Open supporting factors for “Thai automotive industry” in 2021-2023, analysts are confident that they will grow by 4%, but keep an eye on risk factors. US-China political issues ,Philippines import tax hike, electric car policy may affect exports.
Krungsri Research has analyzed the trend of the Thai automotive industry in 2021-2023. Thai automobile production in the next 3 years is likely to grow by 3.0-4.0%, with supporting factors such as domestic sales that will tend to grow 3.0- 4.0% according to the gradually recovering economy It is expected that the demand for commercial vehicles will grow well virtue of the expansion of the construction sector. online retail business In addition, operators plan to continuously launch new models of electric cars and internal combustion engine cars. However, the sales growth rate is likely to be limited. Because the purchasing power of consumers is expected to gradually recover in accordance with the economic direction. Household debt remains high. And financial institutions are still strict in credit approval. While the car export market It is expected to grow at an average of 4.0-5.0%, driven by the gradual recovery of the global economy. In addition, the ASEAN Free Trade Area helps boost exports in the region. As well as establishing a Mutual Recognition Agreement (MRA) in the ASEAN region on the inspection and certification of safety standards of vehicles and parts will help reduce the process of being re-examined. Risk factors to watch include uncertainties arising from the US-China trade dispute, and the Philippines (one of its key export markets) may increase tariffs on Thai auto imports in response to the trade dispute. (In the case of Thailand accusing the Philippines of exaggerating the price of imported cigarettes, which the WTO judged that Thailand lost the case), as well as many governments around the world having policies to support the use of electric cars, may affect Thai car exports, which are almost all combustion engines. inside
