The South Korean automobile market (total sales volume of KAMA [Korea Automobile Manufacturers Association] and KAIDA [Korea Automobile Importers & Distributors Association] members) dropped 7.3% from the previous year to 1,601,540 units in 2024. Uncertainty about the future due to domestic political turmoil and economic concerns such as high interest rates and soaring prices are restraining consumers from purchasing automobiles, resulting in an overall market decline. On the other hand, the strong popularity of SUVs, which are praised for their larger Read more...

In 2024, automobile sales in Indonesia decreased by 13.9% from the previous year to 865,723 units, falling below 1 million units for the first time in three years. In addition to tighter credit screening for auto loans and uncertainty about the economic outlook, social problems such as a shrinking middle class are behind this trend. In addition to small MPVs, small as well as midsize and large SUVs also declined. Sales in volume-selling segments such as A and B segment passenger car models were below the previous year's results across the board. On the oRead more...

Thailand’s automobile sales (new vehicle registration data) decreased by 24.3% from the previous year to 604,213 units in 2024, The main reason for the contraction was the stricter loan screening, especially for one-ton pickups, which are the highest volume sales segment in the overall market. Looking at the market composition by vehicle type, SUVs increased by 4.5 points to 31.3%, surpassing 30% for the first time. Although it has expanded relatively due to the contraction of the total market, it is now on par with light commercial vehicles that includeRead more...

Taiwan’s automobile market in 2024 decreased by 4.0% from the previous year but remained at a high level of over 450,000 units. Passenger car sales fell below the previous year’s results across the board, with double-digit declines in all segments except D/ large/ high-end. On the other hand, small SUVs hit a new record high, while midsize and large SUVs remained at a high level, although the pace of increase slowed. Sales of premium brands also increased by 2.8% year-on-year, exceeding 100,000 units for the second consecutive year. In addition, sales ofRead more...

In 2024, the Indian automobile market (total sales of members of India’s automotive association SIAM and major premium brands that are not members of SIAM) reached 5,268,286 units, going up some 148,000 units or 2.9% from the previous year. There was an overall increase in utility vehicle sales, with a particularly large rise in compact SUVs, going up some 202,000 units to 1,256,424 units, and small MPVs, increasing some 75,000 units to 270,901 units. Sales of passenger cars decreased across the board, with the exception of compact sedans which remained Read more...

In 2024, motorcycle production in five ASEAN countries, surveyed by this report, increased 1.6% to 13,704,226 units. Although production dropped in Thailand by some 234,000 units, it increased by 283,000 units in Vietnam followed by Indonesia with 99,000 units, the Philippines with 54,000 units and Malaysia with 17,000 units. In the first quarter of 2025, the Philippines and Malaysia raised production compared to the same period of the previous year due to strong domestic demand, but the other three countries saw a moderate decline ranging between 0.4% tRead more...

Vietnam’s vehicle sales increased 18.8% year-on-year to 450,051 units in 2024 (combined vehicle sales data of VAMA members and two non-members Hyundai Motor’s local subsidiary Hyundai Thanh Cong Vietnam and local automaker VinFast), the second highest level after 2022’s 462,569 units. The government’s decision to halve registration fees for domestically assembled vehicles (from September 1, 2024 to November 31, 2024) contributed to the expansion of the overall market. Looking at the market composition by vehicle type, SUVs increased significantly, going Read more...

Automobile sales in the Philippines increased by 5.9% from the previous year to 467,252 units in 2024. The total sales of the top seven brands increased steadily by 5.8% year-on-year to 413,353 units. In the passenger car sector, the A segment reached a record high for the first time in six years, and MPV sales reached a historic high level for the first time in seven years. On the other hand, SUVs slightly declined. Since interest rates have remained in the 6% range since mid-2023, the highest level since the bankruptcy of Lehman Brothers, sales of relaRead more...

In 2024, the Malaysian automobile market increased by 2.1% from the previous year to 816,747 units, setting a record high for the third consecutive year. Steady economic growth is behind the continued market expansion. This report covers sales volume in each vehicle segment, focusing on the top eight brands only (Perodua, Proton, Toyota, Honda, Chery, Mitsubishi, Mazda, and Isuzu) which accounted for 90.7% of all sales in 2024. Looking at the market composition of the top three body types, passenger cars led the way at 61.8%, an increase of 3.8 points, fRead more...

