The COVID-19 pandemic had a very negative influence on sales of premium and luxury cars in Thailand during 2020. In particular, the quarantine lockdown that was in effect during the second quarter of the year made a heavy contribution to the negative performance seen in the category over the course of the year.
Thai consumers who are considering buying a new automobile will invariably want to visit car showrooms and take test drives as a key part of the purchase process. This was of course impossible during the COVID-19 quarantine lockdown that was in place for several weeks between March and May 2020.
The trade war between the US and China rumbled on during 2020 and among the most notable developments during the year was the increase in import taxes levied on new automobiles arriving in China from the US. The resultant 25% import tax made US vehicle exports to China highly uncompetitive.
One of the big opportunities for Thailand’s premium and luxury car brands as they seek to recover from the devastation of the COVID-19 situation during 2020 is the strong shift being seen towards electric vehicles. In particular, the Thai government is pushing even harder towards favouring the use of electric vehicles, including hybrids, plug-in hybrids and battery-powered vehicles.
Amid the devastation of the COVID-19 pandemic during 2020, many of Thailand’s leading brands of premium and luxury cars have launched new models in an effort to stand out from their rivals and capture demand as the category becomes increasingly competitive. Prominent among these new models are hybrid electric sport cars and sports utility vehicles.
With the COVID-19 pandemic having suppressed demand for all types of new vehicles, including premium and luxury cars, industry stakeholders have sort to petition the authorities to take regulatory action to create a more favourable trade environment. In particular, the Federation of Thai Industries has issued a proposal to the Excise Department to reduce the excise tax levied on all types of vehicles by 50%, which would have the effect of reducing the retail selling prices of new cars and encourage consumers to spend money on them.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Luxury Cars industry in Thailand with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Luxury Cars industry in Thailand, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Luxury Cars research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page