South Korea’s Automobile Production Results in the First Half 2024

2024-10-09 New!

South Korea's automobile production in the first six months of 2024 was 2,145,282 units, down 2.4% from the same period last year. Although production slightly dropped compared to the same period of the previous year, it remained at a high level due to an increase in exports. Looking at production by manufacturer, all companies except GM Korea recorded a decline in output. GM Korea produced 268,720 units, an increase of 25.7% compared to the same period last year, driven by the Chevrolet Trax, whose exports surged 94.9% to 166,809 units. On the other haRead more...

Recent Sales Performance of Former PSA Brands in the Japanese Market

2024-10-09 New!

This report summarizes the recent trends of Stellantis’ brands (Peugeot / Citroën / DS) that formerly belonged to PSA in the Japanese market. Sales volume reached a record high of 18,855 units in 2021, and the share of the foreign brand car market had risen to 7.3%, but from 2022 onward annual demand dropped to just over 14,000 units, market share dropping to below 6%. Although efforts are being made to prevent products from becoming obsolete by constantly introducing special edition models, the three brands have not been able to come up with definitive Read more...

India’s Automobile Production and Export Results in the First Half 2024

2024-10-03

Automobile production in India during the first half of 2024 increased by 6.2% year-on-year to 3,084,484 units, surpassing 3 million units for the first time, and exceeding a record high for the third consecutive year. The main reason for this expansion is an increase in the production of utility vehicles, mainly compact SUVs, due to their rise in popularity. On the other hand, the rapid increase in demand for utility vehicles was having an impact on sales of passenger cars such as sedans and hatchbacks, so the production of passenger cars continued to dRead more...

India’s Motorcycle Sales Results in the First Half of 2024

2024-10-02

Sales of gasoline-powered motorcycles in India reached a record high of 21.64 million units in 2018. However, sales fell to 14.27 million units in 2020 due to financial tightening, the outbreak of COVID-19, and rising vehicle prices due to compliance with exhaust gas regulations. Demand began to recover in 2023, with sales increasing by 1.26 million units (up 8.2%) from the previous year to 16.64 million units. Sales rose in the first six months of 2024 to 9.23 million units, an increase of 1.68 million units (up 22.3%) from the same period last year, fuRead more...

India’s Automobile Sales Results in the First Half of 2024

2024-09-27

India’s automobile sales in the first half of 2024 (on a wholesale basis, as announced by the Indian automobile industry association SIAM) increased by 5.7% year-on-year to 2,654,087 units, setting a record high for the third consecutive first half. While passenger vehicles continued to perform well, increasing by 7.3% year-on-year to 2,161,507 units, sales of commercial vehicles were sluggish, decreasing by 0.6% to 492,580 units. India’s GDP growth rate for the January-March period of 2024 was at a high level of 7.8%, and the consumer price inflation raRead more...

South Korea’s Automobile Sales Results in the First Half of 2024

2024-09-25

South Korea's automobile sales in the first six months of 2024 fell 10.6% year-on-year to 801,283 units. The decline is due to worsening consumer sentiment triggered by the recession and high interest rates, as well as by the ending of individual consumption tax break which pushed up demand during the same period of the previous year. Sales of domestic-made vehicles decreased 12.1% to 667,579 units, while imported vehicles dropped 2.0% to 133,704 units. Despite the market shrinking, electric vehicles increased 6.4% to 247,198 units, accounting for more Read more...

Overview of Indonesia’s EV Charging Infrastructure

2024-09-20

Indonesia’s Ministry of Energy and Mineral Resources is taking the lead in expanding charging infrastructure by partnering with state-owned power company PLN and private operators. Incentives for operators include connection costs and/or guaranteed power contracts, as well as exemption from the obligation to pay basic electricity charges for the first two years. Charger standards are specified as Type 2 and CCS2, which are mainly used in Europe, and Japan’s CHAdeMO, with fast chargers having an output of 50 kW or less, and ultra-fast chargers having an oRead more...

Taiwan’s Automobile Sales Results in the First Half of 2024

2024-09-18

Taiwan’s automobile sales in the first six months of 2024 decreased by 1.0% from the same period last year to 232,513 units. The GDP growth rate was 6.51% in the first quarter of 2024 and 5.09% in the second quarter due to an increase in exports pushed up by expanding demand for high-tech products, supported by a strong economy. Looking at sales by vehicle type, recreational vehicles increased significantly by 11.7% year-on-year to 150,940 units. In contrast, sales of passenger cars such as sedans and hatchbacks decreased by 26.6% to 48,978 units, and sRead more...

Vietnam’s Automobile Sales Results in the First Half of 2024

2024-09-17

Vietnam’s automobile sales in the first six months of 2024 increased 2.3% year-on-year to 181,012 units (this figure combines data of Vietnam’s automobile manufacturer association VAMA, which only releases data on member companies, and those of two non-VAMA members Hyundai Thanh Cong Vietnam, a local subsidiary of Hyundai, and VinFast, a Vietnamese manufacturer. Imported vehicles (67,035 units, an increase of 16.0%) and VinFast (21,747 units, an increase of 86.9%) contributed to the market recovery. On the other hand, sales of vehicles assembled from impRead more...

