Hybrid vehicles surge with 31.57% market share, overtaking gasoline cars and boosting sales momentum
Hybrid vehicles captured 31.57% of Thailand's March vehicle registrations, surpassing gasoline cars as the country's most popular fuel type, while overall domestic sales climbed 7.29% year-over-year to 59,865 units.
The Federation of Thai Industries (FTI) revealed that March 2025 vehicle production reached 133,413 units, up 2.69% year-over-year, boosted by increased export output from passenger car production rising 19.91% to 16,814 units and pickup trucks climbing 3.82% to 71,837 units. March export production totaled 88,651 units, up 6.53%, bringing the first-quarter total to 369,751 units, a 5.32% increase from 2024, with 249,343 units designated for export, up 5.78%. Despite March finished-vehicle exports declining 0.64% to 80,394 units due to the Strait of Hormuz closure affecting Middle East shipments down 15.96%, exports increased to Australia, Africa, Europe, and the Americas.
Notably, hybrid electric vehicles (HEV) dominated March registrations with 16,111 units representing 31.57% of the 51,037 total vehicles registered across fuel types, surpassing traditional gasoline cars. Battery electric vehicles (BEV) recorded 10,075 units at 19.74%, marginally exceeding gasoline-only models at 10,025 units or 19.64%. Hybrid popularity partly reflects consumer concerns about charging station availability.
Domestic vehicle sales in March reached 59,865 units, up 7.29% year-over-year, with first-quarter sales totaling 182,083 units, up 18.86%. Suriya Paisitphattanapong, FTI spokesperson, attributed the growth to delivery of pre-ordered vehicles from the Bangkok International Motor Show in late March-early April, particularly electric vehicles representing over 50% of bookings, plus new modified pickup truck variants. Numerous EV models became price-competitive with internal combustion engines.
Domestic production in March declined 4.15% to 44,762 units as pickup truck sales fell 6.36% due to stricter credit policies from financial institutions amid slow economic growth, making buyer installment payments difficult. Paisitphattanapong urged the new government to quickly present fiscal policy and budget proposals to accelerate investment projects and build confidence among domestic and foreign investors. Thailand must stimulate industries with extensive supply chains, increase employment and production beyond previous years, achieving double-digit industrial output growth using over 70% production capacity. Strong domestic economic growth will attract foreign investment in a sustainable cycle, eventually lifting Thailand from middle-income country status.
