Top 10 best-selling car brands in Thailand eye 2024 growth
The Thai automotive industry saw a slight downturn in 2023, with total car sales reaching 775,780 units – a 9% decrease from the previous year, while commercial vehicle sales experienced a significant drop of 17%, the passenger car segment witnessed a 10% increase, totalling 292,505 units sold.
Looking ahead to 2024, Toyota projects a gradual recovery in the automotive industry, anticipating total car sales will reach 800,000 units, a 3% increase from the previous year.
Toyota's specific sales target for 2024 is 277,000 units or 4% growth with a market share of 34.6%.
Other key players like Suzuki and Mazda also foresee growth opportunities as economic stability returns, with Suzuki forecasting sales of 12,000 units in 2024.
The Federation of Thai Industries (FTI) estimates car production in Thailand will reach approximately 1.9 million units in 2024 a 3.17% increase from 2023. This includes both exports, projected at 1.15 million units, and domestic sales of around 750,000.
The decline in car sales is attributed to sluggish economic recovery, high household debt, tight loan conditions, and high-interest rates. Despite these obstacles, established players like Toyota, Isuzu, Honda, Ford, and Mitsubishi maintained their positions as the top five car brands in Thailand.
Interestingly, the sixth position was secured by a Chinese brand, BYD, which saw a surge in electric vehicle sales.
Here's a breakdown of the top 10 best-selling car brands in Thailand for the period of January to December 2023:
1. Toyota: 265,949 units
2. Isuzu: 151,935 units
3. Honda: 94,336 units
4. Ford: 36,483 units
5. Mitsubishi: 32,668 units
6. BYD: 30,432 units
7. MG: 27,311 units
8. Mazda: 16,544 units
9. Nissan: 16,423 units
10. Neta: 13,836 units
Best-selling Chinese brands in Thailand (2023):
BYD: 30,432 units
MG: 27,311 units
Neta: 13,836 units
Great Wall Motor: 13,039 units
GAC AION: 88 units
