Passenger Cars - Thailand

Thailand

In 2024, the projected revenue in the Passenger Cars market in Thailand is expected to reach €16.1bn units.
It is estimated that the market will experience an annual growth rate (CAGR 2024-2028) of 3.07%, resulting in a projected market volume of €18.2bn units by 2028.
Among the market segments, Pickup Trucks are expected to have the largest market volume in 2024, reaching €6.6bn units.
Looking specifically at in Thailand, the unit sales of Passenger Cars market are expected to reach 813.00k vehicles units by 2028.
The volume weighted average price of Passenger Cars market in the market is projected to be €21.36k units in 2024.
In terms of market share, Toyota is expected to have one of the highest shares in the selected region, with a vehicle unit sales share of 37.7% in 2024.
The make Toyota is also expected to have a significant value market share in the selected region, standing at 35.8% in 2024.
From an international perspective, it is anticipated that United States will generate the highest revenue in 2024, amounting to €517bn units.
Thailand's passenger car market is experiencing a surge in demand for eco-friendly vehicles, driven by government incentives and growing environmental consciousness.

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

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Analyst Opinion

The Passenger Cars market in Thailand has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Thailand are increasingly looking for passenger cars that offer a combination of style, performance, and fuel efficiency. With rising incomes and changing lifestyles, there is a growing demand for vehicles that provide both comfort and affordability. Additionally, customers are placing a greater emphasis on safety features and advanced technologies in their car choices.

Trends in the market: One of the key trends in the Passenger Cars market in Thailand is the increasing popularity of electric and hybrid vehicles. As concerns about environmental sustainability and fuel efficiency grow, more customers are opting for vehicles that have lower carbon emissions and are more fuel-efficient. This trend is also supported by government initiatives and incentives to promote the adoption of electric and hybrid vehicles. Another trend in the market is the rise of online car sales platforms. With the increasing use of smartphones and internet penetration, customers in Thailand are increasingly turning to online platforms to research and purchase cars. This trend has been further accelerated by the COVID-19 pandemic, which has led to a shift towards online shopping in various industries.

Local special circumstances: Thailand is one of the largest automotive manufacturing hubs in Southeast Asia, with many global car manufacturers having production facilities in the country. This has led to a wide range of passenger car models being available in the market, catering to different customer preferences and budgets. The presence of these manufacturing facilities also contributes to the availability of spare parts and after-sales services, which are important factors for customers when making their purchasing decisions.

Underlying macroeconomic factors: Thailand has experienced steady economic growth in recent years, which has contributed to the growing purchasing power of consumers. This, coupled with low interest rates and favorable financing options, has made it easier for customers to afford passenger cars. Additionally, government policies and incentives to promote the automotive industry have also played a role in stimulating demand for passenger cars in the country. In conclusion, the Passenger Cars market in Thailand is witnessing growth due to changing customer preferences, emerging trends such as the increasing popularity of electric and hybrid vehicles, the rise of online car sales platforms, and local special circumstances such as the presence of automotive manufacturing facilities. These trends are supported by underlying macroeconomic factors such as economic growth, favorable financing options, and government policies.

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).