Automobile exports from India (CBUs only) increased by 9.4% from the previous year to 816,485 units. Although exports did not reach the all-time high of 849,511 units set in 2016, they recovered to the 800,000-unit level for the first time in six years. On the other hand, passenger vehicle exports alone increased to 743,976 units, the highest figure in seven years. The increase was due to rising exports of new SUVs by Japanese manufacturers such as Maruti Suzuki, Honda, and Toyota. Looking at the top three exporters, Maruti Suzuki increased exports by 2Read more...

Japan’s domestic automobile sales in 2024 decreased by 7.5% from the previous year to 4,421,494 units, and domestic production dropped by 8.5% from the previous year to 8,234,645 units. In 2023, both production and sales exceeded the previous year’s results due to improved semiconductor supply. However, in 2024, both production and sales declined due to the fraudulent model certification scandal which hit Daihatsu and Toyota and the Noto Peninsula earthquake which disrupted the supply chain of domestic automakers. Automobile exports decreased by 4.6% to Read more...

Nissan Motor’s domestic automobile sales in 2024 dropped 1.1% from the previous year to 475,569 units, falling below 500,000 units for the fifth consecutive year. However, given that the total market fell 7.5%, the automaker’s rate of decline was relatively low, as a result of which its market share expanded 0.7 points to 10.8%. Looking at sales by models, although the top seller Note dropped 0.7% to 101,766 units, sales remained over 100,000 units for the third consecutive year. The Serena came in second with 80,899 units, up 6.9%, followed by the RooxRead more...

Honda Motor’s domestic vehicle sales in 2024 increased by 12.5% from the previous year to 668,414 units, market share expanding 2.7 points to 15.1%. Sales of standard vehicles (above 660cc) increased thanks to shorter delivery times following the normalization of production and the expansion of Honda’s product lineup through the introduction of models imported from overseas plants. The sales of standard vehicles surged 37.9% to 380,099 units, their market share in the overall standard vehicle market rising from 9.1% to 13.3%. The solid increase was mainRead more...

Toyota Motor’s domestic vehicle sales in 2024 decreased by 13.8% from the previous year to 1,441,652 units, marking the first year-on-year decline in two years. Robust sales were expected in 2024 after resolving the global semiconductor shortage, but certification test fraud was discovered associated with the application for type designation in Japan. As a result, starting from June 2024, production at Toyota’s domestic plants was temporarily suspended, resulting in a drop in sales in 2024. Toyota’s top selling model was the Corolla series, sales going Read more...

In 2024, automobile production in India increased by 2.8% from the previous year to 6,014,548 units, surpassing the 6-million-unit level for the first time. Domestic sales increased by 2.9% and exports went up by 9.4%, resulting in record production volume for the third consecutive year due to increased demand both in India and abroad. Passenger vehicle production rose 4.3% to 4,991,417 units and commercial vehicles dropped 4.2% to 1,023,131 units. Looking at passenger vehicle production by segment, the UVC segment (utility vehicles with an overall lengRead more...

Japan’s imported vehicle sales in 2024 increased by 3.0% from the previous year to 320,789 units. However, sales of foreign brand models fell 8.5% to 227,202 units. The Japan Automobile Importers Association (JAIA) predicts that sales will exceed the previous year’s results in 2025 due to plans to actively introduce new models, including BEVs and SUVs, and improved vehicle supply. Sales of imported SUVs, the largest segment, declined 1.0% to 113,419 units, accounting for 49.9% of all imported vehicle sales. Meanwhile imported passenger cars (sedans, hatRead more...

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...

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...

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...

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...

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...

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...

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...

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...

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...