Regional Round-Up : Southeast Asia ’ s Car Market in 2024
WORDS BY ANTONINA JOSON
2024 proved to be a year of ups and downs for Southeast Asia ’ s car market . Despite the differing performances per country in the region , one thing is clear : electric vehicles ( EVs ) are making their mark . Japanese automakers still dominate the region , but Chinese EV makers are hot on their trail .
While Toyota , Honda , and the like have established themselves for decades in SEA , BYD , Chery , and several have made the same attempts to build their success in the region . BYD , in particular , is seeing great success with a partnership with ride-hailing app Grab , charttopping sales in Singapore and a new plant in Indonesia .
Meanwhile , Southeast Asian governments are putting in significant effort to encourage their citizens to adopt low-emission vehicles . Furthermore , the ASEAN Centre for Energy urged its member nations to bolster low-emission and electric vehicle adoptions in their respective countries .
With this background in mind , let ’ s look at how Southeast Asia ’ s car market fared last year :
THAILAND
Known as the Auto King of Asia , Thailand may be on their way to losing this title due to their sluggish performance in 2024 . Unfortunately for the kingdom , 2024 marks their fourth consecutive year of decline in vehicle sales and production .
The Federation of Thai Industries ( FTI ) attributes the market ’ s weak performance to low car loan approval rates and strict requirements from financial institutions and stagnant growth of the country ’ s GDP . Additionally , high household debt has dampened consumer interest in buying new vehicles .
Sales in Thailand have suffered for several years and have finally reached its lowest point last 2024 . The FTI reported Thailand ’ s 2024 overall sales are down 26.18 per cent on-year . In anticipation of low car sales , the FTI previously revised its target to 450,000 units in October last
18 ISSUE 51 FEBRUARY 2025 / WWW . AFMA . ORG . AU