South-Eastern Asia: Passenger Car Market 2024

Passenger Car Market Size in South-Eastern Asia

The Southeast Asian passenger car market contracted modestly to $X in 2021, remaining stable against the previous year. In general, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Passenger Car Production in South-Eastern Asia

In value terms, passenger car production stood at $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 25% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Passenger Car Exports

Exports in South-Eastern Asia

In 2021, shipments abroad of passenger cars increased by 2.9% to X units, rising for the fourth consecutive year after three years of decline. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when exports increased by 224%. Over the period under review, the exports reached the maximum at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car exports skyrocketed to $X in 2021. Total exports indicated a prominent increase from 2012 to 2021: its value 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 pace of growth was the most pronounced in 2015 when exports increased by 26% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Thailand represented the main exporting country with an export of about X units, which reached 77% of total exports. It was distantly followed by Indonesia (X units), comprising a 16% share of total exports. Singapore (X units) and Vietnam (X units) held a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to passenger car exports from Thailand stood at +7.6%. At the same time, Vietnam (+70.0%) and Singapore (+10.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +70.0% from 2012-2021. Indonesia experienced a relatively flat trend pattern. Thailand (+34 p.p.), Vietnam (+2.1 p.p.) and Singapore (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest passenger car supplier in South-Eastern Asia, comprising 71% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 22% share of total exports. It was followed by Singapore, with a 2.1% share.

From 2012 to 2021, the average annual growth rate of value in Thailand stood at +7.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+4.5% per year) and Singapore (-0.4% per year).

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per unit, increasing by 22% against the previous year. Overall, the export price continues to indicate a resilient increase. The growth pace was the most rapid in 2015 an increase of 820%. Over the period under review, the export prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+4.1%), while the other leaders experienced a decline in the export price figures.

Passenger Car Imports

Imports in South-Eastern Asia

After three years of decline, supplies from abroad of passenger cars increased by 22% to X units in 2021. In general, imports, however, continue to indicate a pronounced decline. The pace of growth appeared the most rapid in 2017 when imports increased by 110% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, passenger car imports skyrocketed to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 26%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of passenger car imports in 2021 were the Philippines (X units), Malaysia (X units), Vietnam (X units) and Thailand (X units), together accounting for 77% of total import. It was distantly followed by Singapore (X units) and Indonesia (X units), together comprising a 12% share of total imports. Cambodia (X units) held a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +19.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car importing markets in South-Eastern Asia were the Philippines ($X), Vietnam ($X) and Singapore ($X), together comprising 55% of total imports.

Among the main importing countries, Vietnam, with a CAGR of +32.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per unit, growing by 2.1% against the previous year. Over the period under review, the import price posted notable growth. The pace of growth was the most pronounced in 2018 when the import price increased by 78%. The level of import peaked in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+11.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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