Bangkok (VNA) – Thailand's automotive market has faced a challenging start to 2025, with sales down by 10% in the first two months compared to the same period last year.
Total automotive sales reached approximately 97,000 units, with both industry giants Toyota and Isuzu, alongside electric vehicle maker BYD, experiencing notable declines.
The slowdown is attributed to a combination of factors, including a sluggish economic recovery, high household debt and tighter lending conditions. The one-tonne pickup truck segment, a key indicator of economic health, remains particularly weak.
Supakorn Ratanawaraha, Toyota Motor Thailand's executive vice president, said that while the market trended sideways in February, a year-on-year decline is evident, reflecting the current economic climate.
Recent interest rate cut by the Bank of Thailand might offer some relief, but the industry's recovery is contingent on broader economic improvements, he noted.
Sales figures for major brands in January and February 2025 revealed widespread declines including Toyota (down 3%), Honda (down 20.3%), Isuzu (down 16.8%), BYD (down 23.4%), and Mitsubishi (down 6.5%).
Industry stakeholders are now pinning their hopes on the upcoming Bangkok Motor Show 2025 to inject some momentum into the market. The event, featuring new model launches and promotional offers, is expected to draw significant consumer interest.
Chaturon Komolmis, vice chairman of the Motor Show, expected a 10% increase in revenue compared to last year's event, despite acknowledging the prevailing economic headwinds.
The participation of 54 automotive companies and the expanded exhibition space for car accessories are key attractions of the show, he said.
Last year's Motor Show generated over 53,000 car bookings and 5,000 motorcycle bookings, setting a high benchmark for this year's event./.
