ASEAN: Passenger Car Market 2024

Passenger Car Market Size in ASEAN

For the third year in a row, the ASEAN passenger car market recorded growth in sales value, which increased by X% to $X in 2023. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2017; however, from 2018 to 2023, consumption failed to regain momentum.

Passenger Car Production in ASEAN

In value terms, passenger car production totaled $X in 2023 estimated in export price. The total production indicated a temperate increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2023, production growth remained at a somewhat lower figure.

Passenger Car Exports

Exports in ASEAN

In 2023, shipments abroad of passenger cars increased by X% to X units, rising for the sixth year in a row after three years of decline. Over the period under review, exports posted a moderate increase. The pace of growth was the most pronounced in 2018 with an increase of X%. The volume of export peaked in 2023 and is likely to see steady growth in years to come.

In value terms, passenger car exports totaled $X in 2023. Total exports indicated strong growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. The level of export peaked in 2023 and is likely to see gradual growth in the immediate term.

Exports by Country

Thailand was the main exporting country with an export of around X units, which amounted to X% of total exports. It was distantly followed by Indonesia (X units), achieving a X% share of total exports. Singapore (X units) and Vietnam (X units) held a little share of total exports.

From 2012 to 2023, average annual rates of growth with regard to passenger car exports from Thailand stood at X%. At the same time, Vietnam (X%), Singapore (X%) and Indonesia (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of X% from 2012-2023. While the share of Thailand (X p.p.) and Vietnam (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Indonesia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest passenger car supplier in ASEAN, comprising X% of total exports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total exports. It was followed by Singapore, with a X% share.

In Thailand, passenger car exports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Indonesia (X% per year) and Singapore (X% per year).

Export Prices by Country

In 2023, the export price in ASEAN amounted to $X per unit, falling by X% against the previous year. In general, the export price, however, enjoyed slight growth. The most prominent rate of growth was recorded in 2015 an increase of X%. The level of export peaked at $X per unit in 2017; however, from 2018 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced mixed trends in the export price figures.

Passenger Car Imports

Imports in ASEAN

In 2023, overseas purchases of passenger cars increased by X% to X units, rising for the third year in a row after two years of decline. In general, imports saw a buoyant expansion. The pace of growth was the most pronounced in 2022 when imports increased by X% against the previous year. The volume of import peaked in 2023 and is expected to retain growth in the immediate term.

In value terms, passenger car imports surged to $X in 2023. Total imports indicated a moderate expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. The level of import peaked in 2023 and is likely to continue growth in years to come.

Imports by Country

In 2023, the Philippines (X units) was the major importer of passenger cars, mixing up X% of total imports. Thailand (X units) ranks second in terms of the total imports with a X% share, followed by Malaysia (X%). Vietnam (X units) and Cambodia (X units) held a minor share of total imports.

From 2012 to 2023, average annual rates of growth with regard to passenger car imports into the Philippines stood at X%. At the same time, Thailand (X%), Vietnam (X%) and Cambodia (X%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in ASEAN, with a CAGR of X% from 2012-2023. By contrast, Malaysia (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of the Philippines, Thailand and Vietnam increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest passenger car importing markets in ASEAN were the Philippines ($X), Thailand ($X) and Vietnam ($X), with a combined X% share of total imports.

Vietnam, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2023, which is down by X% against the previous year. Overall, the import price continues to indicate a drastic downturn. The growth pace was the most rapid in 2019 when the import price increased by X% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform