Market Share Shifts and Competitive Landscape in Thailand’s Premium Sedan Segment
Upon reviewing the sales data for D-segment cars in Thailand, we can assess the performance of the Honda Accord in relation to its rivals:
In April 2024, the Honda Accord performed exceptionally well:
- Ranked 1st in the D-segment
- Sold 211 units
- Captured 30.2% market share
This represents a significant improvement from previous months and puts the Accord ahead of its main competitors, including the BYD Seal (25.8% market share) and Toyota Camry (18.9% market share).
Year-to-Date Performance (January – April 2024)
Looking at the cumulative sales for the first four months of 2024:
- Honda Accord ranked 2nd in the D-segment
- Sold 1,122 units
- Captured 18.5% market share
While this is a strong performance, it’s notably behind the segment leader, BYD Seal, which dominated with a 62.4% market share (3,785 units sold).
Comparison with Key Competitors
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BYD Seal (EV)
Currently the strongest competitor, consistently outperforming the Accord in overall sales for 2024. BYD Seal has strong potential to surpass Honda Accord’s sales volume during the remainder of 2024.
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Toyota Camry
Traditionally a close competitor, the Camry is currently trailing behind the Accord, ranking 3rd with 9.7% market share for Jan-Apr 2024.
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Chinese EV brands
GWM ORA 07 and Deepal L07 are gaining traction but still have smaller market shares compared to the Accord.
Monthly Fluctuations
The Accord’s performance has varied month to month:
- Jan-Feb 2024: Ranked 2nd with 620 units sold (13.9% market share)
- March 2024: Ranked 2nd with 291 units sold (32.2% market share)
- April 2024: Ranked 1st with 211 units sold (30.2% market share)
This indicates that while the Accord faces strong competition, particularly from EVs, it has managed to maintain a significant presence in the D-segment and even improve its position in recent months.
The Honda Accord is currently performing well in Thailand’s D-segment, consistently ranking among the top sellers. However, it faces significant competition, especially from the BYD Seal EV, which has captured a large portion of the market. The Accord’s ability to maintain and even improve its market position, particularly in April 2024, suggests it remains a strong contender in the Thai D-segment market despite the growing popularity of electric vehicles.
Sales Comparison: Current Generation vs. Previous Generation Honda Accord in Thailand
Current Generation (11th Gen) Sales Performance
The 11th generation Honda Accord, launched in October 2023, has shown promising sales figures in the Thai market:
- October 2023: Over 600 units ordered shortly after launch.
- April 2024: Ranked 1st in the D-segment with 211 units sold, capturing a 30.2% market share.
- January-April 2024: Sold 1,122 units, holding an 18.5% market share, ranking 2nd overall in the D-segment.
Previous Generation Sales Performance
The previous generation Honda Accord had a more modest sales performance compared to the current generation with average Monthly Sales of over 100 units per month.
Comparative Analysis
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Sales Volume
The current generation has significantly outperformed the previous generation. For instance, in a single month (April 2024), the 11th gen sold 211 units, whereas the previous generation averaged just over 100 units per month.
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Market Share
The current generation has captured a larger market share. For the first four months of 2024, it held an 18.5% market share, while the previous generation’s market share was not specified but implied to be lower based on its average monthly sales.
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Promotions and Incentives
Honda has intensified its promotional efforts for the current generation due to stiff competition from Chinese EVs. Offers include 0% interest rates, price reductions, and low down payments, which have likely boosted sales.
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Target and Achievements
Honda Thailand is targeting sales of up to 600 units per month for the 11th generation Accord, a steep increase from the previous generation’s average.
The 11th generation Honda Accord has shown a marked improvement in sales performance compared to the previous generation in the Thai market. This success can be attributed to aggressive promotional strategies, a strong market launch, and a favorable economic environment. The current generation’s ability to capture a significant market share and achieve higher monthly sales figures highlights its stronger market presence and consumer acceptance.
Key Competitors of Honda Accord in Thailand
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Toyota Camry
Continues to be a strong competitor in the D-segment, often ranking just behind the Honda Accord. For instance, in April 2024, it sold 132 units, capturing an 18.9% market share.
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BYD Seal (EV)
A new entrant in the segment, this electric vehicle has captured a significant market share, leading the segment with 3,785 units sold in the first four months of 2024, holding a 62.4% market share.
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Other Models
GWM ORA 07 and Deepal L07 are other notable entries, especially in the EV category, showing growing popularity.
