New COVID-19 cases have ultimately declined in 2022. Thanks to the lower infection rates, more countries have opened their borders to tourism this year. While many industries continue to recover from the pandemic’s economic hit, the manufacturing sector still struggles with resource and supply chain issues.
Despite these hurdles, Thailand’s motorcycle segment outperformed expectations in 2022. In September alone, manufacturers moved 150,297 units. That figure equates to a 35.8-percent increase when compared to the same month in 2021. However, that year-on-year improvement doesn’t mean that sales numbers are on the upswing.
Compared to August, 2022, sales wavered by 12.5 percent in September. Still, Thailand outpaces its 2021 sales performance by 13.3 percent through the first nine months of 2022. The country currently claims 1.36M units sold this year. With such progress, reaching 2021’s 1.61M units shouldn’t prove difficult. That is, as long as microchip manufacturing doesn’t trip up Thailand’s pace moving forward.
"The semiconductor shortage is still a major problem for motorcycle makers as it affects production of big bikes and other new motorcycle models,", FTI (Federation of Thai Industries) Automotive Club vice-chairman Surapong Paisitpatanapong.
After all, Thailand doesn’t just rely on domestic sales but also exports motorcycles worldwide. In September, 2022, the nation exported 92,659 units, accounting for a 33.9-percent growth over the same period a year ago. To date, Thailand has shipped 762,202 units abroad this year, keeping exports positive by 5.81 percent.
The new sales data also reinforces the idea that returning tourism helps fuel Thailand’s economic recovery. Rising tourism improves citizens’ spending power within the country. In turn, the motorcycle industry experiences growth. Nowhere is that more evident than the electric motorcycle category, which has recorded a 193-percent sales increase with 792 units moved in 2022.
Thanks to the gains in both industries, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), raise its GDP growth forecast from 2.75-3 Percent to 3-3.5 percent. Of course, Thailand’s motorcycle sector will need to solve the microchip conundrum to maintain its momentum, but it’s encouraging to see the industry forge ahead despite the supply shortage.
