Auto sales in Thailand plunged by 24.2 per cent to 308,027 units during the first six months of 2024 due to economic decline and low consumer confidence.

According to a report by industry compiler Toyota Motor Thailand (TMT), total passenger car sales went down by 19.4 per cent to 119,326 units while the commercial vehicle market was hit harder, falling by 26.9 per cent to 188,701 units.

The pickup truck market, which makes up the majority of the commercial vehicle market, plunged by 40.7 per cent to 108,437 units, according to the TMT monthly report.

Meanwhile in the month of June, the total market shrunk by 26 per cent to 47,662 units. Passenger car sales were 17,737 units (down 27.1 per cent) and commercial vehicle market reached 29,925 units (down 25.4 per cent).

The report stated that the automobile market could remain flat or decrease in July compared to the corresponding month last year due to “the overall economic condition and the consumer confidence index that is recovering slowly.”

 “In the first half of the year, Toyota sold a total of 116,278 units, accounting for a market share of 37.7 per cent,” TMT executive vice president Suphakorn Rattanawaraha said. “In particular, the 1-ton pickup truck market (Pure Pickup + PPV pickup truck) had total sales of 49,689 units, accounting for a market share of 45.8 per cent. Passenger car sales were 33,264 units, accounting for a market share of 27.9 per cent”.

“Moreover, in this period, Toyota sold a total of 30,714 HEVs, accounting for 28.3 per cent of the total xEV sales,” he added.

It is noteworthy that several brands were still able to pose sales growth during this period. They include Chinese EV maker BYD (14,375 units, up 32 per cent), Korean automaker Hyundai (2,480 units, up 8.1 per cent), German luxury carmaker Porsche (881 units, up 6.1 per cent) and Chinese commercial vehicle producer CP Foton (405 units, up 166.4 per cent).

Thai Auto Sales Jan-June 2024

        Brand                    Units                        +/-            Market Share (%)

  1. Toyota                  116,278               -15.0%                37.7
  2. Isuzu                     46,260                -46.4%               15.0
  3. Honda                   43,499                 -5.7%                 14.1
  4. BYD                      14,735                 +32%                 4.8
  5. Mitsubishi           14,498                 -26.9%                4.7
  6. Ford                     11,307                  -43.8%               3.7
  7. MG                        8,896                   -31.9%               2.9
  8. Nissan                   5,487                   -40.6%               1.8
  9. Mazda                  5,123                   -47.8%               1.7
  10. GWM                    4,058                    -34.8                  1.3
  11. Suzuki                   3,791                   -45.9%               1.2
  12. NETA                     2,719                   -57.5%               0.9
  13. Hyundai               2,480                    +8.1%               0.8
  14. Hino                      2,292                    -57.3%              0.7
  15. Porsche               881                       +6.1%                 0.3
  16. Kia                        776                       -26.0%                0.3
  17. Subaru                  451                       -55.5                   0.1
  18. CP Foton              405                       +166.4%              0.1
  19. Peugeot                125                       -38.7%                 0.0
  20. Others                  23,966                 +2.0%                 7.8

TOTAL                          308,427               -24.2%                 100.0