Forecast: Passenger Cars Production in Thailand

The production of passenger cars in Thailand has experienced significant fluctuations from 2013 to 2023. Starting at 1.0711 million units in 2013, production saw a sharp decline in 2014 but gradually recovered in the following years. The lowest point was in 2020, with a significant dip due to the COVID-19 pandemic, before rebounding in the subsequent years. As of 2023, the production stood at 0.89249 million units, displaying a healthy year-on-year growth of 9.83% and a five-year CAGR of 0.35%.

Forecasts suggest a positive outlook for the coming years, with an anticipated continuous growth in production, leading to 1.0068 million units by 2028. This represents a five-year growth rate of 9.93% with an average annual growth rate of 1.91%. The automotive sector in Thailand is on a path to recovery and steady growth.

Future trends to watch for:

• Emphasis on electric vehicle production as the global market shifts towards sustainable transport.
• Integration of advanced manufacturing technologies to increase efficiency and reduce cost.
• Potential impacts of global supply chain disruptions on production volumes.
• Increasing demand in ASEAN markets, which could boost local manufacturing.