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...

Automobile sales in Kuwait increased by 17.2% year-on-year to 140,519 units in 2023, increasing for the third consecutive year. Demand has already exceeded the pre-coronavirus pandemic level (115,000 units) in 2019 and has risen to 90% of its most recent peak (155,000 units) in 2015. It appears to have been supported by solid consumption and was expected to continue in 2024. However, on the political front, the structure of conflict between the government and parliament continues, and the growing negative impact on the economy has emerged as a concern. TRead more...

Automobile sales in Israel increased by 0.1% from the previous year to 284,476 units in 2023. The slump in commercial vehicle sales (23,943 units, down 9.0%) was offset by an increase in passenger car sales (260,533 units, up 1.1%). The top three brands, Hyundai, Kia and Toyota, each declined compared to the previous year. On the other hand, the growth of Chinese manufacturers wasremarkable, with BYD in fourth place selling 15,288 units, an increase of 4.0 times, and Chery in seventh place pushing up sales 12.3 times, to 11,162 units. Overall sales of ChRead more...

Automobile sales in the United Arab Emirates (UAE) in 2023 increased by 24.9% from the previous year to 259,139 units, rising for the third consecutive year. In addition to the strong economy, the expansion in demand for rental cars due to an increase in the number of foreign residents including tourists, and support from banks for car loan interest rates appear to have been positive factors. Although the economy has recovered to a level (232,000 units) higher than in 2019 before the coronavirus pandemic, it remains at about 60% of its most recent peak (Read more...

HEV sales in Indonesia increased by 20.1% year-on-year to 40,988 units from January to September 2024, expanding despite the overall market decrease. The HEV market share in Indonesia rose by 2.0 points to 6.5%. Japanese manufacturers, led by Toyota, dominate the HEV market and its expansion is pushing up sales of Japanese OEMs. In Indonesia, tax incentives for HEVs, which had been considered for introduction, appear to have been postponed until at least 2025. Indonesia’s Coordinating Minister for Economic Affairs stated that the reason for not introducRead more...

Iran's automobile production in 2023 increased by 11.7% year-on-year to 1,188,470 units. In addition, to close the supply-demand gap that cannot be met by domestic production, the government lifted the ban on automobile imports in May 2022 for the first time in three years. Through this measure, the number of passenger vehicles imported between March 20, 2024 and July 21, 2024 was 9,592 units. The government estimates that annual demand is at 1.5 million units per year. The Ministry of Industry, Mine and Trade is promoting the shift to EVs (BEV+PHEV) inRead more...

Saudi Arabia’s automobile sales increased by 23.1% year-on-year to 758,791 units in 2023, exceeding 750,000 units for the first time in eight years. The increase in the number of drivers following the lifting of the ban on women obtaining driver’s licenses in 2018, as well as rising demand for commercial vehicles due to the growth of the country’s construction and logistics sectors brought about by rapid urbanization, are factors behind the growth. In 2024, crude oil prices remained at higher levels than the previous year, so the trend of expansion in saRead more...

Chinese electric vehicle maker BYD began to launch the M6, a midsize BEV MPV, in ASEAN countries and India from July 2024 onward. It is based on the gasoline powered Song Max which was sold in China until 2023. In ASEAN and India, it was released for private use as an improved version of the e6, which had been developed for fleet use. The e6 used by taxi companies and other fleet operators, and is sold in Asian countries such as Indonesia, Singapore, and India. In Indonesia, the model is slightly smaller than the Toyota Kijang Innova, and although it is Read more...

HEV sales in Thailand increased by 59.8% year-on-year to 103,784 units from January to September 2024, expanding even as the overall market was shrinking. The HEV market share in Thailand rose by 10.2 points to 19.8%. Japanese manufacturers, led by Toyota, have an overwhelming share of the HEV market and its expansion is providing a tailwind for Japanese manufacturers. In Thailand, a temporary excise tax reduction measure for HEVs is scheduled to be implemented from 2028 to 2032. The Board of Investment of Thailand (BOI) said more than five OEMs are intRead more...

Automobile sales in the Middle East (10 countries) increased by 9.3% from the previous year to 2,818,169 units in 2023. Although sales have risen for three consecutive years, demand is still about 10% lower than the record high of over 3 million units in the mid-2010s.> Iran, the region’s largest market, saw double-digit growth, with sales increasing by 11.7% to 1.18 million units. Iran was followed by Saudi Arabia, up 23.1% to 759,000 units, and the United Arab Emirates, up 24.9% to 259,000 units.> The Saipa group, which accounts for most of automobilRead more...

Automobile sales in 2023 (based on import license data) increased by 8.3% from the previous year to 20,908 units. China’s increased infrastructure investment and the country’s rising number of tourists appear to have supported economic growth in Laos, which in turn drove up automobile demand. Sales of both passenger vehicles and commercial vehicles expanded. Due to increased demand for industrial use such as factory construction, truck sales exceeded 10,000 units for the first time since 2015, increasing market share by 1.7 points to 47.9%. With investmRead more...

Starting in March 2023, the Indonesian government has introduced a subsidy program that provides a flat rate of 7 million IDR per vehicle for the purchase of locally produced electric motorcycles with a domestic production rate of 40% or more. Subsidy payments were made for 11,532 vehicles in 2023, but this figure is expected to reach 60,000 vehicles in 2024, exceeding the 50,000-unit goal set for 2024. Indonesia aims to produce 600,000 BEVs by 2030. The increase in demand for electric vehicles is attributed to several factors: the eligibility for benefiRead more...

Kazakhstan’s light vehicle sales increased by 35.5% from the previous year to 163,290 units in 2023, recovering to the 2013 level (166,000 units) which was the highest in the last 20 years. Automobile production in 2023 rose by 30.4% year-on-year to 147,687 units, setting a record high for the fifth consecutive year. In recent years, there has been an increase in the construction of assembly plants by foreign companies as well as Kazakh-foreign joint ventures, further expanding the country’s vehicle production scale. In 2022, local automaker Astana MotoRead more...

The presence of Japanese automakers in the ASEAN market has been on the decline since 2022. The sales of Japanese OEMs in ASEAN countries (Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam) from January to August 2024 decreased by 5.7% from the same period last year to 1.697,987 units, exceeding the overall market decline of 3.6%. As a result, Japanese market share fell by 1.8 points to 79.2%, dropping below 80%. On the other hand, the market share of Chinese manufacturers such as BYD, MG, and Chery, which had introduced BEVs in Thailand andRead more...