Thailand Light Truck Industry
[Shanghai, China] – The Thailand Light Truck Industry is poised for significant expansion, as per the latest research report by CRI. The report projects the industry to maintain steady growth, with sales volumes estimated to reach 693,000 units by 2032, driven by a compounded annual growth rate (CAGR) of 3.2% during the 2023-2032 period.
Pickup trucks play a pivotal role in Thailand’s automotive sector, constituting 45.7% of all vehicle sales in 2022, with 388,296 units sold. Leading the market are the Isuzu D-Max and the Toyota Hilux, with these two models commanding 83% of the market. The Isuzu D-Max led with 175,425 units sold in 2022, while the Toyota Hilux followed closely with 148,101 units.
Thailand’s importance in the global automotive industry is underlined by manufacturers like Ford, Isuzu, Mazda, Mitsubishi, choosing the country as the base for their pickup truck manufacturing operations, catering to markets in Europe, Japan, and beyond.
Foton Motor Group and the Chengtai Group’s joint venture agreement in Thailand signals further growth, aiming to become the third-largest commercial vehicle brand in the country. Foton, a leading international commercial vehicle enterprise, brings its expertise to this partnership, spanning medium and heavy trucks, light trucks, vans, pickup trucks, buses, and more.
Despite economic volatility due to COVID-19, Thailand’s courier business has seen sustained growth. The local courier market was worth 50 billion baht in 2021, and the express parcel volume witnessed remarkable year-on-year growth, achieving a five-year CAGR of 47.24%, reaching 1.5 billion parcels in 2021.
The light commercial vehicle sales volume in Thailand exhibited fluctuations, influenced by the pandemic. However, with the economy’s gradual recovery and increasing disposable income, 2022 witnessed a 15.96% increase in annual sales, totaling 506,000 units.
With a booming e-commerce logistics sector, rising incomes, and a shift towards electric light trucks, CRI anticipates continued growth in Thailand’s light truck market. The research projects sales volumes to reach 693,000 units by 2032, marking a CAGR of 3.2% during the 2023-2032 period.
For more detailed insights, refer to the comprehensive Thailand Light Truck Industry Research Report 2023-2032 by CRI.