A major electric vehicle manufacturer was planning to enter the Thai automotive market with its line of electric cars. The company faced several challenges: - Understanding the current perception and adoption rate of EVs in Thailand - Identifying potential barriers to EV adoption among Thai consumers - Assessing the competitive landscape and market positioning opportunities - Determining optimal pricing strategies and product features for the Thai market To address these challenges, Iconic Research conducted a comprehensive market study and employed a mixed-method approach, combining qualitative and quantitative research techniques to provide the client with a holistic understanding of the Thai EV market.
Market Potential & Consumer Preferences:
The majority of Thai consumers expressed interest in EVs for their next purchase, but adoption was hindered by charging infrastructure and cost concerns. SUVs and crossovers were preferred, with range anxiety driving demand for 400+ km range.
Competitive Landscape & Pricing:
Three main competitors were identified. The client's USPs included advanced battery tech and design. Price sensitivity analysis guided optimal pricing, with government incentives significantly influencing decisions.
Marketing & Distribution:
Consumers preferred online research but valued in-person experiences. Shopping mall showcases were identified as a high-impact strategy.
Recommendations:
Iconic Research advised focusing on electric SUVs/crossovers, emphasizing range and charging speed, developing a hybrid sales model, and collaborating on infrastructure. These insights led to a successful market launch within six months.