customer Understanding

Our Service

Find out what local customers think of your company and your competitor's services, which is difficult for your company to approach directly or to get an honest opinion on
Before starting full-fledged overseas expansion, we can forecast sales based on real voices by conducting pre-sales activities to potential future customers through customer surveys

Business Issue

I want to understand how our products and services are being evaluated by local customers
I don't know how my potential M&A targets and business partners are evaluated by local customers and stakeholders
I don't know why a competitor's product or service is selling well locally
I am uncertain about the extent to which our products and services will be accepted by potential local customers

Value Provided

We have extensive research experience through both developing our businesses and those of our clients, allowing us to select the best external vendor from around the world to meet your needs
Based on our own business experience, we can support you in designing research and extracting suggestions for decision-making
By aligning the design with the local office members in each country in advance, we can design an appropriate survey based on the behavioral principles and cultural background of the country

Example of Past Projects

Chemicals｜Thailand, Indonesia & Vietnam｜Customer Survey on Plating Chemicals
Manufacturing｜Thailand & Indonesia｜Survey on Demand for Air-conditioning Parts at Air-conditioning Assembly Plants
Construction materials｜Vietnam｜Survey on Construction Companies’ Use of Materials
Automotive｜Indonesia Mold Survey at Assembly Plants
F&B｜Five Southeast Asian countries｜Hospital Catering Market Survey

Regulatory
Assessment

Regulatory Assessment

Our Service

Based on desktop surveys and interviews with local experts, we investigate various regulations related to target products and businesses. After clearing all regulatory guidelines, we can formulate a market entry strategy for business development.

Business Issue

I want a confirmation on the relevant regulations when considering business development in a target market, but the information available online is insufficient
It is not clear from the published information in what circumstances the company will be subjected to regulation
It is difficult to be updated with the latest information because of frequent revisions to the law
I know that the regulations exist, but I don't know how to tackle them and start on my business
Lack of local industry experts and network

Value Provided

Conduct desktop surveys and direct interviews with local experts, allowing detailed regulatory arrangements for target products
Support market entry strategies for business development in response to regulations, alongside the regulatory assessment
Senior consultants perform quality control, reporting and project management while field surveys are conducted by our in-house survey teams, achieving a cost-effective and high-quality output

Example of Past Projects

Food｜Four Southeast Asian countries｜Health Food and Licensing System Survey
Construction｜Vietnam｜Legal and Regulatory Survey
Automotive｜Thailand, Indonesia & Vietnam｜Automobile-related Environmental Regulations Survey
Chemical Materials｜Indonesia｜Investigation of Laws, Regulations and Ordinances Related to Chemical Substances
Medical Equipment｜Four Southeast Asian countries｜Investigation into Regulations Related to Medical Device Sales

Market Assessment

Our Service

We conduct detailed market research and analysis based on trends, industry mapping, competitive landscape, consumer surveys and government regulations. After selecting and prioritizing the best markets to enter, we provide a one-stop solution for overseas expansion.

Business Issue

I want to make decisions based on local demand, but the language and cultural barriers pose a big challenge to fully understand the local situation
I want to make the right decision ultimately, and not just receive a long and wordy research report
I have spent a huge sum of money and time to conduct research, but I am not sure what I should do next

Value Provided

By assigning local office members from each country, we can obtain local insights more accurately
We provide practical recommendations from a management’s standpoint based on our business experiences, instead of simply a conclusion from research
On top of suggesting which country to enter, we also propose the immediate next steps to take for expansion

Example of Past Projects

Automotive｜Five Southeast Asian countries | Selection and Launch of Countries to Participate in New Business
Construction Equipment｜Thailand, Vietnam & Myanmar｜Market Research and Country Evaluation
Milling｜Four Southeast Asian countries｜Market Entry Strategy
Chemical Coating｜Five Southeast Asian countries｜Market Research and Country Evaluation
Medical Equipment｜Four Southeast Asian countries｜Participating in Country Evaluation and Selection

Strategic
Recommendations

Strategic Recommendations

Our Service

After conducting market research as well as identifying and evaluating every option necessary for a full-scale market entry, we develop a practical go-to-market execution plan with immediate actions that can be taken.

Business Issue

I‘m going to apply the same strategies that have worked in my country to the other foreign countries, but I honestly don't know if it will work
I have no network nor contacts in the foreign country I’m about to enter, hence I don’t know what is the most effective way to build up my sales channel to reach out to the locals
Having a business plan is necessary, but I am not sure of what the usual business practices are in the foreign country

Value Provided

Utilize local expertise to conduct concept tests in advance and develop appropriate promotion plans
With an in-depth understanding of local context, we formulate optimal sales channel plans that are applicable to reach the local community
Leverage on local business customs to develop a realistic business plan that reflects the margins and expenses for business operations

Example of Past Projects

Automotive｜Five Southeast Asian countries | Development of Entry Strategies for New Businesses
Construction Equipment｜Thailand/Vietnam/Myanmar｜Development of Entry Strategies
Milling｜Four Southeast Asian countries｜Development of Entry Strategies
Chemical Coating｜Five Southeast Asian countries｜Development of Entry Strategies
Medical Equipment｜Four Southeast Asian countries Development of Entry Strategies

Click Image to enlarge

Global Network
of Offices

We have an in-depth understanding of local markets through our 15 offices across Asia, the US, and Europe.

Click Image to enlarge

Experienced Local
Professionals in Asia

Our seasoned consultants have extensive experience across a wide range of industries and practices.

Click Image to enlarge

YCP Group Portfolio Expertise

Our experience with our 50+ group-owned investments across Asia allows us to provide highly implementable strategies in various industries.

Click Image to enlarge

Industry
Experience

With extensive experience over the years, we assist industry players in various industries with actionable recommendations and implementation supports.