Thailand: Passenger Car Market 2024

Passenger Car Market Size in Thailand

In 2021, the Thai passenger car market decreased by -0.8% to $X, falling for the third consecutive year after four years of growth. In general, consumption recorded a mild shrinkage. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Passenger Car Production in Thailand

In value terms, passenger car production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the production volume increased by 12%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports from Thailand

In 2021, shipments abroad of passenger cars increased by 0.9% to X units, rising for the third year in a row after four years of decline. Overall, exports enjoyed resilient growth. The most prominent rate of growth was recorded in 2019 when exports increased by 124% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, passenger car exports surged to $X in 2021. Over the period under review, total exports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when exports increased by 47%. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X units) was the main destination for passenger car exports from Thailand, with a 498% share of total exports. Moreover, passenger car exports to Japan exceeded the volume sent to the second major destination, Australia (X units), threefold. Vietnam (X units) ranked third in terms of total exports with a 174% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan totaled +44.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+32.6% per year) and Vietnam (+106.5% per year).

In value terms, the largest markets for passenger car exported from Thailand were Australia ($X), Vietnam ($X) and Japan ($X), with a combined 40% share of total exports. These countries were followed by China, the Philippines, the United Arab Emirates, Mexico, Saudi Arabia, New Zealand, Indonesia, the United States, Germany and Cambodia, which together accounted for a further 40%.

In terms of the main countries of destination, Germany, with a CAGR of +87.8%, saw the highest growth rate of 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 passenger car export price stood at $X per unit in 2021, increasing by 27% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the average export price increased by 70%. Over the period under review, the average export prices hit record highs at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (-17.3%), while the prices for the other major destinations experienced a decline.

Passenger Car Imports

Imports into Thailand

In 2021, purchases abroad of passenger cars increased by 45% to X units, rising for the fifth consecutive year after four years of decline. In general, imports enjoyed a slight expansion. The growth pace was the most rapid in 2019 when imports increased by 69% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, passenger car imports skyrocketed to $X in 2021. Overall, imports, however, saw a slight curtailment. The most prominent rate of growth was recorded in 2018 when imports increased by 52%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) was the main supplier of passenger car to Thailand, accounting for a 2,654% share of total imports. Moreover, passenger car imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), fourfold. The third position in this ranking was held by Indonesia (X units), with a 499% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +111.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+45.1% per year) and Indonesia (+25.8% per year).

In value terms, Japan ($X), Malaysia ($X) and Germany ($X) were the largest passenger car suppliers to Thailand, with a combined 52% share of total imports. Indonesia, China, the United Arab Emirates, the UK and the United States lagged somewhat behind, together comprising a further 35%.

Among the main suppliers, China, with a CAGR of +30.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, with a decrease of -18.4% against the previous year. In general, the import price saw a noticeable downturn. The most prominent rate of growth was recorded in 2015 when the average import price increased by 72%. Over the period under review, average import prices hit record highs at $X per unit in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-22.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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