Thailand Toll Roads & Highway Infrastructure Market Intelligence
Thai toll-road, expressway revenue ~THB 43B. EXAT state, BEM (SET: BEM), DMT (SET: DMT) concession, DOH M6/M7/M81 Motorway. ETC migration, EMV tap-and-go.
Key takeaways
- 1
Thai toll-road, highway infrastructure revenue ~ annually (EXAT, BEM, DMT, DOH Motorway). Operator mix: EXAT ~, BEM (SET: BEM) ~, DOH Motorway Division ~, DMT (SET: DMT) ~, other ~.
- 2
EXAT (Expressway Authority of Thailand) operates the state expressway network including Chalerm Maha Nakhon, Sri Rat, Second Stage Expressway segments. Several segments operate under concession with BEM.
- 3
BEM (Bangkok Expressway & Metro, SET: BEM): concession operator on EXAT Sri Rat, Bang Pa-In, Bang Khae-Pin Klao expressways (inherited from Bangkok Expressway post-BECL merger). Also operates MRT Blue, Purple lines (rail). CH. Karnchang Group parent.
- 4
DMT (Don Muang Tollway, SET: DMT): listed concession-based elevated tollway above Viphawadi Rangsit Road (Don Mueang-Bangkok Central). Parent is Italian-Thai Development (SET: ITD) related. Concession to 2034.
- 5
DOH Motorway Division operates the intercity motorway network: M6 Bangkok-Nakhon Ratchasima (in-service since 2024), M7 Bangkok-Chonburi-Pattaya (legacy), M81 Bang Yai-Kanchanaburi (partial opening 2024-25). M-PASS, Easy Pass ETC systems, EMV tap-and-go rolling out; ETC target drives cashless migration.
- 6
Key variables: M6 opening, ramp-up traffic, M81 PPP tender winner, EMV tap-and-go adoption curve, EXAT-BEM concession renegotiations (2028-35 expiries), tariff-indexation freezes, new Intercity Motorway Master Plan additions.
Executive summary
Thailand's toll road, highway infrastructure sector generated ~ in revenue in 2024 aggregated across EXAT, BEM, DMT, DOH Motorway operators. Operator mix: Expressway Authority of Thailand (EXAT) state expressway network ~ (Chalerm Maha Nakhon, Sri Rat, Second Stage Expressway), Bangkok Expressway & Metro (SET: BEM) concession expressways ~, DOH Motorway Division (M6 Bangkok-Nakhon Ratchasima, M7 Bangkok-Chonburi-Pattaya, M81 Bang Yai-Kanchanaburi) ~, Don Muang Tollway (SET: DMT) ~, other ~.[, , , , ]
EXAT (Expressway Authority of Thailand) operates the state expressway network. BEM (SET: BEM) is the listed concession operator on EXAT Sri Rat, Bang Pa-In, Bang Khae-Pin Klao expressway segments β inherited from Bangkok Expressway, BECL merger in 2015 with Bangkok Metro. BEM also operates MRT Blue, Purple lines (covered in separate rail report). Parent is CH. Karnchang Group (SET: CK). DMT (SET: DMT) is the listed Don Muang Tollway β concession-based elevated toll road above Viphawadi Rangsit Road connecting Don Mueang airport corridor to Bangkok Central. Concession runs to 2034.[, , ]
DOH Motorway Division operates the intercity motorway network under the MoT Intercity Motorway Master Plan. M6 Bangkok-Nakhon Ratchasima (~196 km, entered service 2024) connects Bangkok to the Northeast and pairs with the Thailand-China HSR corridor. M7 Bangkok-Chonburi-Pattaya is the legacy Eastern Seaboard corridor. M81 Bang Yai-Kanchanaburi (~96 km, partial opening 2024-25) connects Bangkok westward toward the Myanmar border corridor. M-PASS, Easy Pass ETC (Electronic Toll Collection) systems, EMV tap-and-go are rolling out; cashless target is ETC by 2027-28. Regulatory: MoT Transport Master Plan, OTP, PPP Office / SEPO (PPP Act B.E. 2562) govern concession framework; BOI provides rail, road infrastructure incentives.[, , , ]
Thai toll road, highway revenue (THB billion, 2020-2024)
2020
Revenue (THB B)
28
Context
COVID traffic collapse
2021
Revenue (THB B)
30
Context
Partial recovery
2022
Revenue (THB B)
35
Context
Reopening; tourism inflow
2023
Revenue (THB B)
40
Context
Full domestic recovery
2024
Revenue (THB B)
43
Context
M6 opening; EMV ETC rollout
| Year | Revenue (THB B) | Context |
|---|---|---|
| 2020 | 28 | COVID traffic collapse |
| 2021 | 30 | Partial recovery |
| 2022 | 35 | Reopening; tourism inflow |
| 2023 | 40 | Full domestic recovery |
| 2024 | 43 | M6 opening; EMV ETC rollout |
Operator mix (% FY2024)
EXAT state network
Share %
Network
Chalerm Maha Nakhon, Sri Rat, 2nd Stage
DOH Motorway Division
Share %
Network
M6 Bangkok-Nakhon Ratchasima, M7, M81
DMT (SET: DMT)
Share %
6%
Network
Don Muang Tollway (elevated)
Other / private
Share %
4%
Network
Incidental, new concessions
| Operator | Share % | Network |
|---|---|---|
| EXAT state network | 45% | Chalerm Maha Nakhon, Sri Rat, 2nd Stage |
| BEM (SET: BEM) | 30% | Sri Rat, Bang Pa-In, Bang Khae-Pin Klao concessions |
| DOH Motorway Division | 15% | M6 Bangkok-Nakhon Ratchasima, M7, M81 |
| DMT (SET: DMT) | 6% | Don Muang Tollway (elevated) |
| Other / private | 4% | Incidental, new concessions |
Analyst framing
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