Toyota tops Bangkok Motor Show bookings, EV share soars to 33%

EV bookings increased to 17,517 units, accounting for almost one-third of the total 58,611 vehicles sold at the show.

This year's event saw significant participation from new brands, particularly from China and Vietnam, showcasing EV models ranging in price from hundreds of thousands to millions of baht. Chinese electric vehicle manufacturer was second only to Toyota for the total number of units sold.

Asian EV makers saw strong rivalry from European brands like Mercedes-Benz, BMW, and Volkswagen who displayed their latest electric offerings at the show.

Thailand’s EV market has experienced rapid growth in the past two years. Fewer than 10,000 EVs were registered in 2022 but that figure soared to over 76,000 in 2023 as EVs grabbed a 10% share of the market.

The trend shows no sign of levelling out, with the proportion of EV bookings at this year's event increasing to 32.78%, indicating a significant surge in consumer interest and adoption of EVs.

Organisers said consumers responded strongly to newly launched and pre-booking vehicles, especially those unveiled for the first time at the event. This was evident from a rise in bookings during the final week, which doubled compared with regular days, organisers said.

Consumer behaviour appears to have shifted amid Thailand’s economic downturn, with people opting for new cars that offer better value for money.

Hybrid vehicles continued to be highly popular due to their cost-effectiveness and user convenience. For example, Mitsubishi received significant customer response with their new Xpander Hybrid model of the popular range. This helped them rank fifth in terms of bookings at the event.

Most of those who booked EVs weren't buying their first car for the household.

However, battery electric vehicles (BEVs) in the small-car segment bucked this trend as first-time buyers buzzed around the BEV stands.

Meanwhile, internal combustion engine (ICE) vehicles still maintained a significant share of bookings, with over 35,921 units reserved.

Many brands successfully gambled on market assessments that ICE vehicles will continue to appeal to a large Thai consumer base that is not yet ready for EVs.

In the premium car segment, there was a shock for BMW, which has topped luxury-vehicle sales for the past three years in Thailand.

The show saw Mercedes-Benz accelerate past its main rival with the highest number of bookings, indicating a shift in preference.

Mercedes-Benz implemented a new sales strategy called "Retail of the Future" just a few months ago. It involves direct online sales with Mercedes-Benz (Thailand) Ltd, aiming for a transparent pricing policy, which has shown clear results.

This year, the motorcycle segment saw the participation of five Chinese brands, offering electric motorcycles that garnered significant interest. This led to total bookings of 5,173 motorcycles at the event.

Organisers Grand Prix Group said 1..6 million people visited the show from March 27 to April 7.

Total vehicle bookings at the 45th Bangkok International Motor Show:

Toyota: 8,540

BYD: 5,345

Honda: 4,607

MG: 3,518

Mitsubishi: 3,409

Changan: 3,073

AION: 3,018

GWM: 2,815

ISUZU: 2,734

Nissan: 2,488

Mazda: 2,292

Mercedes-Benz: 1,642

Neta: 1,618

Suzuki: 1,608

Ford: 1,469

KIA: 1,151

Hyundai: 1,080

BMW: 1,001

ZEEKR: 398

Volvo: 320

XPENG: 188

AUDI: 182

Mini: 166

Lexus: 146

BOMA ICS: 140

Rowen TECH ART: 89

Peugeot: 88

NEX POINT: 87

Porsche: 65

M'z SPEED: 46

Wabi Black Pearl: 41

Lotus: 32

Jeep: 21

Maserati: 15

Bentley: 3

Rolls-Royce: 3