Thailand Vehicles Market in June 2024 fell for the 10th consecutive month, registering 53,010 new sales (-26.4%). YTD figures at 344,602 are down 23.6% compared to the prior year.
Market Trend and Outlook
The Thai Vehicle Market in June 2024 fell for the 10th consecutive month, registering 53,010 new sales (-26.4%). YTD figures at 344,602 are down 23.6% compared to the prior year.
Looking at cumulative data up to June 2024 brand-wise, the leader remained Toyota with 131,377 sales (-14.6%) followed by Honda at 50,632 (-2.7%), Isuzu -down 1 spot- at 50,227 (-47.1%) and Ford with 16,073 registrations (-34.3%).
Mitsubishi maintained 5th position with 14,731 sales (-36.6%), in front of BYD at 14,679 (+30.9%) and MG -down 1 spot- with 10,312 sales (-30.1%).
BMW gained 4 spots ranking in 8th position with 6,617 registrations (-9.6%), followed by Nissan with 6,586 sales (-39.9%) and Mazda with 6,369 registrations (-52.3%).
Looking at specific models, reported in the dedicated article, the Toyota Hilux became the new best seller despite losing 27.2% in year-on-year volume, followed by the Isuzu D-Max down 47.9% from the previous year.
Medium-Term Market Trend
The vehicles market in Thailand has had many ups and downs in the past years. The market moved from 756,446 sales in 2010 to 1.44 million in 2012. While the trend inverted in the following year, initiating a downtrend that would continue until 2016 where it reached a low of 769,623 sales. 2017 and 2018 were years of recovery were the market grew back up to 1.04 million.
Following an 8.8% drop in 2019, the arrival of the pandemic caused the market to collapse further, reaching the lowest levels of the decade at 737,244 sales.
Thailand’s vehicles market remained relatively static in 2021 falling only 0.3%. While finally in 2022 showed signs of recovery, with volume rising 10.8% to 628,423.
The momentum gained in 2022 continues into 2023, with the first months posting positive performances. Despite the strong start to the year, the vehicles market will have to confront some issues within automotive industry: mainly the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Groups and top 10 Models.
