Research Overview

Thailand’s TIV dropped by 21.4% in 2020 when compared to 2019. Sales is projected to increase by 8.7% (YoY growth rate) in 2021 to 861,000 units. The commercial vehicle (CV) segment continues to dominate with a 56.6% share, and it is projected to reach 57.3% in 2021, driven by government stimulus measures in response to the pandemic. Diesel powertrain sales rose from 54.0% in 2019 to 56.8% in 2020, propelled by the high demand for the new Isuzu D-Max and the updated Toyota Hilux.

Vehicles with engine capacity less than 1,300 cc are the most popular segment in the Thailand passenger vehicle (PV) market (28.5% market share in 2020). Demand is driven by the eco-car models offered with downsized engine specifications. Given both import tax and vehicle excise tax privileges for BEVs, particularly for Chinese imports, a sales spurt was observed in 2020. However, sales volumes continue to be smaller than other sub-segments, mainly due to the lack of variety and charging infrastructure bottlenecks. Although total CV segment sales volumes dropped due to poor economic activity, particularly in the tourism and the manufacturing industries, pickup trucks continued to dominate this space.

In 2020, EV market TIV was 13,570 units, a 38.9% rise from the total units sold in 2019. The market is expected to see an increase of 106.3%, YoY, and reach around 28,000 units in 2021.