The ongoing technological development coupled with the growing favor for clean energy and electric vehicles around the world has boosted the growth of lithium-ion batteries in the global market. It is forecast to grow double by the year 2024 with an estimated value of up to $900.6 billion. In Thailand, PTT has already moved forward by joining forces with Foxconn, the world's largest electronics manufacturer from Taiwan to jointly invest $1-2 billion in EV and parts manufacturing platform in Thailand in preparation for the electric-powered trend on an international scale. This trend towards electric vehicles is also reflected in major automotive manufacturing countries including Japan, where 55 Japanese companies have joined forces to establish The Battery Supply Chain Association (BASC) to strengthen competitiveness on the global level for the EV market. (Source: M Report)

According to May 2021 analysis from Krungthai Compass, it is estimated that the use of every kind of electric vehicles in Thailand will reach a million units by 2028, the majority of which will be primarily made up of hybrid vehicles, following the direction of Japanese manufacturers that use Thailand as a production base. Furthermore, it is forecast that the cumulative global number of electric vehicles is likely going to reach 25-45 million by the year 2030 from the current 10 million units. At the moment, the top three countries with the highest proportion of electric vehicles are Norway, Germany and Sweden.