Key Market Indicators
Thai vehicle registrations are projected to rise to approximately 1.89 million units by 2028, up from around 1.62 million units in 2023. This represents an average annual growth rate of 2.4%. The Thai market has seen a robust increase since 2010, with an average annual growth rate of 9.2%. In the global ranking for 2023, Thailand stood at 27th place, with Morocco slightly ahead with similar registration figures. Leading the chart were Canada, China, and Austria, occupying the second, third, and fourth positions, respectively. On the production front, Thailand's vehicle output is expected to reach nearly 2.98 million units by 2028, rising from about 2.55 million units in 2023. This growth translates to a compound annual growth rate (CAGR) of 2.5%. Since 2002, Thai vehicle production has increased at an average rate of 3.3% per year. In 2023, Thailand ranked 10th in vehicle production, with France just ahead. The top spots in this category were held by the United States, Japan, and Germany, respectively.
