ASEAN: Passenger Car Market 2024

Passenger Car Market Size in ASEAN

The ASEAN passenger car market reduced slightly to $X in 2021, approximately reflecting the previous year. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Passenger Car Production in ASEAN

In value terms, passenger car production amounted to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 25% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Passenger Car Exports

Exports in ASEAN

In 2021, shipments abroad of passenger cars increased by 2.9% to X units, rising for the fourth consecutive year after three years of decline. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 224% against the previous year. The volume of export peaked at X units in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, passenger car exports surged to $X in 2021. Total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by 26% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand represented the main exporter of passenger cars in ASEAN, with the volume of exports finishing at X units, which was near 77% of total exports in 2021. It was distantly followed by Indonesia (X units), mixing up a 16% share of total exports. Singapore (X units) and Vietnam (X units) took a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to passenger car exports from Thailand stood at +7.6%. At the same time, Vietnam (+70.0%) and Singapore (+10.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +70.0% from 2012-2021. Indonesia experienced a relatively flat trend pattern. Thailand (+34 p.p.), Vietnam (+2.1 p.p.) and Singapore (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest passenger car supplier in ASEAN, comprising 71% of total exports. The second position in the ranking was held by Indonesia ($X), with a 22% share of total exports. It was followed by Singapore, with a 2.1% share.

In Thailand, passenger car exports increased at an average annual rate of +7.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Indonesia (+4.5% per year) and Singapore (-0.4% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per unit, increasing by 22% against the previous year. In general, the export price showed strong growth. The pace of growth appeared the most rapid in 2015 an increase of 820%. Over the period under review, the export prices attained the maximum at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+4.1%), while the other leaders experienced a decline in the export price figures.

Passenger Car Imports

Imports in ASEAN

In 2021, overseas purchases of passenger cars were finally on the rise to reach X units after three years of decline. In general, imports, however, saw a deep downturn. The most prominent rate of growth was recorded in 2017 with an increase of 111%. As a result, imports attained the peak of X units. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, passenger car imports skyrocketed to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when imports increased by 26% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

The Philippines (X units), Malaysia (X units), Vietnam (X units) and Thailand (X units) represented roughly 77% of total imports in 2021. It was distantly followed by Singapore (X units) and Indonesia (X units), together achieving a 12% share of total imports. Cambodia (X units) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Vietnam (with a CAGR of +19.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Vietnam ($X) and Singapore ($X) were the countries with the highest levels of imports in 2021, together accounting for 56% of total imports.

Vietnam, with a CAGR of +32.8%, recorded the highest growth rate of the value of imports, among 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

In 2021, the import price in ASEAN amounted to $X per unit, surging by 2% against the previous year. Over the period under review, the import price saw a perceptible increase. The pace of growth was the most pronounced in 2018 an increase of 78% against the previous year. Over the period under review, import prices attained the maximum in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+11.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform