After signs of a rebound in December, an analyst forecasts that Thailand’s market will bottom out in 2021, even as volumes for the year are still expected to be down on 2020.
Thailand’s new vehicle market rebounded strongly in December 2020, with sales rising by over 7% to 95,636 units from 89,285 units in the same month of the previous year, according to wholesale data compiled by the Federation of Thai Industries (FTI).
While the rebound came against weak year-earlier sales, the vehicle market had become much more stable in the last few months. Day-to-day domestic economic activity in the country had largely returned to normal after the government eased social and business restrictions towards the end of the second quarter as the threat of COVID-19 receded.
The economy was still under significant pressure from weak private consumption and investment, however, while business and consumer confidence remained weak.