Cost-benefit analysis for transitioning Thailand’s passenger cars to electric drives

The transportation sector significantly contributes to global CO2 emissions, thereby there exists a requirement for the sustainable alternatives. The work compares the total cost of ownership (TCO) of sport utility vehicles with different powertrain technologies, including internal combustion engine vehicles (ICEVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs), in the Thai market. Using a detailed TCO model, the study considers purchase price, depreciation, fuel/electricity costs, maintenance, insurance, annual tax, and government incentives. Data from literature and market reports assess the financial viability of each vehicle type, structured into four comparison groups based on model and popularity. Findings indicate that while ICEVs have lower initial costs, BEVs and HEVs achieve competitive TCO with subsidies and better battery technology. Results show significant energy and maintenance savings for EVs over their lifecycle compared to ICEVs. However, high initial costs and inadequate charging infrastructure hinder EV adoption in Thailand. The study concludes that targeted policies and incentives are essential to promote EV adoption, reduce emissions, and advance sustainable transportation. These insights guide consumers and policymakers in supporting Thailand’s electric mobility transition.