BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, Thailand two-wheeler market size is projected to grow at a steady CAGR of 5.3% during the forecast period between 2023 and 2029. The increasing demand for two wheelers as the principal mode of transportation in urban and suburban areas of Thailand as well as the increased disposable income of households are both contributing to the brisk expansion of the two-wheeler market in Thailand. The biggest manufacturers, including in Japan, are progressively introducing their products in Thailand in order to capitalize on the burgeoning demand for electric two-wheelers and are setting up manufacturing facilities there, which is projected to offer lucrative growth opportunities to the Thailand two-wheeler market during the forecast period.
Thailand Two-wheeler market – Overview
An automobile with two wheels is referred to as a two-wheeler. As with single-track vehicles, the two wheels can be placed side by side on the same axle or in tandem, one after the other. Honda, Yamaha, and Piaggio are the market leaders in the Thailand two-wheeler market. A current international or Thai motorcycle license is legally required to operate a two wheeler in Thailand. Prior to 2021, the regulations were stricter and called for a Paris Convention on Motor Vehicle Traffic-issued international license, but after 2021, an International Driver’s Permit will do.
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Thailand Two-wheeler market – By Vehicle Type
Based on vehicle type, Thailand Two-wheeler market is segregated into motorcycles and scooters/mopeds. The scooter/moped segment accounts for a higher share in the Thailand two-wheeler market. The rising demand for scooters is being fueled by individual commute needs as well as increasing launches of electric scooters. Electric vehicles are environmentally friendly and save fuel costs for the owners. Furthermore, domestic production of scooters/mopeds also allows the manufacturers to keep the prices of the scooters competitive, which is also propelling market growth.
Impact of COVID-19 on Thailand Two-wheeler market
The unprecedented COVID-19 outbreak resulted in a significant decline in the demand for two wheelers in the Thailand market. Thailand is a manufacturing hub for two wheeler production. However, with the lockdown imposition by the government and a shortage of components, the two-wheeler market had to undergo a rough phase. Furthermore, as the World Bank reported, “more than 70% of the interviewed households experienced a decline in their income since March 2020, with around 80% of the households in rural areas, the southern region, and low-income groups experiencing income declines.” It also affected the Thailand two-wheeler market, incurring huge losses to the manufacturers.
Competitive Landscape
Major players operating in Thailand two-wheeler market include Honda Automobile (Thailand) Co., Ltd., Kawasaki Motor Enterprise Company Limited, Yamaha Thailand, Suzuki Motor (Thailand) Company Limited, Ducati, Triumph Motorcycles (Thailand) Limited, Harley Davidson, Piaggio & C. SpA, BMW, and Bajaj Auto Limited. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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