Honda retains lead in motorcycle market
published : 31 Jan 2023 at 04:09
newspaper section: Business
Thai Honda Co, a manufacturer and distributor of Honda motorcycles, has maintained its top rank in Thailand's motorcycle market for the 34th consecutive year, with sales standing at 1.38 million units in 2022.
Honda motorcycles were ranked number one in all segments, covering the family, automatic (AT) and sports categories.
The company aims to move towards the full form of digital and experience marketing to create brand engagement and communities in order to respond to the lifestyles of new-generation customers across the country.
"The overall market for the motorcycle industry in Thailand continued to grow in 2022, with 1.8 million registered motorcycles, an increase of 12% from 2021," said Shigeto Kimura, president of Thai Honda.
The family motorcycle is still the largest segment, with a market share of 51.8%, followed by AT with a share of 43.5%, an increase of 0.5% from the previous year, he said.
AT is considered to be a segment that is growing steadily, while sports motorcycles account for 3.7% of the market.
In 2022, Honda sold 1.38 million motorcycles, representing an increase of 12%.
Thai Honda said it sees both opportunities and challenges this year.
Mr Kimura said the company expects to see positive signs from the general election and the recovery of the tourism industry.
However, he said the global economy is still uncertain, which could affect Thai exports.
The total motorcycle market in Thailand this year is expected to be 1.75 million units. Honda has set a target of 1.38 million units, the same figure as last year.
In 2023, Thailand's big bike segment, or motorcycles with a 400-cylinder capacity or above, is expected to grow to 20,500 units, or an increase of 17%, driven by the growth of the adventure segment.
Thai people are increasingly interested in adventure-touring riding activities.
Honda has set a sales target of 8,150 units, or an increase of 24% from 2022, in this category.
Last year, up to 17,467 units in the big bike segment were registered. Of these, Honda sold 6,598 units, an increase of 2%.
"Honda aims to meet the diverse lifestyles of Thai people through its Honda Wing Center, with 370 outlets to be refurbished this year," said Mr Kimura.
The company will also leverage online marketing covering all platforms to meet current trends, as well as increase the capabilities of the My Honda Moto application to support the service.