dethroned in passenger car sales .
Toyota is the country ’ s best-selling automaker with regards to total industry volume ( TIV ). The company holds a market share of 45 per cent in Singapore ’ s taxi market — this and its authorised dealer ( AD ) sales results combined bring Toyota to the top of Singapore ’ s best-selling car brands of 2024 .
However , when considering only AD figures , Singapore ’ s car market welcomes a new champion in BYD . The LTA recorded 6,191 new BYD vehicles registered in 2024 , beating out both Toyota and BMW in the city-state . The improvement from BYD ’ s 2023 sales is at a whopping 337 per cent with the LTA recording only 5,736 new vehicles in comparison .
Similarly , fellow EV maker Tesla saw improvements in their sales on-year . In 2024 , the US-based company sold 2,384 new vehicles , a vast improvement from 2023 ’ s 940 vehicles sold .
EV sales have also significantly increase with 2024 seeing 14,448 new EV registrations . Last year ’ s EV sales in Singapore amounted to less than half of this amount at 5,467 units registered .
INDONESIA
Like Thailand , Indonesia ’ s car market did not fare well this year . Overall car sales for 2024 fell 14 per cent on-year . While Indonesia ’ s TIV in years prior have surpassed 1 million units , the archipelago most recent overall TIV reached only 865,723 units .
The Indonesian Automobile Manufacturers Association ( GAIKINDO ) previously set industry sales targets to 1.1 million units . Unfortunately , due to consistently low car sales , the association had to readjust this figure in November of 2024 to 850,000 units . Ultimately , Indonesia ’ s TIV hit the adjusted sales target .
Much like years before , Japanese legacy car brands dominated Indonesia ’ s market . The country ’ s top 20 best-selling vehicle models were all from Japanerse car makers . Brands such as Toyota , Daihatsu , Honda , Mitsubishi , Suzuki , Isuzu , and Hino comprised majority of the top 10 brands , while Hyundai , Wuling , and BYD follow behind .
Toyota remains Indonesia ’ s top-selling automaker , acquiring 33.4 per cent of the auto market share . The auto giant sold 288,982 units over all for the entirety of 2024 , improving its onyear performance by 14.2 per cent . According to GAIKINDO ’ s statistics , the country ’ s top two best-selling vehicles of the year were the Toyota Innova and Avanza , lending much to the brand ’ s performance .
Daihatsu comes in second place with 163,032 vehicles sold for the entire year . The Daihatsu Sigra is Indonesia ’ s third best-selling vehicle of 2024 . In third place is Honda with a much weaker performance of 86,843 vehicles sold in 2024 .
GAIKINDO ’ s data shows that TIV for 2024 was much lower than that of 2023 . 2023 saw a TIV of 1,005,802 units sold . The association hopes that 2025 ’ s TIV will also reach 1,000,000 units as it has before .
VIETNAM
The Vietnam Automobile Manufacuters ’ Association ( VAMA ) recorded 340,142 units for the country ’ s TIV in 2024 . This figure is 12.6 per cent higher than the TIV for 2024 . Previously in 2023 , TIV reached only 301,989 units — a staggering 25 per cent decline from 2022 ’ s TIV . Thus , 2024 ’ s final sales figures mark a significant improvement for Vietnam ’ s auto market .
Out of the total figure , majority were passenger cars of 257,900 units . Additionally , passenger car sales improved 12 per cent on-year . Commercial
20 ISSUE 51 FEBRUARY 2025 / WWW . AFMA . ORG . AU