Thailand’s vehicle sales are expected to fall 7% this year according to consultancy firm Frost & Sullivan. But cars could buck the trend.
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Vehicle sales will slip to 572,877 units, said Vivek Vaidya, Director of Automotive & Transportation Practice, Asia Pacific.
Sales of pick-up trucks of less than 1 ton and vans could slide 15% to 46,056 units as the economic slowdown weighs on the construction, transport, logistics and agriculture industries, Vaidya said at a press conference, Dow Jones reported.
Sales of the popular 1-ton pick-up vehicles are also expected to tumble 15% to 284,140 units as consumers turn torward more fuel-efficient cars.
However, Vaidya said that passenger-car sales would continue to grow 7% to 242,681 units – boosted by entry-level cars such as Honda’s Jazz.
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By GlobalDataVaidya said that consumer confidence in Thailand has been bruised not only because of the economic downturn, but also due to the recent political uncertainty, which included a blockade of Bangkok’s two airports late last year.
“Once the fear is taken away you will see the market grow again,” Vaidya said.
He also said Thailand could benefit from the strengthening yen, which was prompting Japanese manufacturers to move some production offshore.
