Forecast: Vehicles in Use in Thailand

The data shows a generally steady increase in the number of vehicles in use in Thailand from 2013 to 2023, peaking at 18.65 million units in 2023. Notably, there was a sharp decline of -15.01% in 2020 attributed to the global COVID-19 pandemic, followed by a strong rebound of 17.09% in 2021. The overall compound annual growth rate (CAGR) from 2018 to 2023 stands at 2.31%, indicating moderate growth. Year-on-year variations illustrate recovery and steadiness post-2020 disruptions, with a 2.11% increase in 2023.

Looking forward, forecasts predict a continued rise, reaching 20.62 million units by 2028. The forecasted CAGR over the next five years is lower at 1.63%, suggesting a more gradual increase. Overall, the forecast indicates a growth rate of 8.43% over five years.

Future trends to watch for include the impact of increasing adoption of electric vehicles, potential shifts in government policy aimed at reducing environmental impact, and economic factors influencing vehicle purchases. Monitoring these trends will be essential for understanding future market dynamics in Thailand's automotive sector.