The document is the "2025 China Auto Overseas Insights – Thailand Edition" released by the Autohome Research Institute. It mainly focuses on Thailand's economic situation, automotive market trends, the layout of Chinese brands in Thailand, and Thai consumers' views on Chinese cars. The specific content is as follows:
- Thailand's Economic Situation: Thailand is the second largest economy in Southeast Asia, with a per capita GDP of $7,172 in 2023, making it an upper-middle-income country. The service industry is the largest pillar of its economy, contributing 61% of GDP. The COVID-19 pandemic in 2020 caused a sharp decline in Thailand's economy, which gradually recovered under policy stimulus, but also brought inflation problems. The central bank began raising interest rates in 2022. At the same time, Thailand's economic recovery faces structural imbalances. Growth in private consumption mainly relies on the recovery of tourism, while industries such as electronics and automobiles are sluggish, and agriculture and real estate have not seen significant expansion. In addition, the Thai government's "10,000 Baht Digital Wallet" program has not been effective, private consumption remains low, household debt is high (90% of GDP), and financial institutions have tightened loan approvals, all of which affect the sustainability of economic recovery.
- Trends in Thailand's Automotive Market: Currently, Thailand's car market is sluggish due to high borrowing costs, difficulty in obtaining loans, lack of consumer confidence, and price wars. Sales are expected to remain low through 2025, but in the medium to long term, recovery is expected with policy support for electric vehicles. The share of traditional pickup trucks is declining, the SUV market share continues to rise, and the growth rate of new energy vehicle penetration is slowing. Japanese brands still dominate the market with a share of over 75%. Chinese brands have exceeded a 10% market share for two consecutive years and have an absolute lead in the new energy market, with Chinese brands such as BYD and MG performing prominently.
- The Layout of Chinese Brands in Thailand: Chinese car companies are accelerating their layout in the Thai market, from exporting complete vehicles to building local factories and deepening the entire industry chain. Brands such as SAIC, Great Wall, BYD, Neta, Changan, and Chery have all built or expanded factories in Thailand, with products mainly focused on new energy vehicles. 80% of Chinese brands' sales in Thailand come from new energy vehicles, but they also face challenges such as low localization rates and the need to improve brand reputation.
- Thai Consumers' Views on Chinese Cars: 72% of Thai consumers are willing to buy Chinese brand cars, mainly because Chinese cars are low-priced, have low usage costs, and meet their needs for cost performance, functional practicality, intelligence, and a sense of fashion. However, fuel vehicles are still the mainstream choice. Most consumers have some understanding of Chinese new energy vehicle brands, with BYD and MG being mentioned multiple times.
