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Asia’s Motorcycle Sales Results in 2023

Asia’s motorcycle sales (this report covers India, Pakistan, six ASEAN countries [Indonesia, Vietnam, Thailand, Philippines, Malaysia, Singapore] and Taiwan) increased 5.5% compared to the previous year to 32,211,215 units in 2023. In 2020, demand fell to 26,408,732 units due to the spread of COVID-19, but since then demand has increased for three consecutive years. It has recovered to 92.4% compared to 2019 before the spread of infection, and 84.8% compared to the previous peak in 2018.

In India, although agricultural production slowed due to unseasonable weather, inflation and interest rate increases have subsided, and against the backdrop of stable domestic demand and active private investment, motorcycle sales in 2023 increased by 9.4% from the previous year to 17,539,452 units. In 2024, the general election for the lower house of parliament will be held in April and May, and the ruling Bharatiya Janata Party led by Prime Minister Narendra Modi is expected to win. Since the political situation is stable, and domestic demand and private investment are expected to remain strong, motorcycle sales are forecast to recover to more than 18 million units. In Pakistan, motorcycle sales fell by 27.0% year on year to 1,080,830 units in 2023 due to a lack of foreign currency, but sales are expected to reach 1.3 million units in 2024 as the economy recovers.

In ASEAN, Indonesia saw a rapid increase in sales by 19.5% from the previous year to 6,236,992 units in 2023 as the semiconductor shortage eased. However, since the beginning of 2023, prices of resources such as coal have plummeted, and motorcycle sales have been negative for four consecutive months since September compared to the same month last year. For these reasons, sales in 2024 are expected to be lower than the previous year. In Vietnam, motorcycle sales in 2023 fell by 16.2% from the previous year to 2,516,212 units due to currency depreciation, inflation, rising interest rates, and a decline in exports of electronic devices such as smartphones to Europe and the United States. Although exports and domestic demand are expected to recover in 2024, sales are forecast to remain below 3 million units. Motorcycle sales in Thailand have continued to be strong since 2022, increasing by 3.6% year-on-year to 1,856,914 units in 2023. However, due to the economic recession caused by sluggish exports, sales fell below the same month of the previous year from August 2023, and sales are expected to drop below 1.8 million units in 2024. Motorcycle sales in the Philippines in 2023 fell 0.5% to 1,556,358 units due to sluggish exports of electronic equipment and other items, as well as a decline in consumer confidence due to factors such as inflation and rising interest rates. In 2024, inflation and interest rate increases are expected to subside, so motorcycle sales are forecast to exceed 1.6 million units. In Malaysia, sales fell by 20.4% to 541,703 units in 2023. In 2024, sales are expected to continue falling below the previous year due to tax increases.

In Taiwan, sales increased by 18.6% year-on-year to 870,600 units in 2023 due to rush demand to comply with the 7th exhaust gas regulation before the end of replacement subsidies and promotion of low-priced models of KYMCO and SYM. In 2024, sales are expected to fall below 800,000 units due to artificial increase in demand in the previous year.

Graph: Asia: Sales Volume of Motorcycles by Country / Region (2018–2023)
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