BANGKOK — The 41st Thailand International Motor Expo 2024 concluded with promising results for the Thai automotive industry, recording 62,495 vehicle bookings and generating over 55 billion baht ($1.6 billion) during its 13-day run from November 28 to December 10. Electric vehicles (EVs) accounted for a record 41.3% of total bookings, signaling a major shift in consumer preferences.
Chairman of the Motor Expo, Mr. Kwanchai Paphatphong, announced that the event drew 1,426,044 visitors and resulted in bookings for 54,513 cars and 7,982 motorcycles. “This is a remarkable success that has helped reinvigorate Thailand’s automotive industry during a challenging year,” said Kwanchai, highlighting the event’s contribution to stimulating the economy.
Sales Breakdown and Emerging Trends
The event’s “Buy a Car, Win a Car” promotion revealed a clear tilt toward EV adoption:
- Conventional ICE/HEV/PHEV vehicles: 32,070 units (58.7%)
- Pure electric vehicles (BEV): 22,564 units (41.3%)
Toyota led car bookings with 8,297 units, followed by BYD (7,042), Honda (5,081), AION (3,668), and MG (3,311). In the motorcycle segment, top brands included ZONTES, EM, ROYAL ALLOY, YAMAHA, and TRIUMPH.
The average price of cars sold at the expo stood at 1,259,928 baht, while motorcycles averaged 191,063 baht.
Economic Impact and Market Context
The Motor Expo’s success comes amid significant challenges for the Thai automotive sector. The Federation of Thai Industries (FTI) revised its 2024 production target down to 1.05 million units from 1.5 million due to declining market conditions. October 2024 saw a 25.13% drop in production year-on-year, with domestic car sales hitting a 54-month low of 37,691 units.
Industry growth has also been hampered by stricter auto loan regulations, high household debt, and modest industrial expansion of just 0.1% in Q3 2024. Despite these hurdles, the Motor Expo has provided a critical boost to the sector, showcasing consumer interest in both traditional and electric vehicles.
The event’s results offer a ray of hope for Thailand’s automotive industry, signaling resilience and adaptability in the face of economic headwinds.
