Thailand's auto market foreseen on the rise

BANGKOK, December 15 (TNA) - Bank of Ayudhya says that Thailand's auto market should further grow by about 10 per cent year-on-year next year, on top of the same year-on-year growth rate this year. The bank's top executive for auto credit business, Pairoj Chuenkrut, made the projection on December 14, attributing the expanding domestic auto market to people's increasing purchasing power from the Thai government's policy on raising the income of local farmers and the grassroots, as well as sale volumes at the 34th Thailand International Motor Expo 2017, held at the IMPACT Trade and Exhibition Center in Muang Thong Thani during November 30-December 11, and public demand for new cars in a normal 4-5 year-circle. Pairoj assessed that more people should resort to online auto credit service platforms in 2018, especially those in the younger generations who have grown up with the spreading use of computers and the Internet, known as the GEN Y population. Pairoj noted that his bank's online auto credit services have grown up to 70 per cent annually on average over the past four years, worth about 1.2 billion baht, and a further growing trend has been anticipated in 2018. According to the senior banker, Thailand's auto market should also grow by 10 per cent year-on-year in 2017 with the total sale of 850,000 units of new automobiles, the first expansion in five years. Besides, the total sales of used cars, as well as motorcycles and big bikes have stood at 1.4 million units and 1.8 million units in 2017, representing 6 per cent year-on-year and 4 per cent year-on-year growth respectively, while Bank of Ayudhya's auto credit has grown by 8 per cent year-on-year this year. (TNA)