Eastern Asia: Passenger Car Market 2024

Passenger Car Market Size in Eastern Asia

In 2021, after two years of growth, there was decline in the East Asian passenger car market, when its value decreased by -2.8% to $X. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Passenger Car Production in Eastern Asia

In value terms, passenger car production expanded to $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 24%. 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 Eastern Asia

In 2021, exports of passenger cars in Eastern Asia skyrocketed to X units, growing by 20% compared with the year before. The total export volume increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, passenger car exports skyrocketed to $X in 2021. Overall, exports saw a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X units), China (X units) and South Korea (X units) represented roughly 98% of total exports in 2021. Taiwan (Chinese) (X units) held a minor 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 mixed trends in the exports figures.

In value terms, the largest passenger car supplying countries in Eastern Asia were Japan ($X), South Korea ($X) and China ($X), with a combined 99% 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 mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per unit, increasing by 2.1% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the export price increased by 7.5% against the previous year. Over the period under review, the export prices reached the maximum 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 China (+7.2%), while the other leaders experienced more modest paces of growth.

Passenger Car Imports

Imports in Eastern Asia

In 2021, purchases abroad of passenger cars was finally on the rise to reach X units after three years of decline. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 50% against the previous year. 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 rose remarkably to $X in 2021. The total import value increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when imports increased by 23%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

Imports by Country

China represented the key importing country with an import of around X units, which finished at 47% of total imports. It was distantly followed by South Korea (X units), Japan (X units) and Taiwan (Chinese) (X units), together constituting a 50% share of total imports. Hong Kong SAR (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +11.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, China ($X) constitutes the largest market for imported passenger cars in Eastern Asia, comprising 62% of total imports. The second position in the ranking was held by South Korea ($X), with a 15% share of total imports. It was followed by Japan, with a 14% share.

In China, passenger car imports expanded at an average annual rate of +1.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+12.3% per year) and Japan (+0.7% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2021, growing by 14% against the previous year. Import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, passenger car import price increased by +91.2% against 2016 indices. The growth pace was the most rapid in 2018 when the import price increased by 53% against the previous year. The level of import peaked 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 China ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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