According to data from the ASEAN Automotive Federation (AAF), automotive production within the region increased by 28.2 percent in the primary eight months of this yr.
According to AFF, overall automotive production within the region increased by 28.2 percent, or 2,804,386 units, from January to August last yr to 2,804,386 units in the present period.
Thailand, the middle of ASEAN’s auto industry, grew 14.4% in the primary eight months of 2017 to 1,225,776 units. From January to August this yr, Indonesian vehicle factories produced 920,376 units, a rise of 33.2% in comparison with the 690,749 cars produced in the identical period last yr.
Production in Vietnam increased by 43.6 percent to 160,856 units from just 112,024 units, while production in Malaysia increased by 70.3 percent to 439,372 units from 258,024 units. In Myanmar, production increased by 192.7 percent from 1,055 units last yr to three,088 units this yr. In Malaysia, automotive sales increased by 62.9%, from 274,600 to 447,209 units.
AAF recorded total vehicle sales of two,206,605 units within the January-August period, a rise of 31.3% in comparison with 1,680,363 units in the identical period last yr.
The region’s largest automotive market, Indonesia, managed to sell 658,232 vehicles, a rise of 21.1% in comparison with 543,424 vehicles sold a yr earlier. In Thailand, sales increased by 26.1%, from 467,809 to five,898,863 units.
One of the predominant pillars supporting the event of the production sector and the national economy is the automotive industry. Australia’s neighboring free trade agreement, which was finalized in spring 2019, creates latest potential for the Indonesian automotive sector.
A key step towards regaining Indonesian automotive products meeting international quality standards was made two years later when the Indonesian automotive sector was capable of enter the Australian market. Thanks to the free trade agreement, automotive manufacturers which have already established operations in Indonesia can profit from exemptions from Australian import tax.
An ambitious goal Indonesia recently set was to extend its EV market share in Indonesia to 25% of total vehicle sales by 2030.
However, the Indonesian government’s goal has been challenged by recent world events, including the Russia-Ukraine war and an increase in Covid-19 cases in China, which has clogged supply chains and skyrocketed raw material costs, driving up electricity prices. automotive batteries.
The Philippines increased its sales from 170,112 units sold in the identical period last yr to 212,872 units, a rise of 25.1%.
Selling 262,940 units, 49.9% greater than the 175,400 units sold in the identical period last yr, sales in Vietnam have already surpassed those within the Philippines.
Sales in Myanmar also fell 2.8 percent to six,579 units from 6,772 units in the identical period last yr, while sales in Singapore fell 31.6 percent to twenty-eight,910 from 42,246 units last yr.
Source: ASEAN Automotive Federation, Statista.com, ResearchAndMarkets.com
