Thai auto industry shows resilience in 2023 Bangkok International Motor Show
The 2023 Bangkok International Motor Show came to an end on Sunday, and the numbers show that the Thai automotive industry is making a strong comeback. Car and motorcycle bookings increased by more than 35% year-on-year to 45,983 units, a figure attributed to an improving economy and the growing popularity of electric vehicles (EVs).
Jaturon Komolmit, Vice-Chairman of Grand Prix International, which organized the event, credited the government’s policy to promote EVs for boosting the industry. He said…
“The Thai automotive industry tends to get healthier and grow, thanks to EVs which drew a good response from buyers.”
This year’s motor show saw a total of 50 new models of battery and oil-powered cars and motorcycles, including 9,234 bookings for electric autos, making up 21.5% of total car bookings. While internal combustion engine-based cars still commanded the most bookings at 33,651 units, a year-on-year increase of more than 34%.
Despite concerns expressed by global carmakers regarding high inflation, household debt, and stricter loan conditions, the Thai auto industry appears to be showing resilience. Surapong Paisitpatanapong, Vice-Chairman of the Federation of Thai Industries (FTI) and spokesman for the FTI’s Automotive Industry Club said he believes the prolonged global semiconductor shortage will ease this year, compared with the severe scarcity a few years ago, Bangkok Post reported.
The 12 day event drew 1.62 million visitors, an increase from 1.57 million visitors last year, with bookings of motorcycles also increasing by 56.7% year-on-year to 3,098 units. Electric motorcycles accounted for 837 of the tally.
As the industry looks towards the future, the FTI’s Automotive Industry Club expects total car manufacturing in Thailand to reach its target of 1.95 million units this year, an increase of 3.53% from more than 1.88 million units in 2022.
The 2023 Bangkok International Motor Show has shown that the Thai auto industry is bouncing back, and the popularity of EVs is helping to drive growth, just as it did at last year’s show.
