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 (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...

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...

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...

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 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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

The South Korean automobile market (total sales volume of KAMA [Korea Automobile Manufacturers Association] and KAIDA [Korea Automobile Importers & Distributors Association] members) increased 3.1% from the previous year to 1,726,907 units in 2023. Although sales of passenger cars declined for the third consecutive year, sales of SUVs hit a record high for the second year in a row. In the SUV segment, small SUVs continued to be the driving force for the second consecutive year. title : South Korea’s Automobile Sales by Segment in 2023 Graoh: SRead more...

Indonesia’s automobile market in 2023 decreased 4.0% year-on-year to 1,005,802 units. Both passenger and commercial vehicles declined, but the decrease was greater for commercial vehicles. Passenger cars decreased by 0.6%, SUVs dropped by 0.2%, and MPVs, which account for nearly 40% of the market, fell by 1.1%. The proportion of SUVs was 17.4% in 2018 but expanded to 24.4% by 2023. Passenger cars were down 0.6% to 130,270 units. Of these, the largest B segment declined 3.4% to 71,987 units, the only segment that saw a decrease. SUVs fell 0.2% to 245,481Read more...

Thailand’s automobile sales decreased by 5.3% from the previous year to 798,540 units in 2023, falling below 800,000 units for the first time in two years. The reasons behind the drop were the economic downturn and stricter loan screening for sales financing. In Thailand, one-ton pickup trucks, which receive preferential excise tax treatment, are the most popular choice of vehicle. Until 2022, one-ton pickup trucks accounted for more than 40% of the total vehicle market, with the remainder divided between passenger cars, and SUVs and MPVs. However, in 20Read more...

Vietnam’s vehicle sales decreased 18.1% year-on-year to 378,682 units in 2023 (combined vehicle sales data of VAMA members and two non-members Hyundai Motor’s local subsidiary Hyundai Thanh Cong Vietnam (HTCV) and local automaker VinFast). Stricter car loan screenings are behind the market decline. Looking at the market composition, SUVs accounted for the largest share at 34.0%, an increase of 15.8 points compared to 2018, followed by passenger cars at 21.9%, a decrease of 23.7 points. The reason for this trend is that automakers are expanding their SUV Read more...

Taiwan’s automobile market reached a high level of 477,021 units in 2023, an 11.0% increase from the previous year, as the shortage of imported vehicles eased. Passenger cars decreased by 2.4% to 90,455 units, but SUVs increased by 15.2% to 171,807 units, and premium brand models went up by 19.0% to 114,312 units, achieving new record highs which pushed up the market. While the market was expanding, passenger car sales declined for the ninth consecutive year. The B segment, the second largest segment in the passenger car category, dropped 14.7% to 29,49Read more...

Automobile sales in the Philippines increased by 20.8% from the previous year to 441,241 units in 2023. Regarding the total sales for the top seven brands (Toyota, Suzuki, Mitsubishi, Honda, Nissan, Ford, Isuzu), passenger cars increased by nearly 30%, SUVs and MPVs each rose by around 25%, and commercial vehicles went up by around 10%. Passenger cars are very popular in the Philippines, and although SUVs outsold passenger cars for the second consecutive year, the difference in sales between the two body types was around 10,000 units. The growth of the lRead more...

In 2023, the Indian automobile market (total sales volume of SIAM [Society of Indian Automobile Manufacturers] members and major premium brands that are not SIAM members) reached a record high of 5,119,776 units, up 7.6% from the previous year, surpassing the 5 million unit-level for the first time. The economy was booming in 2023, with a full-year GDP growth rate of 6.3%, promoting consumption. The increase was around 362,000 units, SUVs accounting for all of that. The market composition ratio of SUVs, which continue to grow in the Indian market, was arRead more...

In 2023, Indonesia’s motorcycle sales increased by 19.4% year-on-year to 6,236,992 units. Sales continued to decline year-on-year for seven consecutive months from September 2023 to March 2024, but the Ramadan season, when consumption increases, started earlier than last year, resulting in an 18.3% increase in April compared to last year. In Indonesia, when commodity prices such as those of palm oil and coal, which are major export items, rise, the current account balance becomes surplus and the domestic economy gains strength, so demand for motorcyclesRead more...

The Malaysian automobile market in 2022 hit a record high of nearly 800,000 units up 11.0% year-on-year. The market expansion was driven by low interest rates and strong economic performance throughout the year. The top seven brands (Perodua, Proton, Toyota, Honda, Mitsubishi, Mazda, Isuzu), which accounted for 90.7% of the market sold 725,284 units. Passenger car sales increased 12.6% to 424,130 units. Employment as well as GDP per capita rose from 2021 to 2023, resulting in rising demand for relatively inexpensive passenger cars. UV sales went up 8.8%Read more...