2024 Vehicle Production in Taiwan

2025-04-23 New!

In 2024, Taiwan’s automobile production declined for the first time in two years, going down 3.9% from the previous year to 274,727 units. Domestic sales also fell below the previous year’s level, but demand remained strong, maintaining a high level. However, domestic-made car sales continued to be sluggish due to strong sales of imported vehicles, mainly luxury cars. The tariff rate for automobiles is 17.5%, and a flat rate of 5% import tax is also imposed on imported products. The relatively high tax rate is not much of a promotional measure for domestRead more...

2024 Vehicle Production in South Korea

2025-04-21 New!

In 2024, South Korea’s automobile production declined 2.7% from the previous year to 4,128,242 units but remained over 4 million units for the second consecutive year. Exports stayed at the same level as the previous year at around 2.7 million units, the highest level in the past 10 years, but domestic vehicle sales dropped by 7.4%. Production of passenger vehicles slightly decreased, going down by 1.5% from the previous year to 3,849,326 units. Production of passenger cars such as sedans fell by 7.3% year-on-year, falling below 1 million units, due to Read more...

2024 Vehicle Production in Indonesia

2025-04-17

In 2024, automobile production in Indonesia decreased by 14.3% from the previous year to 1,196,664 units, which is the second largest decline in the past 10 years, following 2020, which saw a significant drop due to the impact of the coronavirus. Although there was a slump in the domestic market, the major factor for the decline was that automobile exports fell to some 220,000 units, less than half compared to the previous year. Exports to major destinations such as the Philippines, Mexico, Saudi Arabia, and Thailand decreased by more than 50% compared tRead more...

2024 Electric Vehicle Sales and Production in Asia

2025-04-15

This report has compiled the 2024 sales and production figures for electric vehicles in Asia (seven countries: India, four ASEAN countries [Indonesia, Malaysia, Thailand, Vietnam] and two East Asian countries [South Korea, and Taiwan] excluding China and Japan). The electric vehicle share in the local market exceeded 30% in Thailand and South Korea, where demand for HEVs is growing rapidly, and surpassed 10% in Indonesia and Vietnam. In Indonesia, Chinese manufacturers such as SAIC-GM-Wuling, Chery, and BYD have introduced multiple new models, expanding Read more...

2024 Vehicle Production in Malaysia

2025-04-11

Malaysia’s automobile production in 2024 increased by 2.0% from the previous year to 790,347 units, setting a new record for the third consecutive year. The increase was due to rising demand for automobiles driven by economic growth. In addition, the clearing of order backlogs by Perodua, Malaysia’s largest manufacturer, appears to have led to an increase in production. Other manufacturers saw their production increase directly due to the start of production of new SUV models. Chinese automakers are also increasing their footprint, with GAC Group startinRead more...

2024 Vehicle Production in Thailand

2025-04-09

In Thailand, automobile production reached 1,468,501 units in 2024, down 20% from the previous year. Production volume decreased significantly, especially for one-ton pickups which are the best-selling segment, due to shrinking demand triggered by stricter loan terms. Under these circumstances, Japanese manufacturers, which dominate the Thai automobile market, are reorganizing their local production bases by reducing excess production capacity. Meanwhile, Chinese OEMs such as BYD have begun full-scale local production of BEVs and PHEVs. Passenger vehiclRead more...

2024 Vehicle Sales of China

2025-04-07

According to the China Association of Automobile Manufacturers (CAAM), China's factory shipments (domestic sales and exports excluding imports) of automobiles in 2024 increased by 4.5% from the previous year to 31,436,193 units. Although the growth rate slowed down compared to the previous year, sales exceeded 30 million units for the second consecutive year. Domestic factory shipments of passenger vehicles inched up 3.1% while exports rose 19.7%. Commercial vehicle exports grew double digits as well, up 17.5%. Sales of new energy vehicles (NEVs = BEVs Read more...

Kia India Launched New Compact SUV to Revive Sagging Sales

2025-04-04

Automobile sales of Kia India, a subsidiary of South Korean automaker Kia Motors for its operations in India, fell 3.9% year-on-year to 245,000 units in 2024. This was due to a sharp decline in sales of the Seltos crossover SUV, down 29.7%, which was the company’s best-selling model the previous year. The drop in demand is attributed to growing competition from other OEMs, resulting in a 0.5-point decline in Kia India’s overall passenger vehicle market share to 5.7%. As a countermeasure, Kia began offering trade-in incentives of up to 20,000 INR in DecemRead more...

