Forecast: Passenger Cars in Use in Thailand

The Passenger Cars in Use in Thailand saw steady growth from 7.17 million units in 2013 to 10.38 million units in 2023. After a dip in 2020, the market rebounded swiftly, reaching a 2.66% year-on-year increase in 2023. The compound annual growth rate (CAGR) over the last five years stands at 2.94%, underscoring a moderate yet consistent trend of recovery and expansion.

Looking ahead to forecasted data from 2024 through 2028, the market is expected to experience a gradual increase, achieving a forecasted 2.01% CAGR over these five years. This suggests overall growth reaching a cumulative 10.48% between 2023 and 2028, indicative of a steady and stable rise in the number of passenger cars in use.

Future trends to watch for:

• Potential impact of emerging technologies like electric and autonomous vehicles.
• Government policies on emissions and import tariffs which might influence car sales.
• Macroeconomic factors and consumer sentiment affecting purchasing power and car ownership demand.