SOUTHEAST ASIA: 6 MAJOR COUNTRIES REPORT
New vehicle sales in the six major Southeast Asian countries totaled 317,765 units in September, up 33% from the same month last year. The figures were compiled from new vehicle sales statistics released by automobile industry associations and other organizations in each country. This is the 12th consecutive month that sales have exceeded those of the same month last year; the economic recovery from COVID-19 continues, with sales up 8% compared to September 2019, even before the spread of the infection.
Indonesia, the largest new vehicle market in the region, saw a 19% y/y increase to 99,986 units. This was the highest single-month sales volume in 2022. The tax exemption for some models ended at the end of September, and there appears to have been a rush demand for new vehicles.
Sales in Thailand were up 16% to 74,150 units. Sales of commercial vehicles, which accounted for 70% of total sales, were up 31%, while passenger cars declined 9%. Toyota Motor Corporation, which has the largest sales share in the country, believes that the flooding that occurred in many areas due to heavy rains at the end of the rainy season had an impact on the slump in passenger car sales.
The six countries, including Malaysia, Vietnam, the Philippines, and Singapore, totaled about 2.48 million vehicles in January-September, up 30% from the same period last year, and down 3% from January-September 2019. 2022 full-year sales are on pace to exceed 3 million vehicles for the first time in three years.
Source: The Nikkei
PSR Analysis: The automobile market in Southeast Asia has been steadily recovering during the current international situation, which has been greatly shaken by COVID-19, friction between the U.S. and China, the situation in Ukraine, and other factors. This is a clear indication of the strength of demand within the region. Exports to the rest of Southeast Asia are also recovering. From a medium- to long-term perspective, demand will continue to grow as road networks are developed. PSR
Akihiro Komuro is Research Analyst, Far East and Southeast Asia, for Power Systems Research
