Toyota Motor Corp predicts that the 2018 will be a good year for them in Thailand because their vehicles sales is expected to increase. This is the first growth they will see in the past six years. It was a challenging six years for Toyota in the local market because of the number of competition, not to mention the shrinking market. Industry sources believe that the meeting room packages in Bangkok will be fully booked with business flourishing in 2018.
In terms of Toyota which is an internationally renowned company, it is time for the brand to bounce back and experience a full recovery in the automobile sector of Thailand. The automaker is the largest in Japan and Toyota Motor Thailand Co is the local branch of the company. In the latest projection released by the company, they are expecting to sell 300,000 units of commercial vehicles and cars domestically in 2018 with a growth of 24.9 per cent. in terms of the whole local market, it is expected to sell 900,000 vehicles for a gain of 3.4 per cent.
It was in 2012 when sales of Thai vehicles reached a high point because of the tax incentives offered by the local government. This encouraged first time car buyers to purchase which improved the market sales and the yearly record of vehicles sold reached 1.4 million. In 2016, the number decreased by 50 per cent.
The sales of Toyota started declining in 2013. Their growth of 40 per cent in 2010 was reduced to 27.6 percent in 2017. For this year, experts predict that their share will increase by 33 per cent.
Toyota, on the other hand, revealed that they saw 1 13.3 per cent growth in 2017 as they were able to see around 870,748 units. This is the highest growth they’ve had in five years.
According to MichinobuSugata, they booked meeting room packages in Bangkok to discuss how the brand will be able to bounce back. Last year was an admittedly challenging year for Toyota but the economy of Thailand is back on track thus it is expected that the automaker will be able to recover as well.