Asia: Passenger Car Market 2024

Passenger Car Market Size in Asia

The Asian passenger car market dropped slightly to $X in 2021, shrinking by -3.1% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Passenger Car Production in Asia

In value terms, passenger car production contracted modestly to $X in 2021 estimated in export price. In general, production continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2016 when the production volume increased by 18% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Passenger Car Exports

Exports in Asia

Passenger car exports soared to X units in 2021, with an increase of 17% on the year before. Overall, exports, however, showed a abrupt curtailment. The volume of export peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, passenger car exports surged to $X in 2021. The total export value increased at an average annual rate of +1.2% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, the exports attained 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 key exporter of passenger cars in Asia, committing 76% of total export. India (X units) held an 8.1% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (6%) and Turkey (4.7%). Taiwan (Chinese) (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +11.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car supplying countries in Asia were Japan ($X), South Korea ($X) and China ($X), together comprising 82% of total exports.

China, with a CAGR of +19.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries 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 stood at $X per unit in 2021, increasing by 3% against the previous year. Overall, the export price saw prominent growth. The most prominent rate of growth was recorded in 2013 an increase of 217% against the previous year. The level of export peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: 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

In 2021, overseas purchases of passenger cars increased by 49% to X units for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +3.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports attained the maximum 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 +1.1% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Pakistan (X units) represented the main importer of passenger cars, achieving 45% of total imports. China (X units) took the second position in the ranking, followed by the United Arab Emirates (X units), Saudi Arabia (X units) and South Korea (X units). All these countries together took near 25% share of total imports. Turkey (X units), Japan (X units), Israel (X units), Taiwan (Chinese) (X units) and the Philippines (X units) followed a long way behind the leaders.

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%), Taiwan (Chinese) (+8.0%) and the United Arab Emirates (+3.8%) displayed positive paces of growth. Israel and Japan experienced a relatively flat trend pattern. By contrast, China (-2.0%), Turkey (-2.4%), Saudi Arabia (-3.4%) and the Philippines (-5.8%) illustrated a downward trend over the same period. While the share of Pakistan (+35 p.p.) and South Korea (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-1.6 p.p.), the Philippines (-2.4 p.p.), Turkey (-2.6 p.p.), Saudi Arabia (-4.9 p.p.) and China (-6.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported passenger cars in Asia, comprising 35% of total imports. The second position in the ranking was held by South Korea ($X), with an 8.5% share of total imports. It was followed by Saudi Arabia, with a 7.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled +1.7%. In the other countries, the average annual rates were as follows: South Korea (+12.3% per year) and Saudi Arabia (-3.2% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per unit, falling by -20.1% against the previous year. Overall, the import price saw a perceptible curtailment. The pace of growth appeared the most rapid in 2018 when the import price increased by 24% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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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