Thailand’s Transition to Renewable Energy
Learn more about the current state of the oil & gas industry in Thailand, and it’s vision and plans to transition to renewable energy.
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Thailand has emerged as one of Southeast Asia’s highly competitive markets, presenting many business prospects for both local and foreign businesses seeking entry. However, as complex and as big of a market as Thailand is, it often lacks reliable and current information. Existing market research solutions are either prohibitively expensive or compromise on data quality and coverage.
At Standard Insights, we specialize in providing reliable market research services to help brands and organizations make informed decisions about their future.
With our unique approach, we revamped essential market research services, prioritizing data quality and transparency. This ensures our clients can access the highest quality insights to inform their decision-making in Thailand and beyond.
Our solutions are designed to help you gain knowledge about what Thai consumers feel and want, allowing you to uncover new opportunities and optimize your strategy.
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Thailand is a Southeast Asian country with a land area of 513,120 km² and a coastline of 3,219 km. Known for its rich culture, diverse landscapes, and warm hospitality, Thailand shares borders with Myanmar, Laos, Cambodia, and Malaysia. It is traditionally divided into four regions: the North, Central, Isan (Eastern Thailand), and Southern Thailand.
Bangkok City
71.6 Million
$505.9 billion
Thailand’s economy has made remarkable progress in the past four decades, with impressive growth rates and poverty reduction. However, challenges such as declining productivity, reduced private investment, and the impact of the COVID-19 pandemic have slowed down the economy.
Although the Thailand Economic Monitor predicts a recovery to pre-pandemic levels in 2022, the pace of growth in 2023 may be slower than expected due to global headwinds. Projections indicate a 3.4% expansion in 2022 and 3.6% in 2023, with a downward revision of 0.7 percentage points for 2023, reflecting a faster-than-anticipated decline in global demand. The recovery of the tourism sector and private consumption are expected to be key drivers of Thailand’s economic growth moving forward.
Thailand’s economy heavily relies on foreign trade and is a significant player in the global trading system. In 2020, Thailand exported goods worth US$231 million and imported goods worth US$208 million. Japan, the United States, China, Singapore, and Malaysia are Thailand’s main trading partners. The key imports by value are machinery, chemicals, petroleum, iron, steel, and raw materials. On the other hand, important exports include machinery, chemicals, telecommunications equipment, road vehicles, and clothing.
Tourism is a crucial sector for Thailand’s economy, with 39.8 million international tourist arrivals in 2019. The government aims to increase the contribution of the tourism sector to 30% of GDP by 2030, up from 20% in 2019, reflecting its commitment to its growth. Popular tourist destinations in Thailand include Bangkok, Phuket, and Chiang Mai, known for their cultural heritage, pristine beaches, and vibrant markets. These destinations, among others, support the economy through job creation, revenue generation, and foreign exchange earnings.
The internet penetration rate in Thailand has been steadily increasing, with around 81.1% of the population being internet users in 2022. It is projected to further grow and reach around 84% by 2026. This indicates a significant adoption of internet usage among the population, highlighting the importance of digital connectivity in Thailand’s modern society.
Social media is now a crucial part of the Thai market, greatly impacting how consumers make decisions. As of January 2023, there were 52.25 million social media users in Thailand, accounting for 72.8% of the total population.
In Thailand, Facebook is widely used for connecting with friends and family, while Line has seen rapid growth, with around 93% of internet users in the country being active on the platform. TikTok has also gained popularity in recent years, capturing around 80% of the market.
Discover the spending habits, preferences, and attitudes of the local population across 12 industries with our insights into the consumer landscape, based on surveys of over 1,000 Thai consumers.
Learn more about the current state of the oil & gas industry in Thailand, and it’s vision and plans to transition to renewable energy.
Uncover the local Thai population’s view and perspectives regarding the recent policy change on the legalization of cannabis in Thailand.
Consumers are increasingly more open to buying insurance. Continue reading to learn more about the insurance industry’s potential in Thailand.
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