Thailand’s Automobile Sales by Segment in 2023

Thailand’s automobile sales decreased by 5.3% from the previous year to 798,540 units in 2023, falling below 800,000 units for the first time in two years. The reasons behind the drop were the economic downturn and stricter loan screening for sales financing. In Thailand, one-ton pickup trucks, which receive preferential excise tax treatment, are the most popular choice of vehicle. Until 2022, one-ton pickup trucks accounted for more than 40% of the total vehicle market, with the remainder divided between passenger cars, and SUVs and MPVs. However, in 2023, one-ton pickups fell to 36.5%, well below 40%, while passenger cars and SUVs increased their share.