Toyota plans to build a project dedicated entirely to the country’s ageing population.
One company has identified that Thailand’s ageing population is a key area of growth. Toyota Tsusho Thailand Co., part of the Japanese firm Toyota Group, has announced that it plans to build a mixed-use scheme designed specifically to the needs of the older population.
Noting that Thailand’s ageing population is similar to that of Japan, Toyota Tsusho Thailand Co. intend for this project to be located in Bangkok. Consisting of accommodation plus a range of services such as a clinic, the aim is to ensure that there is a high level of service available. These will cater to the needs of both the elderly and also disabled people too.
Nothing currently exists like this in Thailand at present. It is therefore expected to be well received to the market. Improvements to health standards and advances in medicine have contributed to Thailand’s ageing population. According to the World Bank there has been a sharp rise in life expectancy in the kingdom. In 1995 just five percent of the population were aged over 65 years old. As of last year this figure has reached 11 percent. This upwards trend is set to continue and by 2040 it is predicted that there will be 17 million Thais over 65 years old. This is 9.5 million more than was recorded in 2016.
Toyota Tsusho already has a strong foothold in Thailand. However their focus has always been around industries that involve electronics, machinery and metals. Therefore the firm intend to work alongside a local company with this project that will diversify their portfolio of business entities.