China’s Luxury Passenger Vehicle Market in 2024

2025-04-02

As China’s passenger vehicle market expands and the country’s national income increases, the market size of luxury passenger vehicles* has grown from 2.84 million units in 2018 to 5,12 million units in 2024. This report has analyzed the current state of China’s luxury passenger vehicle market based on the country’s compulsory automobile liability insurance data. As Chinese automakers expand their lineups of premium new energy vehicles (NEVs), the market share of foreign automakers is gradually shrinking. However, European brands such as Mercedes-Benz, BRead more...

2024 Vehicle Sales of South Korea

2025-03-31

South Korea’s vehicle sales decreased by 6.4% year-on-year to 1,631,290 units in 2024. The figure is based on the combined results of the members of South Korea’s automotive industry association KAMA and imported vehicle association KAIDA. The decline is due to weakening demand after the reduction of individual consumption tax on automobiles ending in 2023, as well as cooling consumer sentiment triggered by persistently high interest rates and uncertainty about the future. Although overall vehicle sales decreased, sales of electric vehicles (HEV + PHEV Read more...

2024 Vehicle Sales of Taiwan

2025-03-27

Taiwan’s automobile sales in 2024 decreased by 4.0% from the previous year to 457,844 units, but remained at the third highest level since 2005, when it exceeded 500,000 units. Taiwan’s automobile market did not surpass 400,000 units between 2006 and 2013, but it has remained at a stable level of over 400,000 units since 2014. This is because disposable income has increased due to the development of the semiconductor and electronics-electrical industries, creating economic stability. In 2024, automobile sales were supported by strong industrial productioRead more...

2024 Vehicle Sales of Vietnam

2025-03-25

Vietnam’s automobile sales in 2024 rose by 22.3% from the previous year to 494,310 units (combined total of VAMA members and two non-members Hyundai Motor’s local subsidiary Hyundai Thanh Cong Vietnam (HTCV) and local automaker VinFast). Economic growth due to increased exports and the government’s introduction of a 50% cut in registration fees for domestically assembled vehicles led to the expansion of the overall market. In particular, VinFast’s sales increased significantly, driving overall sales growth. In addition, sales in 2024 were the second highRead more...

2024 Vehicle Sales of India

2025-03-21

India’s automobile sales in 2024 (wholesale data by SIAM) increased by 2.9% from the previous year to 5,226,631 units, setting a record high for the third consecutive year and maintaining its third place in global sales following China and the United States. The market expansion is driven by the rising number of car buyers as income increases thanks to economic growth. On the other hand, considering that the growth rate has slowed compared to the previous year’s 7.5% and that excessive inventory at dealers became a problem in the fourth quarter of 2024, Read more...

2024 Vehicle Sales of Pakistan

2025-03-17

Pakistan’s automobile sales increased by 51.1% year-on-year to 128,530 units (locally assembled vehicles of PAMA members) in 2024. The domesticeconomy began to regain stability due to long-term loans from the IMF and increased remittances from overseas workers, leading to a recovery in demand. In addition, as the policy interest rate was lowered in succession from June onward, there were signs of recovery in October, monthly sales reaching 13,000 units, 2.1 times higher than in the same month of the previous year, but in November and December, sales fellRead more...

2024 Vehicle Sales of Indonesia

2025-03-14

In 2024, automobile sales in Indonesia declined by 13.9% from the previous year to 865,723 units (wholesale), dropping for the second consecutive year and falling below 1 million units for the first time in three years. The decline is due to a growing mood of holding back on purchases due to the uncertain outlook for the domestic political system, and stricter credit screening triggered by an increase in non-performing loans. Looking at passenger vehicles, although the sales of sedans and non-sedan four-wheel drive vehicles increased, the number of non-Read more...

2024 Motorcycle Sales in Asia

2025-03-12

Asia’s motorcycle sales (this report covers India, Pakistan, six ASEAN countries [Indonesia, Vietnam, Thailand, Philippines, Malaysia, Singapore] and Taiwan) increased by 6.7% compared to the previous year to 33,922,895 units in 2024. Motorcycle sales fell to 26.43 million units in 2020 due to the outbreak of COVID-19, but have since increased for four consecutive years, recovering to 97.1% compared to the pre-coronavirus 2019 level. In India, new motorcycle registrations in 2024 increased by 1.84 million units (10.8%) from the previous year to 18,940,7Read more...

