Thailand Automotive Outlook, 2021

Thailand Automotive Outlook, 2021

Thailand Accounted for the Highest Automotive Sales in ASEAN in 2020. Chinese OEMs are Focused on Geographic Expansion and Competitive Intensity in the Country

RELEASE DATE
17-Aug-2021
REGION
Asia Pacific
Research Code: PB8B-01-00-00-00
SKU: AU02199-AP-MO_25685
$4,950.00
In stock
SKU
AU02199-AP-MO_25685
$4,950.00
DownloadLink

Pay by invoice

ENQUIRE NOW

Description

Thailand’s TIV dropped by 21.4% in 2020 when compared to 2019. Sales is projected to increase by 8.7% (YoY growth rate) in 2021 to 861,000 units. The commercial vehicle (CV) segment continues to dominate with a 56.6% share, and it is projected to reach 57.3% in 2021, driven by government stimulus measures in response to the pandemic. Diesel powertrain sales rose from 54.0% in 2019 to 56.8% in 2020, propelled by the high demand for the new Isuzu D-Max and the updated Toyota Hilux.

Vehicles with engine capacity less than 1,300 cc are the most popular segment in the Thailand passenger vehicle (PV) market (28.5% market share in 2020). Demand is driven by the eco-car models offered with downsized engine specifications. Given both import tax and vehicle excise tax privileges for BEVs, particularly for Chinese imports, a sales spurt was observed in 2020. However, sales volumes continue to be smaller than other sub-segments, mainly due to the lack of variety and charging infrastructure bottlenecks. Although total CV segment sales volumes dropped due to poor economic activity, particularly in the tourism and the manufacturing industries, pickup trucks continued to dominate this space.

In 2020, EV market TIV was 13,570 units, a 38.9% rise from the total units sold in 2019. The market is expected to see an increase of 106.3%, YoY, and reach around 28,000 units in 2021.
Overall, the BEV segment recorded the strongest growth (83.7% increase in 2020) due to the increased availability of SAIC MG’s BEV imports for the mass market and the good reception received by premium BEVs, particularly the Porsche Taycan and the Tesla Model 3. The entry of Great Wall Motors, Volvo, and BMW will elevate the segment’s offtakes in 2021.

Luxury PVs have dominated the PHEV market, while mass-market marques such as SAIC MG and Mitsubishi only began to launch PHEVs in late 2020.
The EV market is still skewed toward PHEV models, mainly due to the range anxiety caused by the limited network of charging facilities outside Bangkok and the high prices compared to conventional engine model equivalents.

The global pandemic and the domestic political turmoil resulted in declining economic growth in 2020, which affected new vehicle sales. These disruptions are likely to have a medium-to-long-term effect on the automotive industry, and recovery is expected to be moderate.
PV sales is forecast to improve and grow in 2021 due to proactive marketing schemes, product launches, and the entry of new market participants. CV segment recovery will be driven by LCVs, mainly for the eCommerce industry.

RESEARCH: INFOGRAPHIC

This infographic presents a brief overview of the research, and highlights the key topics discussed in it.
Click image to view it in full size

Table of Contents

Thailand Automotive Market—Key Highlights, 2020

Thailand Automotive Market—COVID-19 Pandemic-related Challenges

Thailand Automotive Market—Forecast versus Actuals, 2020

Thailand Automotive Market—Top Predictions for 2021

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Automotive Market

Growth Opportunities Fuel the Growth Pipeline Engine™

Research Scope

Market Segmentation

2020 Global Economic Highlights

The 2020 Global Economy—Forecast versus Actuals

2008–2020 GDP Growth

Top 2021 Global Economic Predictions

2021 Scenario Analysis—Quarterly Global Growth

2021 Scenario Analysis Assumptions

2021 Global GDP Growth Snapshot

Advanced Economies—Predictions for 2021

Emerging Economies—Predictions for 2021

2021 Growth Opportunities—Top 3 Opportunities by Region

2021 Regional Trends—GDP Growth, Economic Risks, and Policy Direction

Thailand—Economic Perspective

Thailand—Industry Performance

Thailand’s Automotive Market—A Snapshot

Automotive Market Breakdown by Vehicle Segments

Leading OEMs and Vehicle Models

Key Government Regulations

EV Market—A Snapshot

EV Product Launch Roadmap, 2019–2021

Charging Infrastructure—A Snapshot

Charging Infrastructure—A Snapshot (continued)

