AP Honda, the local distributor of Honda motorcycles, expects 2017 sales of 1.47 million units, up 6.9% year-on-year, thanks to better economic sentiment and rising crop prices.
Vice-president Suchart Arunsaengroj said AP Honda revised up its full-year sales target from 1.38 million units earlier, adding that the overall motorcycle market is projected at 1.85 million units, up 6.1% from 2016.
"Earlier, AP Honda had a flat outlook for the overall market at 1.75 million motorcycles this year, but the company has witnessed a growth pace that is higher than our expectations," Mr Suchart said.
AP Honda posted its performance from January to July at 850,955 motorcycles, up by 4%, while the market also rose by 4% to 1.085 million units.
As of July, Honda motorcycles controlled 78% of the Thai market, making it the leader of the motorcycles market for 29 straight years.
Mr Suchart said Thailand's 2017 GDP is expected to grow by 3.5%, based on data from the World Bank, which has seen the consumer confidence index rise to 75.8 and the number of tourists grow to over 33 million.
Moreover, prices of major commodities such as rice and rubber have bottomed out and are recovering.
"When the country's political situation stabilises, the potential for growth in the overall market also strengthens," he said.
AP Honda has launched three new models and five refreshed models this year. The company's three-year business plan, from 2017-19, includes the introduction of 19 new motorcycles.
The company plans to introduce new 150cc motorcycles on Sept 4.
Mr Suchart added the motorcycle market trends have already changed and more buyers are interested in sport motorcycles and big bikes.
However, the overall market is controlled by moped or small motorcycles at 48%, while automatic motorcycles represent 35%.
Sport motorcycles and big-bikes account for 17%, rising sharply from only 2% in 2011.