From 2013 to 2023, the import value of compression-ignition engines to Thailand displayed significant volatility. Starting at $1.1729 billion in 2013 and fluctuating to $0.76922 billion in 2023, the market experienced notable declines particularly in 2014 and 2015, followed by a period of recovery and minor downtrends. By 2023, the imports slightly increase by 1.37% year-on-year.
Year-on-year variations over the past two years showed moderate growths of 1.41% in 2022 and 1.37% in 2023. The 5-year CAGR (2019-2023) stood at 0.082%, indicating relative stagnation in growth.
Looking ahead, the forecasted data from 2024 to 2028 suggests a gradual increase in the import of compression-ignition engines, with the market expected to grow steadily to $0.82341 billion by 2028. The forecasted 5-year CAGR from 2024 to 2028 is projected at 1.07%, with a 5.48% forecasted 5-year growth rate.
Future trends to watch for include advancements in emission regulations, shifts toward renewable energy sources, and changes in domestic manufacturing capabilities, which could impact import volumes. Additionally, economic factors such as currency fluctuations and international trade policies will play critical roles in shaping the market dynamics.
