Forecast: New Vehicles Registrations in Thailand

In 2024, new vehicle registrations in Thailand are projected to continue their positive growth trend, standing at 1.6731 million units, up from 1.6183 million in 2023. The year-on-year variation between 2022 and 2023 was a positive 3.54%, and the 5-year CAGR suggests an average annual growth rate of 2.43% through 2028, indicating steady growth. Observing the historical data, significant fluctuations were evident: a sharp decline between 2013 and 2016, followed by stabilization, a spike in 2020, and subsequent slight contractions through 2022.

Future trends to watch for include:

• Increasing adoption of electric vehicles (EVs) driven by supportive government policies and incentives.
• Potential impacts of economic factors such as GDP growth and consumer confidence on vehicle purchase decisions.
• Evolving consumer preferences towards greener and more technologically advanced vehicles.