EV forever : a one-stop-service EV conversion platform

Abstract

This study explored the feasibility of establishing an electric vehicle (EV) related business in response to the increasing demand for EVs in Thailand and identified challenge associated with charging infrastructure. A comprehensive business situational analysis was conducted, utilized various macroeconomic, industry, value chain, competitor, and market analysis tools. In addition, both qualitative and quantitative research methods were employed, involving interviewed with 15 potential business partners and a survey with 400 respondents in the target market. The findings indicated that the concept of EV conversion was not technically viable. However, the survey results revealed a new business opportunity related to assurance of driving EVs in Thailand. It showed that 64.2% of responses planned to buy their new vehicle in electric type (EVs), and 22.6% of them planned to buy plug-in hybrid vehicle (PHEVs). However, the top concern among them who planned to purchase EVs within these few years was 94.3% concerned about insufficient charging stations along their driving routes. Drawing insights from the respondents' marketing preferences and behaviors, a financially and technically feasible business model was proposed, demonstrating a net present value (NPV) of THB 18,923,763 and an internal rate of return (IRR) of 102.83%. Implication of the thematic paper: This research provides an understanding to the EV market landscape in Thailand focusing on EV Conversion business opportunities and its readiness. It also shares valuable insights for entrepreneurs seeking to capitalize on emerging business opportunities in the long term of EV Conversion. Moreover, the findings show some insights for about consumer behavior towards EVs, which beneficial for EV portable charger products. The financial planning of this research shows the feasible business opportunities during this growing phase of electric vehicle in Thailand.