Thailand’s auto market saw a 26.2% decline in sales from January-October 2024, with 476,350 units sold. BYD was the only major automaker to see growth, selling 23,532 units.
Thailand’s Auto Market Struggles in January-October 2024
Thailand’s automotive market faced substantial difficulties during the first ten months of 2024, recording a total of 476,350 units sold. This figure represents a striking 26.2% decrease compared to the same period in the previous year, indicating a pronounced decline in consumer demand and market activity. The situation worsened in October, where sales plummeted to 37,691 units, the lowest monthly total the industry has experienced in over 54 months.
Key Points on Sales Trends
- Sales breakdown revealed passenger cars at 185,421 units (down 23.3%) and pickups at 166,851 units (down 40.2%). All major automakers, including Japanese, American, and Chinese brands, saw declining sales, except BYD, which reported a 7.6% increase.
- BYD sold 23,532 cars, ranking fourth in the Thai market after Toyota (182,380 units, down 17.2%), Isuzu (71,361 units, down 45.6%), and Honda (62,448 units, down 19.1%).
BYD Bucks the Trend with Sales Growth
From January to October, BYD’s sales reached 23,532 units, marking a year-on-year increase of 7.6%. This growth enabled BYD to ascend to the fourth position in the competitive Thai market, overtaking Mitsubishi. However, BYD still trails behind leading brands such as Toyota, Isuzu, and Honda.
Source : BYD Thrives Against the Odds as Auto Sales Decline in Thailand