Asean Vehicle Market 2024. Sales Fall 10.3% Pushed By Thailand (-19.0%) And Indonesia (-22.1%)

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The 2024 Tata Punch
The 2024 Tata Punch

Asean Vehicle Market up to April 2024 reports 1 million sales (-10.3%). Thailand (-19.0%) and Indonesia (-22.1%) push market down with double-digit fall.

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 Market has underperformed in the first months of 2024, with YTD sales up to April 2024 at 1 million, down 10.3% from the prior year. The set back in volume is mainly due to double-digit losses in Thailand (-19.0%) and Indonesia (-22.0%).

Thailand is the major market in the Asean region, holding 24.7% market share with 247,317 cumulative sales (-19.0%). Malaysia follows closely in second with 243,812 new registrations so far (24.4% share) and an 2.0% increase in year-on-year volume.

Indonesia ranks in 3rd spot with 242,603 new registrations and a 22.1% loss in year-on-year volume, followed by the Philippines with 136,541 sales (+5.0%).

Vietnam ranks in 5th with 99,851 new registrations (-2.3%), followed by Cambodia at 10,966 (+6.9%) and Singapore with only 10,471 cumulative sales (+20.7%).

Laos ranks in 8th spot with 7,602 new registrations (+2.6%) and Myanmar secured 9th spot with 927 cumulative sales (+30.9%).

Tables with sales figures

In the tables below we report sales for the top 10 countries.

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