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Thai auto manufacturing to exceed 2.4M units

Source:International Metalworking News for Asia- April 2019

Date Published:4/11/2019 11:04:00 AM

ResearchAndMarkets.com expects that automobile production will continue to grow in Thailand from 2018 to 2022. 

It will exceed 2.4 million units in 2022, of which over 1.1 million units will be sold in Thailand and over 1.3 million units will be exported.

Thailand's automotive industry is export-oriented. In the past five years, over 1 million automobiles were exported to ASEAN countries, Australia, the Middle East and Europe every year. The import volume is less. However, the import tariff on automobiles is expected to be lowered as Thailand signs more free trade agreements in recent years.

Thailand's Eastern Economic Corridor initiative proposes to develop 10 target industries including the automotive industry in the eastern region. And the free trade agreements with Australia, China, India, New Zealand and other ASEAN countries will facilitate the development of overseas markets for Thailand's automotive industry. 

The reduction of import tariffs will also provide a price advantage for automobiles. New energy vehicles will grow rapidly in Thailand with the expiration of the lock-up period of the First-Time Buyer Program, more automobiles beyond the warranty period, and the government's efforts to develop new energy vehicles. It is expected that in the next few years, the increase in residents' income will promote automobile consumption in Thailand. And the exemption of import tariffs on automobiles in ASEAN countries will boost Thailand's automobile exports.

 

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