Thai pickup market tumbles 45% in Q3 2024 pulling down market overall
By Will Pulson - 15th January 2025
Thailand - Sales of commercial vehicles over 2 tons gvw in Thailand continued to plunge in the third quarter of 2024, by 45% to 45,111 units after declining by 22% to 82,386 units in the same period of last year, based on data from local industry sources.
The market downturn persisted despite an acceleration in economic growth in the country in the third quarter, to 3.0% year-on-year from 2.2% growth in the second quarter, driven a pick-up in government spending to 6.3% from 0.3%, a rebound in fixed investment growth to 5.2% after a 6.1% decline in the previous quarter, and higher exports. Private consumption growth slowed to 3.4% from 4.9%, reflecting high household debt and tightened lending rules by banks.
