ASEAN car market on growth trajectory

ASEAN car market on growth trajectoryThe Philippines and Thailand, alongside Myanmar, which still has a much smaller market, were the three countries leading new automotive sales in the Association of Southeast Asian Nations in the first three quarters of this year with double-digit growth in new vehicle sales each.

Latest data from the ASEAN Automotive Federation showed vehicle sales and production in the Philippines posted a 15.9-per cent sales growth in the nine months to September to 302,869 new vehicle sales while local production jumped 30.1 per cent during the same period. The phase-out and replacement of old Jeepneys is expected to push sales further in the coming quarters.

Thailand’s new vehicle market strengthened significantly in the third quarter, with sales rising by 12.2 per cent to 210,894 units. Sales in the first nine months of the year were 11.6 per cent higher at 620,870 units compared with 556,525 units in the period of last year, driven by low interest rates, the launch of new passenger vehicle models and the end of the lock-in period for tax rebates to vehicle buyers under the government’s first-time buyer scheme over five years ago.

There are no detailed sales data from Myanmar, but the automobile distributor’s association estimates that this year, around 7,500 new cars should be sold in the country, almost double from the mere 4,000 new cars sold in Myanmar last year.

The rest of ASEAN showed slower growth.

Indonesia’s new vehicle market was up 2.7 per cent higher to 803,760 units in the first nine months 2017, underpinned by low interest rates and a large number of important new model launches over the last two year. It is the largest market in ASEAN.

Malaysia, on the other hand, is struggling to recover from last year’s 13-per cent decline despite improving economic conditions in the county. Sales in the first nine months of the year were just 1.8 per cent higher at 425,711 units.

Singapore saw growth of 4.5 per cent to 84,189 new cars sold in the period, while Vietnam’s market shrunk by 4.2 per cent to 184,845 sales. No aggregated data is available for Cambodia and Laos.

Overall regional sales in the first nine months of the year were 5.7 per cent higher at 2,422,242 units.



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The Philippines and Thailand, alongside Myanmar, which still has a much smaller market, were the three countries leading new automotive sales in the Association of Southeast Asian Nations in the first three quarters of this year with double-digit growth in new vehicle sales each. Latest data from the ASEAN Automotive Federation showed vehicle sales and production in the Philippines posted a 15.9-per cent sales growth in the nine months to September to 302,869 new vehicle sales while local production jumped 30.1 per cent during the same period. The phase-out and replacement of old Jeepneys is expected to push sales further...

ASEAN car market on growth trajectoryThe Philippines and Thailand, alongside Myanmar, which still has a much smaller market, were the three countries leading new automotive sales in the Association of Southeast Asian Nations in the first three quarters of this year with double-digit growth in new vehicle sales each.

Latest data from the ASEAN Automotive Federation showed vehicle sales and production in the Philippines posted a 15.9-per cent sales growth in the nine months to September to 302,869 new vehicle sales while local production jumped 30.1 per cent during the same period. The phase-out and replacement of old Jeepneys is expected to push sales further in the coming quarters.

Thailand’s new vehicle market strengthened significantly in the third quarter, with sales rising by 12.2 per cent to 210,894 units. Sales in the first nine months of the year were 11.6 per cent higher at 620,870 units compared with 556,525 units in the period of last year, driven by low interest rates, the launch of new passenger vehicle models and the end of the lock-in period for tax rebates to vehicle buyers under the government’s first-time buyer scheme over five years ago.

There are no detailed sales data from Myanmar, but the automobile distributor’s association estimates that this year, around 7,500 new cars should be sold in the country, almost double from the mere 4,000 new cars sold in Myanmar last year.

The rest of ASEAN showed slower growth.

Indonesia’s new vehicle market was up 2.7 per cent higher to 803,760 units in the first nine months 2017, underpinned by low interest rates and a large number of important new model launches over the last two year. It is the largest market in ASEAN.

Malaysia, on the other hand, is struggling to recover from last year’s 13-per cent decline despite improving economic conditions in the county. Sales in the first nine months of the year were just 1.8 per cent higher at 425,711 units.

Singapore saw growth of 4.5 per cent to 84,189 new cars sold in the period, while Vietnam’s market shrunk by 4.2 per cent to 184,845 sales. No aggregated data is available for Cambodia and Laos.

Overall regional sales in the first nine months of the year were 5.7 per cent higher at 2,422,242 units.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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