Malaysia’s Automobile Sales Results in the First Half of 2024

2024-09-12

Automobile sales in Malaysia in the first half of 2024 increased by 6.6% year-on-year to 390,296 units, setting a record high for the second consecutive year. According to the analysis of Malaysia’s automotive industry association MAA, the reasons for strong market performance were a strong economy, stable policy interest rates, elimination of passenger vehicle order backlogs, and increased sales of BEVs. Although the total market expanded in the first half, sales for most brands decreased compared to the same period last year. This appears to be due toRead more...

Indonesia’s Automobile Sales Results in the First Half of 2024

2024-09-09

Indonesia's automobile sales (wholesale basis) in the first half of 2024 decreased by 19.4% from the same period last year to 408,012 units. Rising interest rates, a weak national currency, and stricter lending regulations have all weakened demand. On a monthly basis, although the rate of decline has slowed, it has remained below the same month of the previous year for 12 consecutive months from July 2023 to June 2024. By vehicle type, sales of passenger vehicles decreased by 17.3% year-on-year to 317,580 units, and sales of commercial vehicles dropped Read more...

ASEAN’s Motorcycle Market in the First Half of 2024

2024-09-05

Motorcycle sales in ASEAN’s five major motorcycle markets (Indonesia, Vietnam, Thailand, Philippines and Malaysia) in the first half of 2024 decreased by 2.7% year-on-year to 6,358,132 units. The Philippines' performance exceeded that of the same period last year, but the other four countries showed negative results. In particular, Thailand and Malaysia saw a decline of more than 10% compared to the same period last year. In Indonesia, which accounts for 50% of the motorcycle market in the five ASEAN countries, demand rapidly recovered to 6,236,992 unitRead more...

Overview of Asia’s Automobile Sales, Production and Exports in H1 2024

2024-09-02

This report has compiled preliminary figures for automobile sales, production, and exports from January to June 2024 in major Asian markets (total of 12 countries in South Asia, ASEAN and East Asia, excluding China and Japan). In the first half of 2024, automobile sales in Asia decreased by 1.3% compared to the same period last year to 5,307,271 units. India increased by some 140,000 units, but Thailand and Indonesia each witnessed a decrease of around 100,000 units, and South Korea dropped by 90,000 units, lowering the overall sales. Demand was particuRead more...

Overview of Malaysia’s EV Charging Infrastructure

2024-08-30

The Malaysian government has set a goal of installing 10,000 electric vehicle charging bays (EVCBs) by 2025; however, as of June 2024, there were only 2,585 EVCBs installed. The project is facing difficulties due to a lack of government support and complicated installation approvals. In West Malaysia, Selangor state has the largest share of installations at 34%, followed by Kuala Lumpur at 26%, Malaysia’s metropolitan area accounting for 60% of all EVCBs. On the other hand, Sabah and Sarawak states in East Malaysia accounted for less than 3% of the totaRead more...

Thailand’s Automobile Sales Results in the First Half of 2024

2024-08-28

Thailand’s automobile sales in the first half of 2024 decreased significantly to 308,000 units, down about 100,000 units from the same period last year (announced by Thai Automotive Industry Association). The main reason for the decline in sales is that automobile loan screening requirements have not been relaxed. In addition, the economy has slumped, with public investment decreasing due to delays in preparing the fiscal year 2024 budget, and exports dropping due to a decline in external demand. In terms of market share by brand, there is no change in Read more...

Overview of Vietnam’s EV Charging Infrastructure

2024-08-27

In Vietnam, VinFast, a local BEV manufacturer, has 150,000 charging plugs available for both four- and two-wheel vehicles, making it the largest charging service provider. VinFast’s parent company Vin Group established its own charging service company V-Green in March 2024. The company plans to invest 10 trillion VND until 2026 to expand its charging infrastructure. Other players are also developing their own charging infrastructure. Charging service provider EV One plans to have 100 charging stations by 2025, and EverEV intends to have 5,000 charging sRead more...

Pakistan’s Automobile Sales Results in the First Half of 2024

2024-08-16

In the first half of 2024, the sales of locally assembled vehicles in Pakistan increased by 47.9% to 66,056 units (PAMA members only). This is largely due to the lifting of import restrictions on CKD kits in June 2023, which increased the supply of vehicles. However, the domestic economic situation remains poor, and the momentum of market recovery is weak, so sales remained at less than half of the peak recorded in the first half of 2022. Also, according to the local automobile manufacturers association PAMA, imported used cars appear to be taking away Read more...