Global passenger vehicle sales reached 89,615, 115 units in 2024 according to FOURIN’s calculations. Of which the sales of Chinese brand passenger vehicles (excluding foreign brands affiliated with Chinese companies) increased over 7 million units since 2020, expanding to 19,635,649 units. The market share of Chinese brands surpassed 20% for the first time, reaching 21.9% in 2024. Looking at sales results by region, the market share of Chinese brands in the Asia and Oceania region hit a record high of 39.9% in 2024. As sales of Chinese brands increased Read more...

This report provides a summary of India’s automobile sales in 2024 broken down by region and administration unit. West India, led by Maharashtra state, remained the largest market with 1,716,084 units, an increase of 5.5% from the previous year, while North India, led by Uttar Pradesh state, followed with 1,556,999 units, rising by 5.4% from the previous year. On the other hand, sales in south India, the country’s third largest market, decreased by 1.7% year-on-year to 1,327,810 units. In east India, the country’s smallest market, sales were virtually onRead more...

In India, BEV parts suppliers are stepping up supply for automobiles. Until recently suppliers focused on electric motorcycles, but since 2024 Mahindra & Mahindra has started production of the XEV 9e and BE 6 electric SUVs, and Maruti Suzuki has decided to launch the e Vitara electric SUV in India, leading to an increase in contracts for the supply of electric automobiles. Meanwhile, due to the uncertain future of BEV demand, there has been an increase in parts makers looking to acquire technology and reduce costs through alliances. In terms of allianceRead more...

In 2024, demand for electric vehicles (EVs) in Thailand, especially for HEVs, increased, while several Chinese OEMs, have started local production of BEVs. Rising interest in local EV production is driven by the Thai Board of Investment (BOI)’s incentives which are intended to attract investment in the production of EVs and related parts. In June 2024, BOI approved battery and energy storage system recycling businesses as a category eligible for investment incentives. Recently, the development of Thailand’s EV supply chain centered on Chinese suppliers. Read more...

Toyota Group's global automobile production decreased by 7.8% from the previous year to 10,615,000 units in 2024. Domestic production declined by 12.8% to 3,757,431 units, and overseas production fell by 4.9% to 6,857,569 units. Domestic production decreased more significantly than overseas production, due to production suspension following the scandal regarding fraudulent vehicle certification. Toyota Group’s vehicle exports from Japan decreased by 3.2% from the previous year to 1,946,245 units in 2024. This is the second highest level since 2020 afterRead more...

This report covers the export and import results of motor vehicles and related parts (classified under HS Code 87) of eight Asian countries (India, Indonesia, Malaysia, Philippines, South Korea, Taiwan, Thailand, Vietnam) in 2024. The total export value of motor vehicles and parts of India, South Korea, Thailand, Malaysia, the Philippines and Vietnam increased. The expansion was mainly driven by a rise in exports to the United States. South Korea (up 0.04%), which ranked first in export value, and Thailand (up 0.38%), ranked second, both exceeded the preRead more...

South Korea’s CBU vehicle exports reached 2,782,612 units in 2024, an increase of 0.6% from the previous year. SUVs, the largest export category, decreased by 1.0% to 2,005,447 units, but remained at a high level of 2 million units for the second consecutive year. Sales of passenger cars (sedans, hatchbacks, etc.) went up by 4.4% to 584,142 units, marking the second highest level in the past 10 years. Looking at the export volume by destination, all regions were below the previous year’s results except North America. Exports to North America increased bRead more...

In 2024, CBU vehicle exports from Indonesia decreased by 6.5% from the previous year to 472,193 units, but still it was the third highest level on record. Exports of the Daihatsu GranMax and its rebadged versions under the Toyota and Mazda brands dropped significantly due to the model certification scandal of Daihatsu in Japan. On the other hand, both Mitsubishi and Hyundai exceeded their previous year’s results. Exports to Asia decreased by 5.9% from the previous year to 256,984 units, to Central and South America dropped by 10.4% to 106,027 units, andRead more...

In January 2025, the Federation of Thai Industries (FTI) announced that automobile exports in 2024 dropped to 1,019,213 units, down 8.8% from the previous year, but remained at the 1-million-unit level for the third consecutive year. One-ton pickup trucks (PUTs) and pickup-based passenger vehicles (PPVs) declined by 8.5% to 719,578 units, after reaching a record high level in the previous year. Looking at exports by destination, Asia experienced the largest decline in volume, with a decrease of some 46,000 units (14.5%) from the previous year. The main Read more...

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...