Automobile production in Thailand has good prospects, aiming at being the hub of Asia
The “Research and Markets” website, a source for market insights and analysis, has recently revealed its research report on Thailand’s automobile industry in 2022-2031, stating that Thailand has become the largest automobile producer in Southeast Asia, and is called the Detroit of Asia thanks to its superior geographic location and government support.
Automobile manufacturing has long been a pillar industry of the Thai economy. In 2021, the output value of automobile manufacturing accounted for more than 10% of Thailand’s GDP. In the past five years, over one million automobiles were exported to ASEAN countries, Australia, the Middle East, and Europe every year. In addition, the import tariff on automobiles is expected to be lowered as Thailand signs more free trade agreements in the coming years.
Accordingly, the Thai government’s efforts to attract foreign investment, particularly the automobile industry, one of the targeted industries, has positioned the country as one of the world’s leading automotive manufacturing centers, or the “Automotive Hub of Asia,” especially in the sector of new energy vehicle and auto parts production. (PRD)