Singapore’s Automobile Sales Results in the First Half of 2024

2024-08-15

In Singapore, electric vehicle (HEV / BEV / PHEV) sales are increasing rapidly. Of the 22,000 new vehicle registrations in the first half of 2024, electric vehicles accounted for around 70%. The ratio of electric vehicles increased by 20.6 points compared to the same period last year. The tax deduction amount was lowered from the beginning of 2024, so demand was expected to slow down, but certificate of entitlement (COE) prices remained high. Looking at results by brand, Toyota maintained its lead with 4,144 units (down 1.5% from the same period last yeRead more...

BYD’s Overseas Passenger Vehicle Business

2024-08-08

Leading Chinese NEV manufacturer BYD has announced that export sales of NEV passenger vehicles in 2023 increased 4.4 times from the previous year to 243,000 units. In a global market dominated by ICEVs, BYD’s competitively priced NEVs offer new options for car purchasing. In the first half of 2024, NEV passenger vehicle sales in overseas markets reached 203,000 units, up 2.7 times from the same period last year. As of July 2024, BYD’s global market coverage has expanded to 88 countries and regions. BYD is accelerating the establishment of production baRead more...

Overview of Singapore’s EV Charging Infrastructure

2024-08-07

As of May 2024, more than 6,200 public chargers have been installed in Singapore and there were about 17,000 BEVs on the streets, meaning there was one charger for every three BEVs. The Singapore government has set a target of 12,000 chargers by 2025 and 60,000 chargers by 2030. Currently, the number of chargers is increasing at a pace of 240 units per month, and if this rate continues, it is expected to reach 11,000 units in 2025 and 25,000 units in 2030. The government believes that in Singapore, which is a small country with the average daily distanRead more...

Overview of the Philippines’ EV Charging Infrastructure

2024-08-01

In the Philippines, charging infrastructure development is lagging. As of June 2024, there were only 161 charging stations in operation, which is far behind the major ASEAN regions. The government’s target is 7,400 locations by 2028, 21,400 locations by 2034, and 41,700 locations by 2040. However, at the current pace, it will be difficult to even achieve the 2028 target. The biggest reason why the development of chargers has not progressed is probably the lack of subsidies. From the perspective of economic growth, the government is prioritizing subsidieRead more...

Overview of Asia’s EV Charging Infrastructure

2024-07-30

This report gives a brief overview of the development status of EV charging infrastructure and relevant policies of nine Asian countries (India, Indonesia, Malaysia, Philippines, Singapore South Korea, Taiwan, Thailand, Vietnam) as of July 2024. A similar survey was conducted by FOURIN approximately two years ago on May 26, 2022 (see link below). Regarding government policies, an increasing number of countries have adopted “mandatory provision of charging infrastructure,” which is the most effective measure to support the spread of EV use. Looking at thRead more...

Business Trends of India’s Motorcycle Exporters

2024-07-26

India is the world’s second largest exporter of motorcycles after China, exporting more than 3 million units annually, mainly to Africa, Central and South America, and Asia. According to India’s Ministry of Commerce and Industry, motorcycle exports reached a record high of 3.94 million units in FY 2021/22 (April 2021 to March 2022). However, after that, demand plummeted due to economic deterioration in major export destinations such as Nigeria, Colombia, Nepal, and the Philippines, resulting in a 16.4% decrease from the previous year in FY 2022/23 to 3.3Read more...

Overview of India’s EV Charging Infrastructure

2024-07-25

As of February 2024, there are 12,000 charging stations installed across India, with most of them in economically developed regions such as Maharashtra state (3,079 stations) and the national capital territory Delhi (1,886 stations). The Indian government's target for installation is one regular charger for every three BEVs and one fast charger for every 10 BEVs, but the current situation is that there is only one charger for every 20 to 150 BEVs depending on the region. Considering the increase in BEV sales, the government plans to increase charging equRead more...

Australia’s Automobile Sales Results in 2023

2024-07-19

Automobile sales in Australia in 2023 increased by 12.5% from the previous year to 1,216,780 units, setting a record high. Although higher prices and rising loan interest rates were negative factors, the market expanded on the back of increased supply of products as the semiconductor shortage eased. The market continued to expand in the January-March period of 2024, with vehicle sales expanding double digits to 304,452 units, an increase of 13.2% year-on-year. There is a possibility that sales for the full year will exceed the previous year's results andRead more...

Sales Performance of Former FCA Brands in the Japanese Market in 2023

2024-07-18

This report summarizes the recent trends of Stellantis’ brands (Fiat / Abarth / Alfa Romeo / Jeep) that formerly belonged to FCA in the Japanese market. Sales volume has been around 20,000 units per year, of which the Jeep Wrangler and the Fiat 500 made up about half. In 2023, total sales decreased by 2.1% from the previous year to 19,497 units. The four brands’ share of foreign brand cars decreased by 0.3 percentage points to 7.9%, due to a decline in sales of the Fiat 500 as it’s reaching the end of its model year. Fiat announced that it would end proRead more...

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