Thailand Semiconductor Market size is projected to grow at a CAGR of 10.8% during 2024-2030

On the basis of vertical, automotive electronics accomplished the highest revenue share in Thailand Semiconductor Market – 6Wresearch

Automotive electronics attained prominent growth driven by the Thai government's strategic initiatives. These include the reduction of excise tax on Electric Vehicles (EVs) to 2% from 8%, alongside the introduction of purchasing subsidies and supplementary tax incentives. Consequently, these measures are projected to elevate the value of the EV market to approximately 290 million USD by the year 2025, contributing to the growing demand for semiconductors in this segment.

According to 6Wresearch, Thailand Semiconductor Market size is projected to grow at a CAGR of 10.8% during 2024-2030. The ambitious electrification plans and targets established by Thailand, such as the 30@30 initiative and the anticipated surge in EV adoption, poised to reach 15.5 million EVs in use by 2035, are anticipated significantly boost demand for semiconductors in the country's automotive sector. The Board of Investment (BOI) introduced incentives for upstream semiconductor manufacturing in Thailand to complete the supply chain, which is poised to drive market growth by attracting investments and enhancing competitiveness in the semiconductor sector in the coming years.

Technological constraints and investment prerequisites hinder Thailand's semiconductor market by limiting access to advanced technology and impeding necessary infrastructure and talent investment. This leads to potential supply chain gaps, reduced innovation, and difficulty competing globally, impacting market growth and attractiveness to investors.

According to Shubham Deep, Senior Research Analyst, 6Wresearch, integrated circuits dominate the semiconductor market in Thailand as they cater to various industries such as electronics manufacturing, automotive, and consumer electronics. Additionally, the evolution towards smart city initiatives fuels the demand for consumer electronics, further propelling the significance of integrated circuits in Thailand's semiconductor market.

The Thailand Semiconductor Market (2024-2030) report provides an in-depth analysis with 14 figures and 4 tables, covering 74 pages. The report comprehensively covers the market by component and vertical. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.