Toyota takes 34% auto market share amid contraction
Toyota Motor Thailand Co Ltd was the top-selling vehicle brand in the period from January to October, accounting for nearly 34% share in a contracting market.
The overall market saw sales of 645,833 units sold, down 7.5% compared to the same period last year. In October, 58,963 units were sold, representing an 8.8% decrease year on year.
The top 10 auto brands in Thailand based on sales (Jan-Oct 2023):
Toyota: 220,144 units
Isuzu: 131,256 units
Honda: 77,188 units
Ford: 31,329 units
Mitsubishi: 28,280 units
MG: 22,293 units
BYD: 21,865 units
Mazda: 14,709 units
Nissan: 13,886 units
Neta: 10,565 units
The decline in auto sales has been partially attributed to the economic conditions that have yet to recover to pre-Covid levels. Consumers continue to delay purchase decisions, and a significant obstacle is the stringent stance of financial institutions in extending credit, auto industry observers said. There is concern about the creditworthiness of borrowers, particularly in the commercial vehicle market and the one-ton pickup truck segment, where financing plays a pivotal role in driving sales.
In October 2023, total auto sales reached 58,963 units, marking an 8.8% decline compared to the same period last year. However, passenger cars continued to show consistent growth with sales of 22,130 units, representing a 13.7% increase. Commercial vehicles experienced a consecutive decline with total sales of 36,833 units, reflecting an 18.4% contraction. This decline was particularly notable in the one-ton pickup truck segment, which closed the month with sales of 22,998 units, down by 35.1%.
Supakorn Rattanawaraha, deputy managing director of Toyota Motor Thailand Co Ltd, revealed that there was a modest hope for a recovery in the automotive market in November. This aligns with the high sales season when car manufacturers plan to introduce new car models along with sales promotion campaigns to stimulate sales and meet year-end sales targets.
One of the major auto events of the year will be the 40th Thailand International Motor Expo 2023 scheduled to take place from November 30 to December 11. Many customers are eagerly anticipating special offers during this event. However, the significant challenge lies in the stringent credit policies of financial institutions, posing a crucial obstacle to the growth of the automotive market in all segments, Supakorn said.
