South-Eastern Asia: Snow Motor Vehicle Market 2024

Snow Motor Vehicle Market Size in South-Eastern Asia

For the third consecutive year, the Southeast Asian snow motor vehicle market recorded growth in sales value, which increased by 40% to $X in 2022. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +92.7% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Snow Motor Vehicle Production in South-Eastern Asia

In value terms, snow motor vehicle production expanded modestly to $X in 2022 estimated in export price. Overall, production recorded a strong expansion. The pace of growth was the most pronounced in 2019 when the production volume increased by 281%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Snow Motor Vehicle Exports

Exports in South-Eastern Asia

Snow motor vehicle exports shrank rapidly to X units in 2022, waning by -16.1% compared with 2021 figures. Over the period under review, exports, however, saw a resilient expansion. The growth pace was the most rapid in 2019 when exports increased by 122% against the previous year. The volume of export peaked at X units in 2021, and then dropped markedly in the following year.

In value terms, snow motor vehicle exports contracted slightly to $X in 2022. In general, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 234% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam represented the largest exporter of motor vehicles for travelling on snow or golf cars in South-Eastern Asia, with the volume of exports recording X units, which was near 63% of total exports in 2022. Thailand (X units) ranks second in terms of the total exports with a 26% share, followed by Singapore (8.9%).

Vietnam was also the fastest-growing in terms of the motor vehicles for travelling on snow or golf cars exports, with a CAGR of +28.9% from 2012 to 2022. At the same time, Thailand (+18.5%) displayed positive paces of growth. By contrast, Singapore (-12.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Vietnam and Thailand increased by +52 and +16 percentage points, respectively.

In value terms, Vietnam ($X) remains the largest snow motor vehicle supplier in South-Eastern Asia, comprising 76% of total exports. The second position in the ranking was taken by Thailand ($X), with a 19% share of total exports.

In Vietnam, snow motor vehicle exports increased at an average annual rate of +37.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+11.7% per year) and Singapore (-18.0% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per unit in 2022, with an increase of 18% against the previous year. Overall, the export price enjoyed a moderate increase. The most prominent rate of growth was recorded in 2017 an increase of 68% against the previous year. The level of export peaked at $X per unit in 2019; however, from 2020 to 2022, 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 Vietnam ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+6.3%), while the other leaders experienced a decline in the export price figures.

Snow Motor Vehicle Imports

Imports in South-Eastern Asia

In 2022, purchases abroad of motor vehicles for travelling on snow or golf cars increased by 34% to X units, rising for the second consecutive year after two years of decline. Overall, imports recorded a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 77% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, snow motor vehicle imports soared to $X in 2022. The total import value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 35% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Thailand (X units) represented the largest importer of motor vehicles for travelling on snow or golf cars, constituting 63% of total imports. The Philippines (X units) ranks second in terms of the total imports with a 20% share, followed by Singapore (9%). Vietnam (X units) and Malaysia (X units) held a little share of total imports.

Thailand was also the fastest-growing in terms of the motor vehicles for travelling on snow or golf cars imports, with a CAGR of +23.8% from 2012 to 2022. At the same time, the Philippines (+20.1%), Vietnam (+8.3%) and Singapore (+6.7%) displayed positive paces of growth. By contrast, Malaysia (-14.2%) illustrated a downward trend over the same period. While the share of Thailand (+37 p.p.) and the Philippines (+8.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Vietnam (-2.5 p.p.), Singapore (-7.7 p.p.) and Malaysia (-28.6 p.p.) displayed negative dynamics.

In value terms, Thailand ($X) constitutes the largest market for imported motor vehicles for travelling on snow or golf cars in South-Eastern Asia, comprising 50% of total imports. The second position in the ranking was taken by the Philippines ($X), with a 17% share of total imports. It was followed by Vietnam, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand totaled +6.2%. The remaining importing countries recorded the following average annual rates of imports growth: the Philippines (+23.9% per year) and Vietnam (+9.3% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per unit, waning by -10.8% against the previous year. Over the period under review, the import price recorded a abrupt slump. The most prominent rate of growth was recorded in 2013 an increase of 5.4%. The level of import peaked at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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