Important Charging Operators, 2020

Key Government Regulations

Shared Mobility—Definition

Carsharing Market—A Snapshot

Leading Carsharing Operators, 2020

Ridesourcing Market—A Snapshot

Leading Ridesourcing Operators, 2020

Leading Ridesourcing Operators, 2020 (continued)

Leading Connected PV Operators, 2020

Case Study—Connected Mobility Solutions in EVs

Leading Connected Commercial Vehicle Operators and their Solutions—A Snapshot

Key Automotive Market Trends, 2021

Prediction 1—The PV Market is Projected to Recover Steadily in 2021

Prediction 2—EVs Will Witness Substantial Growth, and Infrastructure Development Will Expand Accordingly

Prediction 3—eHailing Service Operators Will Diversify into On-demand Delivery Service

Growth Opportunity 1—New Product Development for Electric Vehicle Sales, 2021

Growth Opportunity 1—New Product Development for Electric Vehicle Sales, 2021 (continued)

Growth Opportunity 2—Competitive Strategy for Connected Vehicle Development, 2021

Growth Opportunity 2—Competitive Strategy for Connected Vehicle Development, 2021 (continued)

Growth Opportunity 3—Strategic Partnering for Shared Mobility Service Solutions, 2021

Growth Opportunity 3—Strategic Partnering for Shared Mobility Service Solutions, 2021 (continued)

Key Conclusions and Future Outlook

Abbreviations and Acronyms Used

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

Legal Disclaimer

Related Research
Thailands TIV dropped by 21.4% in 2020 when compared to 2019. Sales is projected to increase by 8.7% (YoY growth rate) in 2021 to 861,000 units. The commercial vehicle (CV) segment continues to dominate with a 56.6% share, and it is projected to reach 57.3% in 2021, driven by government stimulus measures in response to the pandemic. Diesel powertrain sales rose from 54.0% in 2019 to 56.8% in 2020, propelled by the high demand for the new Isuzu D-Max and the updated Toyota Hilux. Vehicles with engine capacity less than 1,300 cc are the most popular segment in the Thailand passenger vehicle (PV) market (28.5% market share in 2020). Demand is driven by the eco-car models offered with downsized engine specifications. Given both import tax and vehicle excise tax privileges for BEVs, particularly for Chinese imports, a sales spurt was observed in 2020. However, sales volumes continue to be smaller than other sub-segments, mainly due to the lack of variety and charging infrastructure bottlenecks. Although total CV segment sales volumes dropped due to poor economic activity, particularly in the tourism and the manufacturing industries, pickup trucks continued to dominate this space. In 2020, EV market TIV was 13,570 units, a 38.9% rise from the total units sold in 2019. The market is expected to see an increase of 106.3%, YoY, and reach around 28,000 units in 2021. Overall, the BEV segment recorded the strongest growth (83.7% increase in 2020) due to the increased availability of SAIC MGs BEV imports for the mass market and the good reception received by premium BEVs, particularly the Porsche Taycan and the Tesla Model 3. The entry of Great Wall Motors, Volvo, and BMW will elevate the segments offtakes in 2021. Luxury PVs have dominated the PHEV market, while mass-market marques such as SAIC MG and Mitsubishi only began to launch PHEVs in late 2020. The EV market is still skewed toward PHEV models, mainly due to the range anxiety caused by the limited network of charging facilities outside Bangkok and the high prices compared to conventional engine model equivalents. The global pandemic and the domestic political turmoil resulted in declining economic growth in 2020, which affected new vehicle sales. These disruptions are likely to have a medium-to-long-term effect on the automotive industry, and recovery is expected to be moderate. PV sales is forecast to improve and grow in 2021 due to proactive marketing schemes, product launches, and the entry of new market participants. CV segment recovery will be driven by LCVs, mainly for the eCommerce industry.
More Information
No Index No
Podcast No
Author Nattachai Charusilawong
Industries Automotive
WIP Number PB8B-01-00-00-00
Is Prebook No
GPS Codes 9673-A6,9800-A6,9882-A6