Luxury Cars - Thailand

Thailand

Highlights

Revenue in the Luxury Cars market is projected to reach US$494m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.07%, resulting in a projected market volume of US$548m by 2029.
Luxury Cars market unit sales are expected to reach 2.6k vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$203k.
From an international perspective it is shown that the most revenue will be generated United States (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Thai consumers have shown a strong preference for luxury cars, particularly those from renowned European brands. These brands are often associated with prestige, quality, and advanced technology, which appeals to the affluent Thai population. Additionally, Thai consumers value comfort and safety features in their luxury cars, as well as the latest in-car entertainment systems.

Trends in the market: One major trend in the luxury car market in Thailand is the increasing popularity of SUVs. SUVs offer a combination of luxury, versatility, and practicality, making them attractive to Thai consumers who value both style and functionality. Another trend is the growing demand for electric and hybrid luxury cars. With increasing concerns about the environment and rising fuel prices, Thai consumers are becoming more interested in eco-friendly luxury cars that offer lower emissions and better fuel efficiency.

Local special circumstances: Thailand has a strong luxury car culture, with a significant number of high-net-worth individuals who are willing to invest in luxury vehicles. The country's growing economy, coupled with a rising middle class, has contributed to the increasing demand for luxury cars. Moreover, Thailand's status as a popular tourist destination has also played a role in the growth of the luxury car market. Tourists, especially those from neighboring countries, often rent luxury cars during their visits, further driving the demand.

Underlying macroeconomic factors: Thailand's strong economic growth has been a key driver of the luxury car market. As the country's GDP continues to rise, more people have disposable income to spend on luxury goods, including cars. Additionally, low interest rates and favorable financing options have made luxury cars more affordable for many Thai consumers. The government's efforts to attract foreign direct investment and promote the automotive industry have also contributed to the growth of the luxury car market in Thailand.

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).