Thailand: Motor Vehicle Engine Market 2024

Motor Vehicle Engine Market Size in Thailand

In 2021, after five years of growth, there was significant decline in the Thai motor vehicle engine market, when its value decreased by -7.7% to $X. In general, consumption, however, posted buoyant growth. Over the period under review, the market hit record highs at $X in 2020, and then contracted in the following year.

Motor Vehicle Engine Production in Thailand

In value terms, motor vehicle engine production reduced to $X in 2021 estimated in export price. Overall, production, however, continues to indicate strong growth. The most prominent rate of growth was recorded in 2014 when the production volume increased by 24%. Motor vehicle engine production peaked at $X in 2020, and then declined in the following year.

Motor Vehicle Engine Exports

Exports from Thailand

In 2021, shipments abroad of motor vehicle engines (spark-ignition) increased by 8.5% to X tons for the first time since 2015, thus ending a five-year declining trend. In general, exports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2015 when exports increased by 21%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, motor vehicle engine exports expanded rapidly to $X in 2021. Overall, exports, however, recorded a pronounced slump. The pace of growth was the most pronounced in 2013 with an increase of 14%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X tons) was the main destination for motor vehicle engine exports from Thailand, accounting for a 50% share of total exports. Moreover, motor vehicle engine exports to Vietnam exceeded the volume sent to the second major destination, Malaysia (X tons), fourfold. Mexico (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam totaled +25.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-13.7% per year) and Mexico (-7.7% per year).

In value terms, the largest markets for motor vehicle engine exported from Thailand were Cambodia ($X), Taiwan (Chinese) ($X) and Vietnam ($X), with a combined 72% share of total exports. These countries were followed by Italy, Malaysia, Mexico, Indonesia, the Philippines, the UK, South Africa and Australia, which together accounted for a further 22%.

In terms of the main countries of destination, Italy, with a CAGR of +230.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average motor vehicle engine export price stood at $X per ton in 2021, picking up by 3.2% against the previous year. Overall, export price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, motor vehicle engine export price increased by +102.1% against 2015 indices. The pace of growth was the most pronounced in 2017 an increase of 25%. The export price peaked in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+51.9%), while the prices for the other major destinations experienced more modest paces of growth.

Motor Vehicle Engine Imports

Imports into Thailand

In 2021, supplies from abroad of motor vehicle engines (spark-ignition) decreased by -5.9% to X tons, falling for the fifth year in a row after two years of growth. Overall, imports faced a abrupt contraction. The pace of growth appeared the most rapid in 2016 with an increase of 48%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, motor vehicle engine imports stood at $X in 2021. Over the period under review, imports recorded a deep setback. The growth pace was the most rapid in 2019 with an increase of 15% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest motor vehicle engine supplier to Thailand, accounting for a 59% share of total imports. Moreover, motor vehicle engine imports from Japan exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. Indonesia (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan stood at -9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+4.1% per year) and Indonesia (+17.6% per year).

In value terms, Japan ($X) constituted the largest supplier of motor vehicle engines (spark-ignition) to Thailand, comprising 60% of total imports. The second position in the ranking was taken by Germany ($X), with a 14% share of total imports. It was followed by Indonesia, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan stood at -5.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.4% per year) and Indonesia (+27.0% per year).

Import Prices by Country

The average motor vehicle engine import price stood at $X per ton in 2021, surging by 7.3% against the previous year. In general, import price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, motor vehicle engine import price increased by +149.6% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 37%. The import price peaked in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+11.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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