Mini Cars - Thailand

Thailand

Revenue in the Mini Cars market is projected to reach €55m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.49%, resulting in a projected market volume of €59m by 2029.
Mini Cars market unit sales are expected to reach 6.5k vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to €9k.
From an international perspective it is shown that the most revenue will be generated in China (€6,473m in 2024).

Key regions: Worldwide, China, India, United Kingdom, Germany

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Analyst Opinion

The Mini Cars market in Thailand has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: Thailand has seen a shift in customer preferences towards smaller and more fuel-efficient vehicles, which has contributed to the growth of the Mini Cars market. With increasing concerns about environmental sustainability and rising fuel prices, consumers are opting for compact cars that offer better fuel efficiency. Mini Cars are also popular among urban dwellers due to their compact size, which makes them easier to maneuver in congested city streets and park in limited spaces.

Trends in the market: One of the key trends in the Mini Cars market in Thailand is the growing demand for electric and hybrid vehicles. As the government implements policies to promote clean energy and reduce carbon emissions, consumers are increasingly interested in eco-friendly transportation options. This has led to the introduction of electric and hybrid Mini Cars in the market, offering customers a greener alternative. Another trend in the market is the integration of advanced technology and features in Mini Cars. Manufacturers are constantly innovating to meet the evolving needs of customers, incorporating features such as touchscreen infotainment systems, advanced safety features, and smart connectivity options. These technological advancements have enhanced the overall driving experience and convenience for consumers.

Local special circumstances: Thailand's government has implemented various policies and incentives to promote the production and adoption of Mini Cars. These include tax incentives, subsidies, and reduced import duties for fuel-efficient vehicles. These measures have not only encouraged local production but also attracted foreign manufacturers to set up production facilities in Thailand. This has led to a wider range of Mini Car options available in the market, catering to diverse customer preferences.

Underlying macroeconomic factors: Thailand's strong economic growth and increasing urbanization have contributed to the expansion of the Mini Cars market. As more people migrate to urban areas, the demand for compact cars has risen, driven by the need for affordable and efficient transportation. Additionally, rising disposable incomes and a growing middle class have made Mini Cars more affordable and accessible to a larger segment of the population. In conclusion, the Mini Cars market in Thailand is experiencing growth due to changing customer preferences towards smaller and more fuel-efficient vehicles, the emergence of electric and hybrid Mini Cars, the integration of advanced technology and features, government policies and incentives, and underlying macroeconomic factors such as strong economic growth and urbanization. These factors have created a favorable environment for the Mini Cars market to thrive in Thailand.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).