As automotive manufacturers around the world continue to grapple with stagnating or declining sales in their traditional markets, a strong strategy for geographic diversification becomes increasingly urgent.
Global lubricant markets have seen a dramatic rebound since the global economic recession of 2008–2009. At that time, global demand dipped to its lowest point since the latter half of the 20th century, but has since surpassed its previous high mark set in 2007. One of the key drivers of this rebound can be attributed to Asia, where the developing economies of emerging markets are fueling the rising demand for lubricants.
What is the difference between luxury and mass market today? As premium brands grow and deliver constantly new experiences and personalised services, they are redefining the frontier between the two worlds, which is now more blurred than ever.
Thailand continues to be the dominant hub within South East Asia, with the best automotive supply and logistics chain as well as impressive production figures for domestic and export markets. Whilst the industry has suffered significantly in recent years, the underlying trend suggests that the industry is close to being back on a growth path. As with other markets, Thailand is moving towards eco-cars and SUVs, but the country’s industry is still dominated by one-ton pick-up trucks.
Thailand is expected to retain its position as the main automotive production hub within ASEAN with export production will see continued modest growth at 3%.
The confluence of economic growth, rising middle class, and upcoming ASEAN Economic Community have drawn many international players to the potential of frontier markets.
Over the past 3 years, medical device companies in Thailand performed well from both revenue and net profit perspective. Thailand is expecting to be the leader of Healthcare and medical device market in ASEAN.
When it comes to marketing to the Millennial generation across Asia, brands must be authentic and relevant. This was the consensus from a recent panel session on understanding young people in the region, held by the American Chamber of Commerce in Singapore.
