Forecast: Passenger Cars Registrations in Thailand

The registration of passenger cars in Thailand experienced notable fluctuations from 2013 to 2023. In 2023, registrations stood at 1,554.6 thousand units, reflecting a slight year-on-year increase of 2.79% from 2022 and continuing the growth momentum from the previous year’s 2.96%. Over the past five years, from 2019 to 2023, the market has shown a compound annual growth rate (CAGR) of 26.41%, indicating robust recovery and expansion after earlier declines.

Between 2013 and 2016, the market saw a steady decline, with significant drops in 2014 (-38.02%) and 2015 (-13.45%). A sharp rebound was observed in 2017 with a 102.98% increase, though this was followed by another decrease in 2018 (-27.67%). The market then saw a significant surge in 2020 and a correction in 2021, followed by moderate growth in the subsequent years.

Looking ahead from 2024 to 2028, the forecast predicts continued, albeit slower, growth with a 5-year CAGR of 1.96%. The total growth over this period is expected to be 10.2%, suggesting a stable and maturing market.

Future trends to watch for include:

- Emerging technologies and innovation in vehicle safety and autonomous driving.

- Changes in consumer preferences towards greener and electric vehicles.

- Potential impact of economic policies and regulatory changes on the automotive sector.