BANGKOK — The 41st Thailand International Motor Expo 2024 has concluded with impressive results, recording total vehicle bookings of 62,495 units during its 13-day run, generating over 55 billion baht ($1.6 billion) in circulation. The event saw a significant surge in electric vehicle (EV) bookings, accounting for 41.3% of total car reservations.
Mr. Kwanchai Paphatphong, Chairman of the Motor Expo, reported that the event (November 28 – December 10, 2024) achieved total bookings of 54,513 cars and 7,982 motorcycles. The exhibition attracted 1,426,044 visitors throughout its duration.
“This is a remarkable success that has helped reinvigorate Thailand’s automotive industry during a challenging year,” said Kwanchai. “The event has significantly contributed to stimulating the Thai economy.”
Sales Breakdown and Market Trends
The event’s “Buy a Car, Win a Car” promotion revealed interesting market trends:
- Conventional ICE/HEV/PHEV vehicles: 32,070 units (58.7%)
- Pure electric vehicles (BEV): 22,564 units (41.3%)
- Toyota emerged as the top-selling brand with 8,297 units, followed by BYD with 7,042 units and Honda with 5,081 units. Other notable performers included AION (3,668 units) and MG (3,311 units).
Industry Context and Economic Impact
The strong performance at the Motor Expo comes against a backdrop of challenging market conditions. The Federation of Thai Industries (FTI) had previously revised its 2024 automotive production target down to 1.05 million units from 1.5 million units. October 2024 production figures showed a 25.13% year-on-year decline, with domestic sales hitting a 54-month low of 37,691 units.
The average price for cars sold at the expo was 1,259,928 baht, while motorcycles averaged 191,063 baht. In the motorcycle segment, ZONTES, EM, ROYAL ALLOY, YAMAHA, and TRIUMPH led the bookings.
The event’s success provides a bright spot in Thailand’s automotive sector, which has been affected by stricter auto loan regulations and broader economic challenges, including high household debt and modest industrial growth of 0.1% in Q3 2024.
__________
