Insights of five EV customer segments in Thailand

Krungsri Auto, a leader in automotive finance under Bank of Ayudhya PCL., unveiled insights into five EV customer segments based on the consolidated data of its current EV loan portfolio, forecasting EV market growth, with potentials for automotive financing providers in responding to EV users' needs and taping into their lifestyle in all dimensions.

Insights of five EV customer segments gathered from real EV finance user behaviours are:

Segment 1 – A stylish executive with a stable income:

This group is the early adopter of EVs, making up the largest proportion of current EV owners. An EV is their second car. They purchase a car at medium to high prices with high down payment and short-term loans. They value design and car brands and look for comprehensive products and services with financial advisors who can help make arrangements easy and hassle-free.

Segment 2 – A new gen, tech-savvy and environmentally conscious:

This group is interested mainly in EV technology. They are well-informed and buy a car at a medium to high price with a high down payment and medium to long-term loan. They look for new technology and innovation from brands with sustainable operations and the latest trend updates about car usage.

Segment 3 – Happy Family on Tour:

This group purchases family-style EVs, particularly to use for their daily life and holidays. They consider long-term investment for the future of their children. They buy a car at a medium price with a high down payment and short-term loan. They look for comprehensive services with a seamless ecosystem for convenience.

Segment 4 – The value-for-money, ease-of-use type:

They are SME owners who are value-conscious. This group has the potential to increase the number of EVs in the future if there is more government support. They are likely to purchase with cash, a car at a low price with a high down payment and a short-term loan. They are open to trying new brands and looking for bundled promotions such as insurance for spare parts or buying a charger at home and new EV brand promotions.

Segment 5 – New grads with bright future:

People in this group are first-jobbers who have high growth potential in the next 2-3 years once the EV infrastructure is ready, the price in the market drops, and more alternatives are available. They are a medium-price purchaser with low down payment and long-term loans. They are looking for financial advisors for long-term planning, new brand promotions, and one-stop solutions.

From the behaviours and needs of five EV customer segments, Krungsri Auto foresaw business potentials for EV financing providers that will attract these customers in three aspects: Education – providing information for EV users, Ecosystem – building a seamless ecosystem, and ESG – operating a sustainable business.

Congsin Congcar, Head of Krungsri Auto Group said, "With these EV user insights that we have on hand, Krungsri Auto is shaping the EV finance market in Thailand through a collaboration with Krungsri Group and MUFG network, as well as working closely with EV manufacturers, dealers, and partners to drive business growth that is sustainable for all. In 2023, Krungsri Auto targets new EV loans at 4,624 million baht, a 217% growth from the previous year. We plan to expand our EV financing services to cover a total of 32 car and motorcycle brands this year; develop a comprehensive ecosystem by 2026; and launch an EV knowledge-sharing community to deliver the most wide-ranging solutions for all EV users in the near future," Congsin concluded.