Forecast: Vehicles Production in Thailand

Thailand's vehicle production shows considerable fluctuation from 2013 to 2023, with a notable dip in production in 2020 due to the pandemic, reaching 1.4271 million units. The sector saw significant recovery, achieving 2.5472 million units in 2023. Future forecasts suggest a steady annual growth with a CAGR of 2.49% over the next five years, projecting 2.9814 million units by 2028.

Year-on-year analysis highlights:

• An 18.12% increase in 2021, following a severe decline of 29.13% in 2020
• A significant rise of 37.3% in 2022
• A continued upward trend with a 10.05% increase in 2023

Future trends to watch for include:

• Industry adaptation to electric and autonomous vehicle technology
• Government policies supporting greener automotive solutions
• Increasing foreign investments and partnerships in Thailand's automotive sector