2024 Vehicle Sales of Thailand

2025-03-11

Vehicle sales in Thailand in 2024 decreased significantly by 26.2% from the previous year to 572,675 units (announced by TAIA). Due to strict loan screening, sales of most vehicle types, especially pickup trucks, which are the top-selling segment in Thailand, have declined (announced by DLT). New vehicle registrations for BEVs have started to decrease due to factors such as reduced purchase subsidies. Meanwhile, new HEV registrations increased by 46.8% year-on-year to 123,612 units exceeding 100,000 for the first time. Demand for HEVs appears to have incRead more...

2024 Vehicle Sales of Malaysia

2025-03-10

Malaysia’s vehicle sales in 2024 increased by 2.1% from the previous year to 816,731 units, setting a record high for the third consecutive year (announced by MAA). In addition to economic growth and stable policy interest rates, the elimination of order backlogs by local manufacturers are cited as reasons for the overall market expansion. Passenger car sales went up by 7.9% year-on-year to 475,005 units, a record high, which is attributed to increased car commuting as employment opportunities become more stable. Perhaps because of this trend, local OEM Read more...

China’s NEV Market: Sales Forecast to Reach 15 Million Units in 2025

2025-03-06

China’s new energy vehicle (NEV=BEV+PHEV+FCEV) sales in 2024 is expected to be approximately 13 million units, of which around 1.2 million units went for exports. The annual sales growth was around 37%, which is similar to 2023’s result of 38.2%. In 2025, the NEV market is projected to expand to around 15 million units. Looking at government policies, although NEV subsidies have ended, preferential treatment for license plate acquisition, exemption from driving restrictions on highways, and exemption from purchase tax will continue into 2025. In additioRead more...

2024 Vehicle Sales of the Philippines

2025-03-03

In 2024, vehicle sales in the Philippines increased by 8.7% from the previous year to 467,000 units (joint report by local automotive industry associations CAMPI and TMA). Furthermore, if we include the brands that are not affiliated with the abovementioned associations, it is possible that sales exceeded 500,000 units for the first time. Consumption is thought to have been stimulated by the stabilization of price rises, the reduction of policy interest rates, stable employment, and an increase in disposable income due to higher remittances from overseasRead more...

Preliminary Results of Asia’s Automobile Sales, Production and Exports in 2024

2025-02-27

Automobile sales in Asia (13 countries [see table below] excluding Japan and China) decreased by 1.2% from the previous year in 2024. It is the first decline in four years, but market scale remained at a high level of 10.75 million units, exceeding 10 million units for the third consecutive year. In South Asia, India continued to set a record high, while Pakistan’s market underwent significant improvement. In ASEAN, sales were below the previous year’s results in Thailand and Indonesia but reached historic high level in Malaysia. In addition, sales recovRead more...

China’s Automobile Market: Record Sales in 2024, Slight Increase Expected in 2025

2025-02-26

China’s factory shipment of automobiles (domestic sales and exports) in 2024 is expected to reach just over 31 million units, up slightly from 30 million units in the previous year, reaching a new record high for the fourth consecutive year since 2021. Exports increased from 4.91 million units in the previous year to approximately 5.8 million units in 2024, making China the world’s largest automobile exporter for the second consecutive year. China’s automobile market (calculated by subtracting exports from factory shipment and adding imports) is predicteRead more...

Mahindra’s Two New Strategic BEV Models

2025-02-20

Major Indian automaker Mahindra & Mahindra launched two new BEV models in November 2024: the compact SUV BE 6e and the midsize SUV XEV 9e. A key selling point of both models is that they are India’s first vehicles that feature software-defined vehicle (SDV) technology. Additionally, their price is relatively low for a BEV. Both models are built on Mahindra’s new skateboard EV architecture INGLO, reducing cost through standardization. Compared to competing models, the BE 6e and XEV 9e are SDVs whose functions can be expanded through software updates, so Read more...

Thailand’s Pickup Truck Market: Chinese OEMs Advance into Japanese Dominated Segment

2025-02-19

Thailand’s pickup truck market is undergoing diversification. The Thai government has given preferential treatment to pickups to foster industrial development and earn foreign currency and has also provided support to major users primarily involved in the agriculture and small enterprise sectors. The country’s pickup truck market has been a Japanese stronghold from around the 1960s, dominating the segment. However, just as the entry of Chinese companies into the passenger car market has become noticeable in recent years, the advancement of Chinese OEMs iRead more...

Preliminary Results of 2024 Global Automobile Sales

2025-02-17

This report provides preliminary results for global automobile sales for 2024. Automobile sales in the 52 countries included in this report increased by 1.5% year-on-year to 84,141,794 units, accounting for over 90% of the global market. It is estimated that global sales reached approximately 89.5 million units in 2024, and there is a possibility that sales will recover to the pre-coronavirus 2019 level of around 92 million units in 2025. In China, the world’s largest automobile market, sales went up 1.2% year-on-year to 26,280,789 units, accounting forRead more...

