Toyota forecasts 3% growth in Thailand’s 2024 auto sales, eyes 34.6% market share

The current market leader aims to secure the sale of 277,000 units this year, a 4% growth year on year, maintaining its top position with a 34.6% market share.

In the projected sales figures, Toyota expects 503,500 units to be commercial vehicles and 296,500 passenger vehicles, showing a 4% and 1% year-on-year growth, respectively.

The Japanese automaker contributes the growth to increased private consumption thanks to the recovery of the tourism industry, rising employment, expanded investment in infrastructure projects and supportive government policies, particularly in economic stimulus and electric vehicle promotion.

However, potential challenges include the global economic situation affecting exports, high household debts in Thailand and uncertainties related to policy rates.

In the export market, Toyota aims to ship 358,800 complete built-up vehicles from Thailand, which will be 5% lower year on year. The company has set the total manufacturing target for Thailand in 2024 at 615,700 units, down 0.9% year on year.

Thailand’s automotive market in 2023 recorded 775,780 vehicles sold, down 9% from the previous year. Meanwhile, Toyota sold 265,949 vehicles last year, down 8% from the previous year, and secured a 34.3% market share.

The company attributed last year’s low sales to the slow rebound of the economy, high household debts and financial institutes employing stringent policies in granting auto loans.

However, 2023 is the first year that Toyota’s sub-brand Lexus sold more than 1,000 units in Thailand, the company said.