Frost & Sullivan's 2024 ASEAN Automotive Growth Outlook

Frost & Sullivan's 2024 ASEAN Automotive Growth Outlook

Electrification Presents Attractive Growth Opportunities

This analysis assesses the automotive industry in Association of Southeast Asian Nations (ASEAN) countries and focuses on the 5 main markets (Indonesia, Malaysia, the Philippines, Thailand, and Vietnam). The project covers PVs and pickups. Pickups are the most used and popular CVs in various geographies and industries, including agriculture, in the region.

ASEAN-developed automotive production bases and active production countries are Indonesia, Malaysia, Thailand, and Vietnam. The region is home to assembly plants of foreign and domestic OEMs, including Perodua and Proton from Malaysia and VinFast from Vietnam. As an emerging region, ASEAN’s GDP, urbanization, road infrastructure, and living standards continue to rapidly grow and will accelerate PV sales and ownership. However, the automotive industry faces challenges because of geopolitical conflicts and supply chain disruptions that are causing chip shortages and delivery delays.

The leading position of Japanese brands are being challenged by Chinese and South Korean OEMs that are making significant progress into the region and reshaping the competitive landscape. With the acceleration of electric vehicle (EV) demand globally, the region is transitioning toward electrification of mobility and recognizes EVs as a key component in realizing a sustainable future.

The study outlines the size of respective automotive markets, provides historical data from 2022 and a forecast for 2024, explains industry highlights from 2023, and describes market trends for 2024.