Forecasting electric vehicle sales in Thailand: Setting marketing strategies for increased sales amidst high competition

Abstract

This article presents how to create an electric vehicle sales model in Thailand. In order to lay down strategies to increase sales under highly competitive conditions it is information that helps to reflect the important driving force both in economic and social. In the midst of technological changes and world-changing innovations country reform plan one such industry is the electric vehicle industry. The objective is to find the most suitable forecasting model for forecasting electric vehicle sales in Thailand. By collecting data from 2017-2021. By analyzing time series data (Time-Series Models method) using Decomposition (Moving Average method), Single Exponential Smoothing (Double Exponential Smoothing method) and Winters’ Exponential Smoothing Decomposition method, through the use of Minitab program to help analyze the appropriate forecast. It is evaluated by the result of the error of mean percent complete error (MAPE), mean of percent error (MAD), mean error squared average deviation (MSD). The appropriate forecasting method for the electric vehicle sales model in Thailand is the Moving Average, which provides the lowest margin of error. and using the aforementioned forecasting method, forecasting as a case study for the next 5 years to be used for further planning and strategic decision-making.