Auto sales in Thailand plunged by 26.2 per cent to 572,675 units in 2024 due to various factors, but the industry is hoping a slight recovery in 2025.
According to a release from industry compiler Toyota Motor Thailand (TMT) Co Ltd, factors for the market decline include weaker purchasing power that reflects the economic scenario, as well as high cost of living, interest rates for auto financing and strict financing requirements.
Nevertheless, the industry saw growth in eco-friendly vehicles such as electric cars and hybrid-powered vehicles.
Hybrid sales have enabled Toyota to maintain its leadership in Thailand with sales of 220,356 vehicles in Thailand last year, the release stated. Despite sales falling by 17.1 per cent compared to 2023, Toyota was able to main a commanding 38.5-per cent market share in a market with increasing competition from Chinese automakers.
According to Toyota, the Thai automobile industry will continue to face challenges in 2025 with total sales being forecasted at 600,000 units (up five per cent).
Meanwhile in 2024, Toyota exported a total of 338,107 vehicles from Thailand, down 11 per cent compared to the previous year. Total auto production by the Japanese company in Thailand (for both domestic and export markets) fell by 14 per cent to 536,145 units.