Asia-Pacific: Passenger Car Market 2024

Passenger Car Market Size in Asia-Pacific

In 2021, after two years of growth, there was decline in the Asia-Pacific passenger car market, when its value decreased by -0.9% to $X. The market value increased at an average annual rate of +1.0% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Passenger Car Production in Asia-Pacific

In value terms, passenger car production stood at $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by 16% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports in Asia-Pacific

In 2021, approx. X units of passenger cars were exported in Asia-Pacific; surging by 19% on the previous year's figure. Overall, exports saw a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at X units in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, passenger car exports soared to $X in 2021. Over the period under review, exports showed a slight increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Japan (X units), China (X units) and South Korea (X units) was the major exporter of passenger cars in Asia-Pacific, achieving 81% of total export. India (X units) held an 8.6% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (6.4%). Taiwan (Chinese) (X units) took a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by China (with a CAGR of +11.8%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and China ($X) constituted the countries with the highest levels of exports in 2021, with a combined 87% share of total exports.

In terms of the main exporting countries, China, with a CAGR of +19.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per unit in 2021, rising by 3.1% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 39%. Over the period under review, the export prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2021, the export prices remained at a 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 Japan ($X per unit), while Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+10.9%), while the other leaders experienced more modest paces of growth.

Passenger Car Imports

Imports in Asia-Pacific

In 2021, overseas purchases of passenger cars were finally on the rise to reach X units after three years of decline. Total imports indicated a remarkable increase from 2012 to 2021: its volume 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 volume of import peaked at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, passenger car imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Pakistan represented the key importing country with an import of about X units, which recorded 54% of total imports. China (X units) ranks second in terms of the total imports with an 11% share, followed by Australia (9.6%) and South Korea (5.8%). Japan (X units), New Zealand (X units), Taiwan (Chinese) (X units), the Philippines (X units) and Bangladesh (X units) took a little share of total imports.

Pakistan was also the fastest-growing in terms of the passenger cars imports, with a CAGR of +22.5% from 2012 to 2021. At the same time, South Korea (+11.3%), Bangladesh (+8.2%), Taiwan (Chinese) (+8.0%) and New Zealand (+5.1%) displayed positive paces of growth. Australia and Japan experienced a relatively flat trend pattern. By contrast, China (-2.0%) and the Philippines (-5.8%) illustrated a downward trend over the same period. While the share of Pakistan (+39 p.p.) and South Korea (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-3.2 p.p.), the Philippines (-4.1 p.p.), Australia (-8 p.p.) and China (-11.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported passenger cars in Asia-Pacific, comprising 43% of total imports. The second position in the ranking was held by Australia ($X), with a 15% share of total imports. It was followed by South Korea, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to +1.7%. The remaining importing countries recorded the following average annual rates of imports growth: Australia (+0.3% per year) and South Korea (+12.3% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per unit in 2021, declining by -23.7% against the previous year. In general, the import price showed a pronounced descent. The most prominent rate of growth was recorded in 2018 when the import price increased by 28% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, 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 China ($X per unit), while Pakistan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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