Market Insights Mobility Commercial Vehicles

Buses - Thailand

Thailand

By 2024, the Buses market in Thailand is projected to reach a unit sales of 94.00vehicles.
Looking ahead, it is expected to demonstrate an annual growth rate (CAGR 2024-2029) of -0.65%.
This growth would result in a projected market volume of 91.00vehicles by 2029, showcasing the potential expansion of the Buses market in the country.
Moreover, the production of Buses market is anticipated to reach 231.00vehicles by 2029, further highlighting the growth potential.
From an international perspective, the in the United States is expected to dominate the market with sales reaching 116.30k vehicles units in 2024.
Thailand's commercial vehicle market is witnessing a surge in demand for electric buses, driven by the government's push for greener transportation solutions.

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Analyst Opinion

The Buses market in Thailand has been experiencing significant growth in recent years.

Customer preferences: Customers in Thailand are increasingly opting for buses as their preferred mode of transportation. This can be attributed to several factors. Firstly, buses offer a cost-effective means of travel compared to other modes of transportation such as cars or trains. With rising fuel prices and increasing maintenance costs, many individuals and businesses are finding buses to be a more affordable option. Additionally, buses provide a convenient and comfortable travel experience, with amenities such as air conditioning and reclining seats becoming standard features in many buses.

Trends in the market: One of the key trends in the Buses market in Thailand is the growing demand for electric buses. As the government and consumers become more environmentally conscious, there is a strong push towards reducing carbon emissions and promoting sustainable transportation options. Electric buses are seen as a viable solution to achieve these goals, as they produce zero tailpipe emissions and are quieter compared to traditional diesel buses. The government has also implemented various incentives and subsidies to encourage the adoption of electric buses, further driving the market growth in this segment. Another trend in the market is the increasing popularity of luxury buses. With the rise of tourism in Thailand, there is a growing demand for high-end travel experiences. Luxury buses offer premium amenities such as spacious seating, entertainment systems, and onboard Wi-Fi, catering to the needs and preferences of affluent travelers. This segment of the market is expected to continue growing as more tourists seek luxurious and comfortable transportation options.

Local special circumstances: One of the unique aspects of the Buses market in Thailand is the presence of a large informal sector. Informal bus operators, also known as "songthaews," provide transportation services in rural areas and serve as a crucial mode of transport for many locals. These vehicles are typically modified pickup trucks with benches installed in the back to accommodate passengers. While they may not meet the same safety standards as formal buses, they play a significant role in providing affordable transportation options in areas where formal bus services are limited.

Underlying macroeconomic factors: The growth in the Buses market in Thailand can be attributed to several macroeconomic factors. Firstly, the country's strong economic growth has led to an increase in disposable income, allowing more individuals and businesses to afford buses. Additionally, the government's focus on infrastructure development, including the expansion of road networks and the improvement of public transportation systems, has contributed to the growth of the bus market. These investments have made bus travel more convenient and accessible, further driving the demand for buses in the country. In conclusion, the Buses market in Thailand is experiencing significant growth due to customer preferences for cost-effective and convenient transportation options. The trends in the market, such as the demand for electric and luxury buses, reflect changing consumer preferences and the government's focus on sustainability and tourism development. Additionally, the presence of an informal bus sector and underlying macroeconomic factors, such as economic growth and infrastructure development, contribute to the overall growth of the market.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of buses.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.