Thailand Used Car Market Size (2024 - 2029)

Thailand Used Car Market Analysis

The Thailand Used Car Market size is estimated at USD 5.10 billion in 2024, and is expected to reach USD 8.30 billion by 2029, growing at a CAGR of 7.10% during the forecast period (2024-2029).

The Thai used car market is a dynamic and rapidly evolving sector influenced by economic conditions, consumer preferences, regulatory policies, and technological advancements.

The Thai used car market is substantial and diverse, reflecting the country's vibrant automotive industry and robust demand for affordable transportation solutions. With a growing middle class and increasing urbanization, there is a significant need for reliable and cost-effective mobility options, driving the demand for used cars nationwide.

Many vehicles cater to a wide range of budgetary constraints and preferences. From compact hatchbacks to spacious SUVs, consumers can access a diverse selection of pre-owned vehicles from domestic and international manufacturers. This diversity provides buyers with ample choices that contribute to the overall vibrancy of the market.

Moreover, affordability is crucial in fueling demand for used cars in Thailand. While new car prices continue to rise, particularly for vehicles with advanced features and technologies, many consumers opt for pre-owned vehicles as a cost-effective alternative.

The convenience offered by online channels has significantly expanded the reach of the used car market, attracting a broader audience of tech-savvy consumers. The lower initial purchase price and reduced depreciation rates make used cars an attractive option for budget-conscious buyers seeking value for money.

As the automotive industry continues to evolve, the used car market in Thailand is poised for further growth and transformation, driven by growing consumer needs and market dynamics.

Thailand Used Car Industry Segmentation

A used car, a pre-owned vehicle, or a second-hand car is a vehicle with one or more retail owners. Used cars are sold through various outlets, including franchise and independent car dealers, rental car companies, buy-here-pay dealerships, leasing offices, auctions, and private party sales.

The Thai used car market is segmented by vehicle, vendor, booking, and fuel types. The market is segmented by vehicle type into hatchbacks, sedans, sports utility vehicles (SUVs), and multi-purpose vehicles (MPVs).

By vendor type, the market is segmented into organized and unorganized. The market is segmented into petrol, diesel, and other fuel types under fuel type. By booking type, the market is segmented into online and offline. Market sizing and forecasting are done for each segment based on value (USD).