Thailand's new vehicle market expanded by over 20% to 78,082 units in November compared with 64,771 units a year earlier, according to data released by the Federation of Thai Industries (FTI).
The local vehicle market continues to recover from four straight years of decline, which culminated in a 4% drop to 768,788 units last year from peak levels of 1.43 million units in 2012.
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Economic growth has strengthened significantly this year, reflecting a pick-up in domestic consumption, investment and exports.Third-quarter GDP growth came in at 4.3% year-on-year, up from 3.7% in the second quarter and 3.3% in the first quarter.
The vehicle market last month also rebounded following slower than expected growth in October, when deliveries were affected by widespread floods in the country's North-eastern and Southern regions.
Toyota's sales fell by 7.5% to 21,744 units in November, while its key competitors continued to gain ground – including Isuzu which reported an 18.4% sales riseto 14,224units; Honda 10,368 units (+40.3%); Mitsubishi 6,370 units (+44.9%); Nissan 5,486 units (+55.8%); and Ford 5,499 (+43.1%).
Sales of passenger cars increased by almost 35% year-on-year to 31,435 units last month, while SUV sales jumped by close to 47% to 4,338 units, pickup trucks 38,125units (+11.0%) and other commercial vehicles 4,184 units (+0.4%).
Total vehicle sales in the first eleven months of the year increased by 12.5% to 767,348units compared with 681,930sales in the same period of last year.
The FTI has raised its full-year market projections once again in light of the strong growth in the last few months, with total 2017 sales now expected to be in the region of 870,000 units.
Vehicle production in the country increased by 11.5% to 190,385 in November and by 1.3% to 1.83 million units in the first eleven months of the year.
Exports increased by 4.6% to 103,042 units last month but were 5.3% lower at 1.04 million unitsyear-to-date.
