Commercial vehicles sales down as cautious Thais defer purchase

Meanwhile, financial institutions are concerned about the increasing debt, leading to hesitation in buying among consumers amid doubts about their loan repayment abilities. The commercial vehicles market, which plays a significant role in driving the Thai economy, has been particularly affected by this trend.

According to Surapong Paisitpatanapong, vice chairman of the Federation of Thai Industries (FTI) and spokesman for the FTI’s Automotive Industry Club, vehicles sales in May reached 65,088 units, only a 0.5% increase year on year (YoY). The passenger car market, meanwhile, expanded at a higher rate, with sales of 25,985 units, representing a growth of 29.4% YoY.

Sales of commercial vehicles, including pickup trucks, have seen a continuous decline, Surapong said. Sales of commercial vehicles totalled 39,103 units, down 12.4% YoY, while sales of one-ton pickup trucks saw a steeper YoY decline by 19.2%, with sales of 27,323 units. This sharp drop in sales is a result of delayed purchase decisions by businesses and the general public, awaiting clearer economic policies from the next Thai government.

The passenger cars market, particularly eco-cars, showed a positive growth rate as consumers prefer private transportation following the Covid-19 pandemic.

Overall vehicles Thai sales data of major brands in May:

Toyota: 21,296 units, down 4.0% YoY; market share 32.7%.

Isuzu: 13,281 units, down 15.6% YoY: market share 20.4%.

Honda: 6,697 units, up 33.0% YoY; market share 10.3%.

Passenger car market:

Toyota: 8,266 units, up 43.2% YoY; market share 31.8%

Honda: 4,415 units, up 38.4% YoY; market share 17.0%

Mitsubishi: 1,506 units, down 27.5% YoY; market share 5.8%

Commercial vehicle market (including pickup trucks):

Isuzu: 13,281 units, down 15.6% YoY; market share 34.0%

Toyota: 13,030 units, down 20.6% YoY; market share 33.3%

Ford: 2,993 units, up 32.1% YoY; market share 7.7%