Table of Contents
This research service presents an overview of the Thailand automotive market during 2013 and market forecasts for 2014. It features a summary of the Thailand automotive market outlook in 2013, including total industry volume, automotive market growth factors, total industry volumes for ASEAN, and total production volumes for ASEAN. The detailed outlook for the Thailand market in 2014 includes factors driving automotive market growth and their impact and optimistic, Frost & Sullivan, and pessimistic scenario analyses. Key conclusions and future outlook have also been provided.
The industry volume in Thailand witnessed a considerable decline in 2013 due to the completion of the First Car Buyer Program, which stimulated demand by over % in 2012. The declining prices in the used car market affected the market negatively.
Other market factors such as economic slowdown and political turmoil also negatively affected the consumer sentiment in Thailand in 2013.
In 2014, the Thailand automotive market is expected to contract by % to reach million units, due to factors such as political turmoil, weak economic growth, and slowing demand.
Despite a decline in sales, the rollover effects of the First Car Buyer Scheme in H1 caused Thailand to retain its position as the largest vehicle market in ASEAN. However, in terms of production, Indonesia witnessed a higher growth than Thailand.
Factors Driving Automotive Market Growth
•Growth led by domestic demand, especially in infrastructure investment and private consumption.
•Improving global demand likely to stimulate export sector. x % export growth projected in 2014.
•FDI and tourism, which account for close to x % of the GDP, continue to grow despite the political crisis.
Growing Middle Class
•Middle class to grow from x million in 2012 to x million in 2020 (close to x % growth).
•Thailand to become a high middle income economy by 2020.
•Additional demand amounting to $ x billion (up by x % from 2012).
•Infrastructure spending to help move up the economic value chain and take advantage of growth in the Greater Mekong Sub region.
•THB 2.2 trillion ( x % of GDP) infrastructure investment plan, x % to be disbursed by 2016.
•FDI of THB 900 billion projected in 2014. Manufacturing, services, and utility to be major sectors for investment.
•Large market of about x million people, a growing middle class, pro-business environment, good infrastructure, and geographical advantages—including access to emerging markets such as Myanmar—help attract investment.
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