Asean Vehicle Market in 2024 fell 4.8% to 3,20 million units, dragged down by losses in Indonesia and Thailand. Still, emerging players like Vietnam and the Philippines reported gains, signaling potential for future growth.
Medium-Term Market Trend
The Asean vehicle market is the 5th largest sub-regional market in the world, reporting 3.3 million sales in 2023 (-0.2%). It includes sales from 10 countries but is heavily influenced by the largest markets Indonesia, Thailand, Malaysia, Philippines and Vietnam.
Looking at the past decade, sales grew from 2.5 million in 2010 to the current all-time high at 3.5 million in 2013. In the following years up to 2019 sales fluctuated around the 3 million mark.
In 2020 Covid-19 hit the region hard, cutting volume by 24.4% and bringing registrations back down to 2.5 million. Following the pandemic the market has shown strong signs of recovery, with sales rising in double digits both in 2021 and 2022 where yearly volume grew back to the 3.4 million mark.
Market Trend and Outlook
The ASEAN area grew 4.2% in 2024, driven by strong domestic demand and exports. However, financial volatility and potential US tariffs on China could slow down future momentum.
The region’s EV market powered ahead in 2024, up 44.6%. Supported by growing consumer interest, it confirmed its significance on the global scene, despite still dealing with structural hurdles.
VinFast dominated EV sales with 30% market share, while Chinese brands like BYD, MG, and Wuling gained ground, tightening their grip on the region.
Looking at the broader vehicle market, losses in Indonesia and Thailand dragged down full-year sales in 2024, falling 4.8% to 3,20 million units. Still, countries like Malaysia, and Vietnam moved up the rankings, emerging as potential future growth hotspots.
Indonesia was still the major market in the Asean region, holding 24.7% market share and with 790,647 cumulative sales (-14.1%). Malaysia -up 1 spot- followed closely in 2nd with 782,023 new registrations so far and a market share of 24.4% (+2%).
Thailand –down 1 spot- ranked in 3rd with 678,010 new registrations and a 16% decrease in year-on-year volume, followed by the Philippines with 468,879 sales (+7.7%).
Vietnam ranked 5th with 379,527 new registrations (+9.2%), followed by Singapore -up 1 spot- at 43,023 (+42.4%) and Cambodia -down 1 spot- with only 35,465 cumulative sales (+7%).
Laos ranked in 8th spot with 22,886 new registrations (+2.6%) and Myanmar secured 9th spot with 4,203 cumulative sales (+12.6%).
Tables with sales figures
In the tables below we report sales for the top 10 countries.
