Bosch maintained double-digit growth in Thailand
text size

Bosch maintained double-digit growth in Thailand

Impactful innovation with a strong commitment to driving sustainability

  • Holistic mobility solutions: Bosch's innovative approach encompasses electrified, automated, personalised, and connected solutions, revolutionising transportation and beyond.
  • Empowering industries: from automotive to manufacturing, Bosch provides cutting-edge solutions tailored to the needs of diverse sectors, driving growth and innovation nationwide.
  • Bosch's commitment to sustainability contributing to a more environmentally sustainable future for Thailand.

Bosch, a leading global supplier of technology and services, recorded sales of 459 million euros (17.3 billion THB) in 2023 in Thailand, an increase of 15.8 percent compared to 2022. “In 2023, Bosch Thailand achieved significant growth, driven by our commitment to shaping sustainable mobility. Our vision embraces electrified, automated, personalised, and connected solutions and extends beyond automotive technology. Through strategic partnerships and innovation, Bosch is poised for continued growth, delivering value while contributing to a more sustainable future,” said Joseph Hong, managing director of Bosch Thailand.

Shaping a new era of mobility in Thailand

2023 was a remarkable year for mobility in Thailand. Efforts in decarbonization, including government policies, are transforming the transport industry with accelerated demand for sustainable modes of conveyance such as electric vehicles (EVs).

Solutions for electrified, automated, personalised, and connected mobility

Regenerative braking systems by Bosch allow the recovery of kinetic energy and initiate emission-free braking, helping to lower consumption in hybrid vehicles and increase the range of electric vehicles. The iBooster is a vacuum-independent, electromechanical brake booster which shortens braking distances and makes hybrid and electric vehicles more efficient. Combined with the electronic stability program ESP® hev, the iBooster enables virtually full recuperation with deceleration values of up to 0.3 g. The integrated power brake combines brake force boosting and ESP® functionality in a single unit. Its reduced weight and complexity make hybrid and electric vehicles not only safer, but also more efficient.

Additionally, Bosch’s connected charging solutions such as Battery in the Cloud and convenience charging support drivers of EVs throughout their journey, allowing them to plan their route along charging points, providing updated and accurate range prediction and payment options for use in public charging stations.

Mobility Aftermarket unit demonstrated notable positive growth

Bosch Thailand’s diesel business has exhibited remarkable strength, highlighting its commitment in this vital market segment.

Additionally, the company observed growth in its fast-moving products, particularly wipers and batteries, which underscores its responsiveness to market demands and its strategic focus on expanding workshop penetration.

Furthermore, its continuous efforts to enhance Bosch’s workshop network through initiatives such as Bosch Car Service and Bosch Module reflect its commitment to strong partnerships and expansion of footprint in the market.

Besides that, the company is proactively working on partnerships to strategically position itself and prepare for the inevitable growth and evolution of the electric vehicle market. These achievements and strategic initiatives signal sustainable growth, delivering tangible value and instilling confidence among its valued partners.

Powering industry forward: Bosch Rexroth Thailand surpasses expectations in 2023

Despite economic challenges, Bosch Rexroth Thailand has experienced significant growth in 2023, outperforming expectations and leading in industrial automation and hydraulics across key Thai sectors. The success reflects the strong dedication and teamwork of its employees and deep industry partnerships.

Bosch Rexroth Thailand is set to open a Regional Center of Competence (CoC) for electric motor repair and maintenance in Southeast Asia and Oceania, building on its key role in Thailand's automotive industry. The CoC aims to improve local and regional support, reducing service times.

Home Comfort achieves robust growth, driven by its environmentally sustainable solutions

The business division, Home Comfort is making significant strides in advancing decarbonization and achieving net-zero emissions for steam-utilising plants. In a pivotal shift towards sustainable industrial practices, Bosch has successfully implemented electric boilers in both Singapore and the Philippines. These installations are crucial in eliminating the combustion of fossil fuels, effectively reducing steam production emissions in these regions to zero CO2eq under scope 1. Further bolstering its commitment to environmental sustainability, Bosch has recently entered into a strategic partnership with CPF Group.a strategic partnership with CPF Group. This collaboration is aimed at fostering innovation and leveraging technology to meet the ambitious target of a net-zero plant by 2050. Bosch's proactive approach underscores its leadership in providing sustainable solutions that meet the urgent demands of climate change mitigation.

Elevating security and sound: Bosch innovations lead the way in 2023

Future is now with “AI” at the heart of Bosch’s video technology. All new video products in 2023 were built-in with AI deep learning to enhance the security in transportation, cities, buildings, and manufacturing. The company maximises cybersecurity by incorporating the most future-proof secure element with Trusted Platform Module (TPM) functionality into all video products.

