Sports Cars - Thailand

Thailand

Revenue in the Sports Cars market is projected to reach €1,298m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.88%, resulting in a projected market volume of €1,425m by 2029.
Sports Cars market unit sales are expected to reach 16,060.0vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to €86k.
From an international perspective it is shown that the most revenue will be generated in the United States (€18,950m in 2024).

Key regions: United Kingdom, Europe, United States, Germany, Worldwide

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Analyst Opinion

The Sports Cars market in Thailand has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Thailand have been shifting towards more luxurious and performance-oriented vehicles, with sports cars being seen as a symbol of status and success.

Thai consumers are increasingly looking for cars that offer both style and performance, and sports cars fit the bill perfectly. The desire for high-performance vehicles is also fueled by the growing popularity of motorsports in the country, with events such as the Thailand Super Series attracting a large number of enthusiasts. In terms of market trends, the Sports Cars market in Thailand has been witnessing an increase in the availability and variety of models.

International automakers have been introducing new sports car models in the country, catering to the growing demand. Additionally, there has been a rise in the number of local car manufacturers producing sports cars, offering consumers more options to choose from. This increased competition has also resulted in more competitive pricing, making sports cars more accessible to a wider range of consumers.

Local special circumstances have also played a role in the development of the Sports Cars market in Thailand. The country's favorable tax structure for imported cars has made it easier for international automakers to bring their sports car models into the market. Additionally, the government's efforts to promote tourism and attract foreign investment have led to an influx of expatriates and high-net-worth individuals, who often have a preference for luxury and high-performance vehicles.

Underlying macroeconomic factors have also contributed to the growth of the Sports Cars market in Thailand. The country's strong economic growth and rising disposable incomes have increased the purchasing power of consumers, allowing them to afford more expensive and luxurious vehicles. Additionally, low interest rates and easy access to financing have made it easier for consumers to purchase sports cars on credit, further driving the market.

In conclusion, the Sports Cars market in Thailand is experiencing growth due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The desire for luxurious and high-performance vehicles, increased availability and variety of models, favorable tax structure, and strong economic growth are all contributing to the development of the market.

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).