Myanmar: Passenger Car Market 2024

Passenger Car Market Size in Myanmar

In 2021, the Myanmar's passenger car market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Over the period under review, consumption, however, continues to indicate a sharp shrinkage. Passenger car consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Production in Myanmar

In value terms, passenger car production totaled $X in 2021 estimated in export price. In general, production recorded a sharp decrease. The growth pace was the most rapid in 2015 when the production volume increased by 76% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Passenger Car Exports

Exports from Myanmar

In 2021, overseas shipments of passenger cars increased by 233% to X units, rising for the second consecutive year after two years of decline. Overall, exports showed a resilient expansion. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car exports surged to $X in 2021. Over the period under review, exports recorded a strong expansion. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Thailand (X units) was the main destination for passenger car exports from Myanmar, with a 70% share of total exports. Moreover, passenger car exports to Thailand exceeded the volume sent to the second major destination, South Korea (X units), fourfold.

From 2012 to 2021, the average annual growth rate of volume to Thailand was relatively modest.

In value terms, Thailand ($X) remains the key foreign market for passenger cars exports from Myanmar, comprising 61% of total exports. The second position in the ranking was held by South Korea ($X), with an 18% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Thailand stood at -2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+13.9% per year) and Singapore (-9.1% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, increasing by 36% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 66% against the previous year. The export price peaked 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 for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+23.5%), while the prices for the other major destinations experienced mixed trend patterns.

Passenger Car Imports

Imports into Myanmar

In 2021, after two years of growth, there was significant decline in supplies from abroad of passenger cars, when their volume decreased by -44.9% to X units. In general, imports showed a perceptible curtailment. The pace of growth appeared the most rapid in 2019 when imports increased by 40% against the previous year. Imports peaked at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, passenger car imports reduced dramatically to $X in 2021. Overall, imports recorded a deep contraction. The pace of growth was the most pronounced in 2020 with an increase of 30% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

China (X units), Thailand (X units) and Singapore (X units) were the main suppliers of passenger car imports to Myanmar, together comprising 53% of total imports. South Korea, the United Arab Emirates, Japan, India and Indonesia lagged somewhat behind, together comprising a further 32%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +121.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to Myanmar were the United Arab Emirates ($X), Japan ($X) and South Korea ($X), together comprising 54% of total imports. These countries were followed by Thailand, Indonesia, China, India and Singapore, which together accounted for a further 30%.

Indonesia, with a CAGR of +131.8%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, increasing by 26% against the previous year. Overall, the import price, however, showed a deep reduction. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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