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...

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...

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...

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...

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...

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...

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...

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...

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...

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 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...

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...

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 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...

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 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...

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 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 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 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 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...

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...

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...

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...

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...

Automobile sales in Thailand from January to October 2024 were 476,000 units, down 26.2% from the same period last year. The number of pickup trucks sold, the best-selling vehicle type, decreased significantly, causing the overall market to shrink. This is because financial institutions have raised the minimum loan down payment amount, making it difficult to purchase a pickup truck. As relief measures such as loan relief have not been introduced, sales are expected to fall by 24.6% from the previous year to 585,000 units in 2024. The government is workiRead more...

The Indian automobile market in 2024 is expected to reach a record high of 5.2 million units, an increase of 2.4% (up 120,000 units) from the previous year, marking an historic high the third consecutive year. Demand for compact SUVs with an overall length of less than 4.0m expanded further, the market continuing to grow. On the other hand, the sales volume of sedans and hatchbacks decreased in inverse proportion, and there is a possibility that market growth will slow down from 2025 onward, declining from the previous year. Sales in the first half (JanRead more...

Motorcycle sales in eight Asian countries (see list of countries covered in the table below) in 2024 are expected to increase by 11.0% from the previous year to 35.74 million units thanks to strong demand in India, the largest motorcycle market, and rise in sales in all countries except Thailand and Taiwan. In 2025, the momentum of motorcycle sales in India is likely to slow down, and there is a high possibility that sales in Indonesia will decline from the previous year due to the impact of falling prices of natural resources. Motorcycle sales in the eiRead more...

Automobile sales in Bahrain increased by 21.6% year-on-year to 29,847 units in 2023, marking the first rise in two years. However, the scale remains at around 50% of the record high levels of 2014-2015. Looking at the top three brands in 2023, Toyota maintained its lead with 9,802 units, an increase of 29.7% from the previous year. Nissan came in second with 2,584 units, down 4.3%, followed by Hyundai with 2,325 units, up 38.4%. The government has begun preparations for carbon neutrality in 2060 as its environmental goal. There are plans to proceed witRead more...

Qatar’s automobile sales declined by double digits in 2023 to 64,683 units, down 16.5% compared to 2022. In the previous year, the market size had been pushed up by the economic effects of the World Cup held in Qatar, but it declined to 2021’s level in 2023. On the other hand, sales remained above the low levels of 2017-2019 (45,000-60,000 units) and 2020 during the coronavirus pandemic (51,000 units), indicating a recovery trend from a medium-term perspective. Looking at the top three brands in 2023, Toyota maintained its lead with 18,368 units, a decrRead more...

Oman’s automobile sales in 2023 decreased by 13.7% from the previous year to 55,574 units. Compared to the peak level of the last 10 years in 2014 (208,029 units), it remains at 25%. Looking at the top three brands in 2023, Toyota maintained its lead with 26,841 units, a decrease of 10.9% from the previous year. China’s MG came in second with 5,131 units, down 0.5%, followed by Hyundai with 3,744 units, up 5.9%. In May 2023, the Omani government announced goals for the transportation sector toward carbon neutrality by 2050. Additionally, local BEV manuRead more...

Jordan’s automobile sales decreased by 5.2% from the previous year to 34,995 units in 2023. The country’s automobile market maintained a level of around 60,000 units of annual sales in the first half of 2010s, but sharply dropped to around 45,000 units in 2016 and 2017, and to 30,000-35,000 units in 2018 where it has remained ever since. Looking at the top three brands in 2023, Toyota maintained its lead with 14,338 units, an increase of 5.3% from the previous year. Kia came in second with 6,420 units, up 26.1%, followed by China’s MG with 4,006 units, uRead more...

Automobile sales in Lebanon decreased by 4.7% from the previous year to 22,745 units in 2023. Lebanon’s vehicle market remained at around 50,000 units from 2014 to 2017, but due to the economic crisis triggered by the currency collapse, it shrank to around 13,000 units in 2020 and 2021. Although demand recovered to around 23,000 units in 2022 and 2023, it remains at just over 40% of the peak in 2015. Looking at the top three brands in 2023, Toyota maintained its lead with 7,793 units, an increase of 39.8% from the previous year. Nissan came in second wiRead more...

Since Tesla began operating its Shanghai factory in China in December 2019, cumulative production has exceeded 3 million units by October 2024. Approximately 1 million units of these have been sold in markets outside China, making the Shanghai factory an important production and export base for Tesla. Tesla’s sales revenue and sales volume have continued to rise ever since local production began in China. However, in the first nine months of 2024, although sales volume increased by 7.6% year-on-year to 466,000 units, sales revenue in China decreased by Read more...