Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Thailand has been experiencing significant growth in recent years, driven by changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: In Thailand, customer preferences for vehicles have shifted towards SUVs due to their versatility, spaciousness, and perceived safety. Thai consumers are increasingly looking for vehicles that can accommodate their active lifestyle, provide ample cargo space, and offer a commanding driving position. SUVs fulfill these requirements, making them a popular choice among buyers in the country.
Trends in the market: One of the key trends in the SUVs market in Thailand is the increasing demand for compact SUVs. These vehicles offer a balance between the spaciousness and ruggedness of traditional SUVs and the maneuverability and fuel efficiency of smaller cars. Compact SUVs are particularly popular among urban dwellers who value the practicality and style of SUVs but also need a vehicle that is easy to maneuver in congested city streets. Another trend in the market is the growing popularity of hybrid and electric SUVs. As environmental concerns and fuel efficiency become more important to consumers, there is a rising demand for SUVs that offer lower emissions and better fuel economy. Hybrid and electric SUVs provide an attractive alternative to traditional gasoline-powered models, and automakers are introducing more options in this segment to cater to the changing preferences of Thai consumers.
Local special circumstances: Thailand has a thriving automotive industry, with several major automakers establishing production facilities in the country. This has led to a wide range of SUV models being available in the market, offering consumers a variety of choices in terms of features, price points, and brand options. The presence of local manufacturing also helps keep prices competitive, making SUVs more accessible to a larger segment of the population. Additionally, the Thai government has implemented various policies and incentives to promote the production and adoption of eco-friendly vehicles, including SUVs. These initiatives include tax breaks and subsidies for hybrid and electric vehicles, as well as infrastructure development to support the charging and refueling needs of these vehicles. These efforts have contributed to the growing popularity of hybrid and electric SUVs in the country.
Underlying macroeconomic factors: Thailand's strong economic growth and rising middle-class population have played a significant role in the development of the SUVs market. As incomes increase, more consumers are able to afford SUVs, which are generally priced higher than smaller cars. The growing middle class in Thailand also values the status and prestige associated with owning an SUV, further driving the demand for these vehicles. In conclusion, the SUVs market in Thailand is experiencing growth due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for SUVs is driven by their versatility, spaciousness, and perceived safety, with compact and hybrid/electric SUVs gaining popularity. The presence of a thriving automotive industry and government incentives further support the growth of the SUVs 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).
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