Global supplier Robert Bosch reported a 22% rise in sales in Thailand last year to THB10.8bn (US$310m) and is looking at another year of double-digit growth in 2016.
It is the first time since 2013 revenues have exceeded THB10bn before the domestic vehicle market declined by one-third to 882,000 units in 2014.
Managing director Joseph Hong said the Thai economy this year is growing at a similar rate to last year, helped by higher government spending – particularly on infrastructure projects.
He said vehicle production had improved since the second half of last year with steadily improving exports helping to offset pockets of lingering weakness in domestic demand.
The company employs 1,100 people in Thailand, mainly in the automotive and industrial equipment sectors. Automotive accounts for around 50% of revenues in this market.