Asean Vehicle Market Year to Date October 2024 reported 2,62 million sales (-5.7%). Indonesia (-15.1%) and Thailand (-17.4%) dragged the market down. Singapore notably grew 48.3% in year-on-year volume, climbing one spot and ranking in 6th.
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 October 2024 at 2,62 million, down 5.7% from the prior year. The set back in volume is mainly due to double-digit losses in Thailand (-18.4%) and Indonesia (-16.1%). Still, monthly sales at 289,569 grew by 2.1% compared to the prior year.
Indonesia was still the major market in the Asean region, holding 25% market share and with 650,060 cumulative sales (-15.1%). Malaysia -up 1 spot- followed closely in 2nd with 629,466 new registrations so far and a market share of 24% (+2%).
Thailand –down 1 spot- ranked in 3rd with 583,343 new registrations and a 17.4% decrease in year-on-year volume, followed by the Philippines with 382,788 sales (-7.1%).
Vietnam ranked in 5th with 291,827 new registrations (+10.9%), followed by Singapore -up 1 spot- at 33,975 (+48.3%) and Cambodia -down 1 spot- with only 29,992 cumulative sales (+7%).
Laos ranked in 8th spot with 19,159 new registrations (+2.6%) and Myanmar secured 9th spot with 3,620 cumulative sales (+14.7%).
Tables with sales figures
In the tables below we report sales for the top 10 countries.
