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Strategic Analysis of Passenger Vehicles Market in Thailand
Frost & Sullivan, May 2011, Pages: 139
This research service covers in detail the passenger vehicle market in Thailand. It covers Thailand's macro economic indicators and demographic overview, mobility trends, market drivers and restraints, structure of Thailand Automotive industry, automotive cluster in Thailand that includes OEMs, tier1, tier2 suppliers. This research service also includes in detail Automotive recap 2009, automotive market outlook, OEM and supplier profiles, price positioning of different segment vehicles and their volume sales in 2009. Thailand macro economic indicators include population, GDP growth, interest rates, exchange rates, population indicators.
Research Overview
This Frost & Sullivan research service titled Strategic Analysis of Passenger Vehicles Market in Thailand provides the macro-economic indicators, mobility, automotive industry and supply chain overview, national automotive policy and aspirations - automotive recap 2010. It also offers market performance analysis and future outlook as well as the profiles of key OEMs and suppliers in the Thai passenger vehicle market.
Market Overview
At 1.6 Million Units in 2010, Thailand has the Highest Vehicle Production in the Association of Southeast Asian Nations (ASEAN)
The Market Recovers from a Four-year Slump in Sales to Register a 45.8 Per cent Growth in 2010
In a dramatic reversal of fortunes, the Thai passenger vehicle market arrested a decline in sales and production to register record double-digit growth rates in both these areas in 2010. While there was a 64.6 per cent increase in the production output over 2009, sales overcame a four-year plunge to finish with a total industry volume (TIV) of 8.0 million units in 2010 – a phenomenal 45.8 per cent increase over the TIV of 5.4 million units in 2009. This impressive growth was fuelled by capacity expansions and a positive consumer sentiment, driven by steady economic growth, increasing incomes and the introduction of several vehicle models. “Thailand is a major automotive production hub in the ASEAN with most of the world’s major automakers, assemblers, and auto parts and component manufacturers having a presence here,” says the analyst of this research. “Three leading auto companies in Thailand - Ford Motor Company, Toyota Motor Thailand and Mitsubishi Motors Thailand - are planning to expand their production capacities by 550,000 units per annum in the next two to five years.”
While the surge in production volumes bodes well for the market, participants will do well to be wary of competition from automakers from China, India, Indonesia and Vietnam. Manufacturers from these countries could steal a march over the domestic participants by offering a wide range of low-priced vehicles. The threat from Indonesia is expected to be particularly forceful, as it is in the same region and is experiencing a similar rise in economy and national wealth, and has low labour costs and a stable currency. “Thai automakers need to expand to new product areas that effectively utilize their technical skills and cannot be easily replicated by the competition,” notes the analyst. “The Eco car project launched by the Thai Government in 2008 is a positive step in this direction and it has met with considerable success.” This project encourages the production of low-cost, energy-efficient vehicles through the offer of incentives and tax benefits to manufacturers. Top-rung automakers such as Toyota Motor Thailand, Honda Automobiles Thailand, Nissan Motors Thailand, Suzuki Motor Corporation and Mitsubishi Motors Thailand are already a part of this project.
There is an evident shift in vehicle buyers’ preference from the traditionally popular pick up cars to the more compact and eco-friendly passenger cars. OEMs must cash in on this demand by producing vehicles compatible with low-cost alternative fuels such as E20 and E85. With the Thai government backing the expansion plans of these automakers with incentives and favourable policies, the Thai automotive market is all set for further growth.
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