Fuel shock drives EV surge across Asia-Pacific, Thailand commercial uptake set to rise

Thailand’s BEV market is projected to exceed 120,000 units in 2026, supported by volatile oil prices. (Photo: iStock)

Asia-Pacific countries reported a surge in electric vehicle (EV) registrations in March 2026, as rising fuel prices and expanded subsidy programs accelerated the shift away from combustion engines.

Thailand’s battery electric vehicle (BEV) market is projected to exceed 120,000 units this year, supported by volatile oil prices that are pushing consumers toward alternatives to gasoline-powered cars, according to the Electric Vehicle Association of Thailand (EVAT).

At the Bangkok International Motor Show last week, EV displays drew heavy crowds, while long queues formed at gas stations across the country amid supply concerns.

Unlock the full article to explore three key takeaways:

1. Thailand’s BEV market is projected to exceed 120,000 units in 2026, driven by volatile oil prices and EV 3.0/3.5 subsidies.
2. BYD’s overseas sales share rose from 22.7% in 2025 to 50% in early 2026, as BYD and Dongfeng accelerate their Southeast Asia push amid slowing domestic growth.
3. Commercial vehicles including trucks, vans, and pickups are emerging as a key growth segment, as logistics operators seek to reduce exposure to fuel cost volatility.