Thailand’s motorcycle market rebounded in 2025, with sales rising 9.8% to 1.73 million units. Honda maintained its leadership (+9.9%), Yamaha grew +12.0%, Zontes (+489%) rapidly reshaped the competitive landscape.
Economic Outlook
Thailand’s Ministry of Finance has revised its 2025 GDP growth forecast down to 2.2%, from 2.4%, following a weak Q3 growth of just 1.2%. Growth is expected to moderate further in 2026, with GDP projected at 2.0% (within a 1.5%–2.5% range), reflecting a slower but more balanced expansion.
Exports are forecast to cool after a strong 2025, with merchandise export values in US dollars expected to grow by a modest 1%, constrained by softer global trade volumes and a high comparison base. Imports, by contrast, are projected to rise by 3.9%, supported by domestic demand and investment-related purchases.
Tourism remains the key growth engine. Foreign tourist arrivals are forecast at 35.5 million, underpinning a solid recovery in services income. Private consumption is expected to expand by 2.5%, while private investment is projected to grow 3.2%, driven by real investment linked to approved promotion projects. Government consumption growth is forecast at a subdued 1.3%, reflecting fiscal discipline.
Motorcycle Industry: Trends and Perspectives
Thailand’s motorcycle market—the seventh largest globally—experienced a sharp contraction in 2024, when sales fell 15.8% to 1.58 million units, hit by a slowing economy and rising vehicle prices.
In 2025, the market rebounded decisively, with sales rising 9.8% to 1.73 million units, marking a near double-digit recovery and confirming the resilience of underlying demand despite a still-fragile macroeconomic environment.
Electric two-wheeler sales increased by 15.4%, but the segment remains marginal in absolute terms, with limited impact on overall market dynamics.
Market Leaders and Competitive Dynamics
Among manufacturers, Honda maintained its leadership, growing broadly in line with the market (+9.9%). Long-time rival Yamaha slightly outperformed the industry with +12.0%, while Piaggio declined 7.6%, reflecting ongoing competitive pressure.
The standout performer was Zontes, which surged into fourth place with extraordinary growth of +489%, following the start of local operations in the second half of 2024—highlighting the rapid impact of direct market entry.
In fifth place, Deco posted strong growth (+47.7%), followed by Lambretta (-32.7%), EM (+26.5%), and Suzuki (+9.5%), underscoring a highly fragmented market with sharply diverging brand performances.
Overall Assessment
Thailand’s motorcycle market entered recovery mode in 2025, rebounding strongly after a difficult 2024. While macroeconomic growth remains modest and EV adoption is still marginal, renewed consumer demand and the disruptive entry of new players—particularly Chinese brands—are reshaping the competitive landscape and increasing pressure on established manufacturers.
