Analysis of the Transition in Non-Renewable and Renewable Energy Vehicle Market in Thailand

Abstract

The objectives of this research were to 1) analyze the market share and growth rate of the fossil fuel-powered and renewable energy-powered vehicle markets in Thailand, and 2) compare the market changes of vehicles over time and across regions in Thailand. Secondary panel data comprising monthly time series from 2020 to 2023, alongside cross-sectional data by province in Thailand, were utilized. This dataset includes statistics on the registration of new vehicles categorized by engine type. The statistical analyses employed include market share assessment, growth rate calculation, Paired Sample t-Test, and Analysis of Variance (ANOVA). The result of market share and growth rate between 2020-2023 found that diesel-engine vehicles had the largest market share at 59.04%, with a growth rate of -9.65%. Following were gasoline-engine vehicles with a market share of 28.20% and a growth rate of -20.68%. Hybrid vehicles had a market share of 6.34% and a growth rate of +196.47%, while electric vehicles had a market share of 4.17% and the highest growth rate of +5,394.52% compared to other engine types. The Paired Samples Test analysis revealed that the market share change for fossil fuel-powered vehicles was significantly negative at the 0.05 level. In contrast, the market share change for hybrid and electric vehicles was significantly positive at the 0.05 level. The ANOVA analysis results indicated that the registration numbers for all types of vehicles had a Sig. value greater than 0.05, implying that the number of registered vehicles of all engine types in each region of Thailand shows no significant difference.