Asean Vehicle Market up to August 2024 reported 2,05 million sales (-7-5%). Indonesia (-17.2%) and Thailand (-19.8%) dragged the market down with double-digit fall. Singaporte climbed one spot and grew 45.7% in year-on-year volume.
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 August 2024 at 2,05 million, down 7.5% from the prior year. The set back in volume is mainly due to double-digit losses in Thailand (-19.8%) and Indonesia (-17.2%).
Indonesia was still the major market in the Asean region, holding 25% market share with 512,805 cumulative sales (-17.2%). Malaysia -up 1 spot- followed closely in 2nd with 487,237 new registrations so far (23.8% share) and an 2% gain in year-on-year volume.
Thailand -down 1 spot- ranked in 3rd spot with 462,752 new registrations and a 19.8% decrease in year-on-year volume, followed by the Philippines with 303,090 sales (+9.7%).
Vietnam ranked in 5th with 209,754 new registrations (+4.7%), followed by Singapore -up 1 spot- at 26,442 (+45.7%) and Cambodia -down 1 spot- with only 24,229 cumulative sales (+7%).
Laos ranked in 8th spot with 15,240 new registrations (+2.6%) and Myanmar secured 9th spot with 1,839 cumulative sales (+29.8%).
Tables with sales figures
In the tables below we report sales for the top 10 countries.