Honda Motor’s Electric Motorcycle Business in India and Indonesia

2025-02-13

Honda Motor has set 2024 as the first year for the global expansion of its electric motorcycle business, actively launching new models in Asia. In Indonesia, two electric scooter models, the CUV e: and the ICON e:, were introduced in October 2024, starting pre-order sales in December 2024. In addition, pre-order sales for two electric scooter models, the ACTIVA e: and the QC1, began in India in January 2025. However, these models are transitional products until the development of a modular platform exclusively for electric motorcycles, which is planned Read more...

Taiwan’s Automobile Market Projection for 2025

2025-02-10

Taiwan’s automobile market in 2024 is expected to be 465,000 units, down 2.5% from the previous year. Sales were at a high level in 2023 due to a recovery from supply shortage and an increase in sales from the backlog of orders, so sales in 2024 are likely to be lower than the previous year but will remain high supported by the booming economy and stable supply of imported vehicles.In November 2024, Taiwan’s Executive Yuan announced its forecast and projection for the full-year GDP growth rate of 4.27% for 2024 and 3.29% for 2025, revising them upwards fRead more...

South Korea’s Automobile Market Projection for 2025

2025-02-06

South Korea’s automobile market is expected to shrink by 8.3-5.4% from the previous year to around 1.6 million-1.65 million units in 2024. In the first half of 2023, sales were at a high level due to last-minute demand prior to the end of the reduction of individual consumption tax applied to automobiles. As a result, sales in the first half of 2024 were down 10% compared to the same period last year. Added to this is economic stagnation, resulting in the lowest full-year sales since 2014 (1.66 million units). Production volume in 2024 is expected to beRead more...

Pakistan’s Automobile Market Projection for 2025

2025-02-05

Pakistan’s automobile market in 2024 is expected to increase 52.8% from the previous year to around 130,000 units (sales of locally assembled vehicles by PAMA member manufacturers). The domestic economy has improved as the strain on foreign exchange reserves has been eased thanks to IMF loans and remittances from overseas Pakistani workers, improving automobile sales after bottoming out in 2023. The economic situation in 2024 was notable for a reduction in high prices. In recent years, prices have continued to rise due to a decline in foreign exchange rRead more...

Vietnam’s Automobile Market Projection for 2025

2025-02-03

Automobile sales in Vietnam from January to October 2024 increased by 16.4% year-on-year to 364,000 units. Economic growth driven by solid exports and the government’s introduction of preferential policies for domestically assembled vehicles in September 2024 stimulated purchasing appetite. The policy was implemented until the end of November 2024, meanwhile domestic consumption is expected to be strong at the end of the year, before the Lunar New Year. Therefore, the automobile market is forecast to grow by 14.8% from the previous year to 464,000 units Read more...

The Philippines’ Automobile Market Projection for 2025

2025-01-30

Automobile sales in the Philippines in 2024 are expected to increase by 5.4% from the previous year to around 465,000 units. Backed by solid economic growth, the market has gradually recovered since the outbreak of the coronavirus pandemic in 2020 and is on the verge of surpassing the record high sales of 474,000 units achieved in 2017. According to the IMF, the real GDP growth rate in 2024 is expected to be 5.8%, an increase of 0.3 points from the previous year. The Philippines is forecast to have the third highest growth rate within Asia, following InRead more...

Indonesia’s Automobile Market Projection for 2025

2025-01-28

This article predicts that the Indonesian automobile market will shrink to around 850,000 units in 2024, down 15.5% from the previous year (written in mid-January 2025 when full-year 2024 data was not yet available). The decline is attributed to strict vehicle loan screening. The preferential policy that requires zero down payments on car loans has been repeatedly extended since the originally scheduled end of 2021, but it has no significant effect. Looking at the economic indicators released by the IMF, the real GDP growth rate is expected to be at a hRead more...

Malaysia’s Automobile Market Projection for 2025

2025-01-27

Automobile sales in Malaysia from January to October 2024 increased by 2.4% year-on-year to 664,000 units. Economic activity has become more energetic due to increased employment, which has boosted vehicle purchases. The inflation rate was stable in 2024, and domestic consumption was strong. Therefore, the automobile market is expected to increase by 3.8% year-on-year to 830,000 units in 2024, setting a record high for the third consecutive year. Malaysia’s economy is currently rising. This is because investment and employment are increasing. InvestmentRead more...

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