New-car sales within the six largest Southeast Asian countries rose a combined 14% in March from a 12 months earlier to 316,736 vehicles, the fifth consecutive monthly increase and the very best level for the month in 4 years.
Sales rose in all six countries, with Thailand, Malaysia, the Philippines and Singapore all posting double-digit growth, reflecting stable levels of consumer spending within the region.
New automotive sales turned the corner in 2016, rising for the primary time in three years. But growth only reached 3%, and it wasn’t until early this 12 months that the recovery entered the fast lane.
Thailand, Southeast Asia’s second-largest automotive market, was the most important player. Sales in March rose 17% to 84,801 units, its third consecutive double-digit increase. Passenger automotive sales rose 40%. Japanese automakers Honda Motor, Toyota Motor, Nissan Motor, Mazda Motor and Mitsubishi Motors topped the charts on this area, with gains of 30% to 70%. That greater than made up for weakness in pickups and other industrial vehicles. Sales of one-ton pickups, a category that features SUVs, rose only 8% in March, with some manufacturers, including Toyota and Mitsubishi Motors, reporting declines on this area.
New-car sales in Indonesia, the region’s largest market, rose 8% in March, topping 100,000 for the primary time in 4 months as automakers compete to sell “cheap, green cars” to consumers interested by green technology. Fuel economy was a key topic on the recently concluded Indonesia International Motor Show.
Malaysia also saw a ten% increase, after automotive sales fell sharply in 2016. March was the second consecutive month of double-digit sales growth.
In the January-March quarter, new-car sales in Southeast Asia rose 11% to 826,545 vehicles, driven by a 20% increase within the Philippines and a 16% increase in Thailand. For now, a minimum of, new-car sales in Southeast Asia seem like getting back on target.
This article was first published on Asia.Nikkei.com May 9, 2017
