Report Overview

Thailand Two-Wheeler Market - Industry Trends & Forecast Report, 2029

Thailand two-wheeler market size is projected to grow at a CAGR of 5.3% during the forecast period between 2023 and 2029. The Thailand two-wheeler market is expected to register boisterous growth owing to the rising demand from the urban and suburban cities, as the primary means of transportation along with the increasing disposable income of families. Thailand is emerging as a lucrative market for electric two wheelers, which is why the largest manufacturers such as Japan are increasingly launching their products to tap into the growing potential and establish their manufacturing units in the country.

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 that year, an International Driver's Permit will do.

Thailand Two-Wheeler Market

Growth Drivers

Rising Demand for Electric Two Wheeler

Electric two wheeler is gaining huge traction in the Thailand market owing to increasing fuel prices and lower operating costs compared to their petrol substitutes. The rising focus towards sustainability and shift towards greener energy alternatives and concerns surrounding air and noise pollution are significantly propelling the growth of the two wheelers in Thailand. Additionally, favorable government policies are also projected to offer lucrative growth opportunities to the electric two wheeler in the country. The Thailand Government has announced its target of 100% zero-emission vehicles by 2035.

Restraints

Lack of Government Regulations and High Safety Concerns

Bangkok reportedly has the worst traffic in the whole world, which is bad for the city's growth on all fronts—economic, social, and financial. Although the Road Traffic Act was implemented in 1980 in Thailand, traffic rule violations are quite frequent in the country. All parts of Thailand frequently see speeding, reckless passing, and disregard for the law. This increases the chances of road accidents, causing serious accidents, injuries, disabilities, or even death. This may prompt the shift towards four wheelers from two wheeler, negatively impacting the Thailand two-wheeler 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 has had catastrophic effects on the Thailand two-wheeler market, incurring huge losses to the manufacturers.

Thailand Two-Wheeler Market

Segmental Coverage

Thailand Two-Wheeler Market – By Vehicle Type

Based on vehicle type, the 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.

Thailand Two-Wheeler Market – By Engine Capacity

Based on engine capacity, the Thailand two-wheeler market is segmented into up to 125cc, 126cc, 250cc, 250–500cc, and above 500cc. Up to 125cc and 126-250cc engine capacity holds the highest market share. The best motorcycle engines have a capacity of up to 100 CC, and it has been shown that those with a capacity of 110 CC to 150 CC provide decent mileage. The high popularity of scooters amongst locals in Thailand for their daily commute is driving the growth of this engine capacity due to overcrowding in the country as well as availability at low prices compared to four wheelers.

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.

Recent Developments

• In December 2022, Sersol Bhd and Thai energy giant Takuni Group Public Company Ltd., signed a joint venture agreement to manufacture, assemble and distribute electric motorbikes and scooters across Thailand, Malaysia, and Indonesia.

Scope of the Report

By Vehicle Type

• Motorcycle

• Scooter/Moped

By Engine Capacity

• Up to 125cc

• 126–250cc

• 250–500cc

• Above 500cc

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Thailand Two-Wheeler Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Population Growth
         2. Rise in Consumer Spending Power
         3. Increasing Demand for Electric Two-Wheeler
      2. Restraints
         1. High Installation Cost
      3. Opportunities
         1. Increasing Research and Development Activities
      4. Challenges
         1. Stringent Government Regulations
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Thailand Two-Wheeler Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Vehicle Type
         1. Motorcycle
         2. Scooter/Moped
      2. By Engine Capacity
         1. Up to 125cc
         2. 126–250cc
         3. 250–500cc
         4. Above 500cc
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Thailand Two-Wheeler Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on Thailand Two-Wheeler Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Honda Automobile (Thailand) Co., Ltd.
   2. Kawasaki Motor Enterprise Company Limited
   3. Yamaha Thailand
   4. Suzuki Motor (Thailand) Company Limited
   5. Ducati
   6. Triumph Motorcycles (Thailand) Limited
   7. Harley Davidson
   8. Piaggio & C. SpA
   9. BMW
   10. Bajaj Auto Limited
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.  Breakdown of Primary Research Respondents, By Region
   5.  Assumptions & Limitations

*Financial information of case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List Of Figures

Figure 1       Thailand Two-Wheeler Segmentation

Figure 2       Thailand Two-Wheeler Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Thailand Two-Wheeler Market Size, By Value (USD Million), 2019–2029

Figure 5       Thailand Two-Wheeler Market Share, By Vehicle Type, By Value, 2019–2029

Figure 6       Thailand Two-Wheeler Market Share, By Engine Capacity, By Value, 2019–2029

List of Tables

Table 1 Thailand Two-Wheeler Market Size, By Value (USD Million), 2019–2029

Table 2 Thailand Two-Wheeler Market Size, By Vehicle Type, By Value, 2019–2029

Table 3 Thailand Two-Wheeler Market Size, By Engine Capacity, By Value, 2019–2029

Table 4 Honda Automobile (Thailand) Co., Ltd. Company Overview

Table 5 Honda Automobile (Thailand) Co., Ltd. Financial Overview

Table 6 Kawasaki Motor Enterprise Company Limited Company Overview

Table 7 Kawasaki Motor Enterprise Company Limited Financial Overview

Table 8 Yamaha Thailand Company Overview

Table 9 Yamaha Thailand Financial Overview

Table 10 Suzuki Motor (Thailand) Company Limited Company Overview

Table 11 Suzuki Motor (Thailand) Company Limited Financial Overview

Table 12 Ducati Company Overview

Table 13 Ducati Financial Overview

Table 14 Triumph Motorcycles (Thailand) Limited Company Overview

Table 15 Triumph Motorcycles (Thailand) Limited Financial Overview

Table 16 Harley Davidson Company Overview

Table 17 Harley Davidson Financial Overview

Table 18 Piaggio & C. SpA Company Overview

Table 19 Piaggio & C. SpA Financial Overview

Table 20 BMW Company Overview

Table 21 BMW Financial Overview

Table 22 Bajaj Auto Limited Company Overview

Table 23 Bajaj Auto Limited Financial Overview