Thailand’s luxury auto sales drop 25% in 2024
In this article (5)
Luxury auto sales in Thailand plunged 25% to 30,000 units last year as a struggling economy hurt buyers.
The slow economic expansion rate (projected to be 2.4-2.7%) and banks’ tighter criteria for auto loans have resulted in a negative impact across the the automotive industry, said Teeraphong Rodloy, country manager of Wearnes Automotive Thailand.
“Overall sales in the luxury car segment were affected by these economic circumstances,” he said.
Wearnes Automotive Thailand, the importer of British sports car maker Lotus Cars, said that prospective buyers have been affected by the impact of the sluggish economy.
The slowdown extended beyond luxury vehicles. Pickups was among the segments with steepest declines.
In the first 10 months last year sales of pickups dropped 39.5% to 137,456 units, according to the Federation of Thai Industries.
Sales hit the lowest in 23 years, said Ratthakarn Jutasen, managing director of Ford Thailand.
Questions & Answers
Q.What was the total volume of luxury auto sales in Thailand last year?
What was the total volume of luxury auto sales in Thailand last year?
Luxury auto sales in Thailand reached 30,000 units last year. This represented a 25% drop compared to the previous period, indicating a significant decline in the market for high-end vehicles.
Q.Which factors contributed to the decline in luxury auto sales in Thailand?
Which factors contributed to the decline in luxury auto sales in Thailand?
The struggling economy, characterised by a slow economic expansion rate, and banks implementing tighter criteria for auto loans, negatively impacted luxury auto sales. These conditions affected prospective buyers' ability to purchase vehicles.
Q.Was the sales decline limited to the luxury vehicle segment?
Was the sales decline limited to the luxury vehicle segment?
No, the sales decline extended beyond luxury vehicles. The pickup segment also experienced a significant drop, with sales falling by 39.5% to 137,456 units in the first 10 months of last year.
Q.How did last year's pickup sales compare to historical figures?
How did last year's pickup sales compare to historical figures?
Pickup sales last year hit their lowest point in 23 years. This indicates a substantial and long-term decline in demand for these types of vehicles within the Thai automotive market.
Reader pulse
Will Thai auto sales rebound in 2024?
20,774 votes so far