The Thailand Luxury Vehicles Market Size, Share, and Trends Analysis Report, By Vehicle Type (Hatchback, Sedan, SUV, and Others) and By Power Type (Internal Combustion Engine (ICE), and Electric), Forecast (2022-2028)

The Thailand Luxury Vehicles market is anticipated to grow at a considerable CAGR 4% during the forecast period (2022-2028). Luxury vehicles are vehicles that offer an increased level of comfort, amenities, equipment, quality, performance, and status as compared to regular vehicles. The major factor attributing to the growth of Thailand’s luxury vehicles market includes the increasing purchasing power of people due to the increase in net national income per capita of Thailand. According to the World Bank Data statistics, the net national income per capita has consistently increased over the last decade. The recorded net national income per capita increased from $3,324.53 in 2009 to $6,069.01 in 2019. Thus, increasing the demand for luxury vehicles in Thailand.

The demand for luxury vehicles is also increasing due to the increasing number of motor vehicle production across Thailand. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 1.6 million motor vehicles were produced in Thailand in 2021. Among these, around 1.09 million commercial vehicles including light commercial vehicles and heavy commercial vehicles were manufactured and around 5,94,690 passenger cars were produced in 2021. Thus, propelling the growth of Thailand’s luxury vehicles market.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances-

• In August 2020, Mercedes-Benz AG signed a strategic partnership agreement with Contemporary Amperex Technology Co. Ltd. (CATL). According to this partnership agreement, CATL will work on the development of cutting-edge battery technology for the electrification of Mercedes-Benz models including passenger cars and the van.
• In July 2020, Bayerische Motoren Werke AG expanded its production capacity of electric drive components by opening a new competence center. The new e-Drive competence center was opened in its existing largest production facility at Dingolfing. Bayerische Motoren Werke AG aimed to manufacture electric drive components including high-voltage batteries, battery modules, and electric motors for electric vehicles.
• In January 2019, Farasis Energy co. Ltd. signed a joint partnership agreement with Mercedes-Benz AG. Under this agreement, Farsisi Energy Co. Ltd. will supply a safe source of battery cells for the electrification strategy of Mercedes-Benz AG. The main aim of the joint partnership is the development of highly advanced technology along with industrialization to achieve the ambitious goal of achieving cost competitiveness.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Vehicle Type
  • By Power Type
• Competitive Landscape- Tata Motors Ltd., Volkswagen AG, AB Volvo, Bayerische Motoren Werke AG, and Mercedes-Benz AG, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

The Thailand Luxury Vehicles  Market Report by Segment

By Vehicle Type

• Hatchback
• Sedan
• SUV
• Others

By Power Type

• Internal Combustion Engine (ICE)
• Electric