FLEETDRIVE year . The final figure for the whole year amounted to 572,657 units sold , surpassing the adjusted goal set by the FTI .
These low overall sales figures have forced manufacturers to reduce production , in an effort to curb weak market demand . Similarly , the FTI adjusted its production target twice in the year . Last January 2024 , the FTI originally set the target for the year to be 1.9 million units , then subsequently cut this down to 1.7 million in the following July . The final target was eventually winnowed down to 1.5 million units in October .
Toyota , a long-time presence in the country , was Thailand ’ s top-performing car brand . The company closed 2024 with a 38.5 per cent share of the market and 220,356 units sold from January to December . Though Toyota came out on top , their sales have dropped 17.1 per cent compared to the same period last year in 2023 .
Isuzu follows Toyota with a large gap , selling 85,582 units for the entire year . Their performance in 2024 is disappointing compared to 2023 , where they sold 151,935 units overall . Isuzu currently holds 14.9 per cent share of Thailand ’ s car market despite its 43.7 per cent plummet in sales .
Ford , Nissan , and Mazda fared similarly to Isuzu , with over 40 per cent drops in sales for all three companies .
Chinese carmakers BYD and Changan also enter the top 10 . Changan recently just entered the Thai market last 2024 , thus , no year-on-year ( YoY ) comparisons are available . BYD , on the other hand , saw an 11.2 per cent drop in overall sales YoY . The EV maker sold 27,021 units for the entire year .
MALAYSIA
Malaysia ’ s car sales hit an all-time high for the year 2024 . The country ’ s total industry volume ( TIV ) amounted to 816,474 units sold , according to the Malaysian Automotive Association ( MAA ). This record is 2.1 per cent higher than 2023 ’ s sales of 799,821 units , which was also a record number for the country .
“ This outstanding TIV achievement would not have been possible if not for the much stable socio-political environment and the various measures undertaken by the Government to stimulate the country ’ s economy leading to a higher GDP growth ,” said MAA president , Mohd Shamsor Mohd Zain at a recent press conference .
Passenger vehicle sales dominated the market with 747,180 units sold , 3.9 per cent up on-year . Meanwhile , commercial vehicle sales declined by 13.8 per cent on-year with 69,567 vehicles sold . Last year , commercial vehicle sales reached 80,676 units sold . All in all , this is the first time vehicle sales in Malaysia have reached 800,000 units .
Unlike most countries in the region , Malaysia ’ s top-performing car brand is a local one . Perodua is number one with 358,100 new vehicle registrations under its name . The company was consistently Malaysia ’ s top-selling car brand throughout the whole year .
Following Perodua is another local Malaysian company , Proton . Nearly half of Perodua , new vehicle registrations under Proton reached 147,587 units . Auto giant Toyota follows with 127,202 units .
In terms of EVs , BYD is the only EV maker to make it to the top 10 with 8,570 new vehicle registrations . BYD managed to beat out favourites such as Nissan and Isuzu , proving that EVs are on the rise in Malaysia as well .
SINGAPORE
The Southeast Asian island ’ s local vehicle authority , the Land Transport Authority ( LTA ), recorded a huge uptick of 42.3 per cent on-year for new vehicle registrations in 2024 . Compared to other Southeast Asian countries , Singapore ’ s auto trends usually feature more high-end vehicle brands . However , 2024 ’ s results surprised the industry with EV sales picking up and Toyota
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