Executive Cars - Thailand

Thailand

Highlights

Revenue in the Executive Cars market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.10%, resulting in a projected market volume of US$2bn by 2029.
Executive Cars market unit sales are expected to reach 13.8k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$123k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Thailand has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Thailand, customers are increasingly looking for executive cars that offer a combination of luxury, comfort, and advanced technology features. They value spacious interiors, high-quality materials, and advanced safety systems. Additionally, customers are also seeking environmentally friendly options, with a growing demand for hybrid and electric executive cars.

Trends in the market: One of the key trends in the Executive Cars market in Thailand is the rising popularity of SUVs. SUVs offer a higher seating position, ample cargo space, and a sense of ruggedness, making them appealing to customers in Thailand. This trend is driven by the desire for versatility and practicality, as well as the growing number of families and individuals who enjoy outdoor activities. Another trend in the market is the increasing adoption of connectivity features. Customers in Thailand are seeking executive cars that offer seamless integration with their smartphones and other devices. They want to stay connected while on the move, accessing their favorite apps, music, and navigation services. This trend is fueled by the growing reliance on technology in daily life and the desire for convenience.

Local special circumstances: Thailand has a thriving automotive industry, with several local manufacturers producing executive cars for both domestic and international markets. This has led to a wide range of options available to customers, with both local and international brands competing for market share. The presence of local manufacturers also contributes to the development of specialized executive cars that cater to the preferences and needs of Thai customers.

Underlying macroeconomic factors: Thailand's strong economic growth and rising disposable incomes have played a significant role in the development of the Executive Cars market. As the economy continues to expand, more individuals and families are able to afford executive cars, driving demand in the market. Additionally, favorable government policies and incentives have also encouraged the purchase of executive cars, further boosting market growth. In conclusion, the Executive Cars market in Thailand is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customers in Thailand are increasingly seeking executive cars that offer luxury, comfort, advanced technology features, and environmental sustainability. The market is witnessing the rising popularity of SUVs and the increasing adoption of connectivity features. The presence of local manufacturers and favorable macroeconomic conditions are further contributing to market growth.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. 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, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

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. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).