Asean Vehicle Market in 2024 experiences mild growth. November sales reported 289,216 million vehicles, up 1.4% from the prior year. YTD figures totaled 2,91, down 5.1%. Declines in Indonesia (-14.8%) and Thailand (-16.5%) were partially offset by growth in Vietnam (14.7%) and Singapore (+47.7%).
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 Vehicle Market has remained largely stagnant during 2024, with November sales growing 1.4% from the prior year and totaling 289,216. YTD sales remained negative at 2,91 million, down 5.1%. The set back in volume was mainly due to double-digit losses in Thailand and Indonesia.
Indonesia was still the major market in the Asean region, holding 24.6% market share and with 718,097 cumulative sales (-14.8%). Malaysia -up 1 spot- followed closely in 2nd with 697,943 new registrations so far and a market share of 24% (+2%).
Thailand –down 1 spot- ranked in 3rd with 638,035 new registrations and a 16.5% decrease in year-on-year volume, followed by the Philippines with 421,623 sales (+5.8%).
Vietnam ranked in 5th with 342,669 new registrations (+14.7%), followed by Singapore -up 1 spot- at 37,581 (+47.7%) and Cambodia -down 1 spot- with only 32,762 cumulative sales (+7%).
Laos ranked in 8th spot with 21,304 new registrations (+2.6%) and Myanmar secured 9th spot with 3,887 cumulative sales (+14.1%).
Tables with sales figures
In the tables below we report sales for the top 10 countries.
