Medium Cars - Thailand

Thailand

In Thailand, the Medium Cars market is anticipated to witness a significant growth in revenue, with projections indicating that it will reach €1,453m by 2024.
Moreover, it is expected that the revenue will continue to grow at an annual rate of 4.80% between 2024 and 2028, resulting in a projected market volume of €1,753m by 2028.
Furthermore, the unit sales of Medium Cars market in Thailand are expected to reach a total of 54.8k vehicles by 2028.
Notably, the volume weighted average price of Medium Cars market in the country is projected to be €28k in 2024.
Taking an international perspective, it is worth mentioning that China is expected to generate the highest revenue in the Medium Cars market, amounting to €83,520m in 2024.
Thailand's medium car market is experiencing a surge in demand driven by a growing middle class and increasing urbanization.

Key regions: India, United States, Germany, China, Europe

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Analyst Opinion

The Medium Cars market in Thailand has been experiencing significant growth in recent years.

Customer preferences: Thai consumers have shown a strong preference for medium cars due to their affordability, fuel efficiency, and practicality. Medium cars are often seen as a good balance between small and large cars, offering enough space for passengers and cargo while still being easy to maneuver in congested city streets. Additionally, Thai consumers value the reliability and durability of medium cars, making them a popular choice for everyday commuting and long-distance travel.

Trends in the market: One of the key trends in the Medium Cars market in Thailand is the increasing demand for electric and hybrid vehicles. As environmental concerns become more prominent, Thai consumers are looking for more sustainable transportation options. Electric and hybrid medium cars offer lower emissions and better fuel efficiency, making them an attractive choice for eco-conscious buyers. This trend is further supported by government incentives and subsidies for electric and hybrid vehicles, which have helped to drive their adoption in the market. Another trend in the Medium Cars market in Thailand is the rise of advanced safety features. Thai consumers are becoming more aware of the importance of safety in their vehicles and are seeking out medium cars that offer the latest safety technologies. Features such as lane departure warning, adaptive cruise control, and automatic emergency braking are now commonly found in medium cars in Thailand. This trend is driven by both consumer demand for safer vehicles and government regulations that require certain safety features to be included in new cars.

Local special circumstances: One of the unique factors influencing the Medium Cars market in Thailand is the country's tax structure. Thailand has a progressive tax system for cars, with higher taxes imposed on larger and more expensive vehicles. This has incentivized Thai consumers to choose medium cars, as they offer a good balance between affordability and size. Additionally, the government has implemented tax incentives for eco-friendly vehicles, further encouraging the adoption of electric and hybrid medium cars in the market.

Underlying macroeconomic factors: Thailand's growing economy has played a significant role in the development of the Medium Cars market. As disposable incomes rise, more Thai consumers are able to afford medium cars, driving demand in the market. Additionally, the government's infrastructure development initiatives have improved transportation networks, making medium cars a more practical choice for commuting and travel. In conclusion, the Medium Cars market in Thailand is experiencing growth due to customer preferences for affordable, fuel-efficient, and practical vehicles. The market is also influenced by trends towards electric and hybrid vehicles and advanced safety features. Local special circumstances, such as the tax structure and government incentives, further support the adoption of medium cars in the market. The underlying macroeconomic factors, including Thailand's growing economy and infrastructure development, contribute to the overall positive outlook for the Medium Cars market in Thailand.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).