The communication system “Hear the Difference” achieved record-breaking sales performance in portable loudspeaker portfolio, with its new weatherised battery powered EVERSE8 loudspeaker with Bluetooth audio and control. Additionally, new IP-connected solutions for conference system and IP Horn speaker also have been launched to the market.

Empowering DIY enthusiasts and professionals: Power Tools achieve remarkable growth

In 2023, Bosch launched more than 100 new products in Thailand, notably the 18V cordless power tools, boosted by the Promix Promotion. The EXPERT range of accessories also expanded, significantly increasing sales. Both online and offline campaigns promoted these as “Always the right choice”, driving segment growth.

Bosch enhanced its multi-channel strategy, notably through online partner growth, with a notable increase in Gross Merchandise Volume (GMV) in 2023. It focused on boosting visibility and conversions with Online-to-Offline (O2O) activities, ensuring smooth transitions from online browsing to offline purchases. Additionally, Bosch expanded into new online markets like Grab Mart and Allkon, broadening its digital reach.

Enhancing homes, enriching lives: Bosch Home Appliances celebrates sales growth and expanded reach

Bosch Home Appliances scored significant sales growth with a successful campaign like “Like a Bosch” and an expanded distribution channel network nationwide including direct-to-consumer online and offline. Offering a one-stop-shop solution with professional assistants, live demonstrations, and convenient repair drop-off points, Bosch ensures a seamless customer experience.

Commitment to sustainability: Bosch Thailand's holistic approach towards a sustainable future

In a commitment to sustainability, Bosch Thailand actively participated in initiatives to foster Sustainable Development Goals (SDGs), becoming a member of the United Nations Global Compact Thailand (UNGC Thailand) in 2023. As part of this dedication, Bosch Thailand engaged in the UN SDG Ambition Accelerator Program, furthering its contribution towards achieving SDG goals. Additionally, Bosch Thailand continued its efforts through its sustainability campaign, including a charity run, and celebrated its 100th anniversary in 2023, which was well-received by the public with over 1,300 runners participating. The company has also promoted clean air awareness by collaborating with key stakeholders such as the Chiang Mai Breath Council, sponsoring local initiatives like the “Beat the Haze Run” campaign, and supporting the first National PM2.5 Forum. These endeavours underscore Bosch Thailand’s commitment to environmental stewardship and community engagement.

Bosch Group: outlook for 2024 and strategic course

The Bosch Group increased its sales and earnings in 2023 and is successfully implementing its growth strategy despite a difficult environment. Stefan Hartung, chairman of the board of management of Robert Bosch GmbH, said: “In the 2023 business year, we achieved our financial targets and strengthened our market position in a number of business areas, from semiconductors to integrated building systems.” The company increased its sales by 3.8 percent compared to the previous year to 91.6 billion euros despite unfavourable economic and market conditions. At 5.3 percent, the EBIT margin from operations was 1 percentage point higher than the previous year. It was therefore higher than expected, but still lower than the target margin of at least 7 percent required over the long term. Bosch wants to achieve this by 2026. In the first quarter of 2024, sales were down by more than 0.8 percent year on year; after adjusting for exchange-rate effects, this amounts to an increase of 2.7 percent. However, the company expects that it will be difficult to increase the EBIT margin from operations compared to the previous year. In addition to the subdued market environment and the

expected further increase in upfront investments in areas of strategic importance, restructuring and process improvements will also have a negative impact at first, with their positive effect coming only after a delay. Even if the economic and social environment remains demanding, Bosch aims to rank among the top three suppliers in its key markets in all regions of the world. “We’re pursuing innovations, partnerships, and acquisitions to ensure we grow as our industries transform – despite economic headwinds,” Hartung said.

In its core mobility business, for example, Bosch is systematically driving forward strategic decisions for future growth. This year alone, it is launching some 30 production projects for electric vehicles. In the growth area of hydrogen, Bosch has reaffirmed its business expectations: by 2030, its sales with hydrogen technology could reach 5 billion euros. Bosch is also systematically exploiting growth opportunities in the area of heating technology. Although the heat-pump market stagnated across Europe in 2023, Bosch was able to grow its business by almost 50 percent. In the years ahead, Bosch will continue to grow significantly faster than the market in this segment. However, there could be a slight improvement in the consumer goods markets after two years of consumer restraint. Bosch expect its own business to stabilise, to which innovations as well as the expansion of its international footprint should contribute. Overall, climate action continues to play a central role for Bosch. In Hartung’s view, it offers great opportunities for growth, even if markets such as electromobility are not developing as fast as expected. Nonetheless, Bosch is continuing to make heavy upfront investments in technologies for a carbon-neutral future, in order to help shape this transformation from the top. “There is pressure to cut subsidies for CO2-efficient technologies. But climate action requires sustained investment – from government, from companies, and from each and every one of us,” Hartung said.

Do you like the content of this article?