Auto

ASEAN car markets grew 23% in the first quarter

Car sales in the ASEAN region’s six largest markets together grew by almost 23% to 832,390 units in the first quarter of 2022 from 677,397 units a year ago, according to data compiled by www.AsiaMotorBusiness.com from a variety of industry sources, including automakers And from trade. Associations and government agencies.

Indonesia topped recovery vehicle sales by more than 41% to 263,822 units as most markets in the region returned to pre-pandemic levels despite new restrictions in the region in the quarter in response to the latest increase in Covid infections.

Sales in Thailand grew by more than 22% to 231,189 units in the first quarter, while the market in Malaysia grew by more than 14% to 159,752 units, with stronger growth expected for the rest of the year.

Interest rates have been kept at historically low levels and governments continue to provide fiscal stimulus to stimulate economic growth. Rising commodity prices have also helped some economies, while consumer and business sentiment has been lifted with the gradual return of international tourism to the region.

Rising prices for energy and other commodities have already been felt as a result of Russia’s invasion of Ukraine, although its impact on exports has so far been limited.

Sales in Vietnam Increased by 29% and amounted to 85,797 units in the first quarter of 2022, compared to the previous year, which was higher than the previous year, due to a 5% increase in economic activity in the country.

Sales in PhilippinesExcluding data from members of the AVID Importers Association, it grew more than 6% to 74,754 vehicles in the first quarter. Total sales rose 43% in March after a slow start to the year, largely due to restrictions imposed in January, in response to the latest growth in the Covid pandemic.

Indonesia

New car sales in Indonesia continued to rise in the first quarter of 2022, up 41% to 263,822, from 187,021 units from weak sales the previous year, according to data released by the local industry association Gaikindo.

Sales of passenger cars increased by more than 46% to 197,762 units, while sales of commercial vehicles increased by more than 28% to 66,060 units.

The country’s economy continued to recover from the weak level of the previous year, although an increase in Covid infections in the country in March was likely to slow growth in the quarter. Gross domestic product growth for the first quarter is estimated at more than 4%, driven by strong domestic consumption and exports.

The automotive market has benefited from historically low interest rates, with the Bank of Indonesia maintaining a benchmark interest rate of 3.5%, as well as releasing significant new models over the past year.

Toyota said sales rose 41% to 81,095 vehicles in the first quarter, driven by the all-new popular Avanza compact MPV, the new Rush compact SUV and the Raize small crossover.

Daihatsu sales rose 44% to 50,820 units, driven by the recent release of Rocky’s small crossover car, the new Xenia Compact MPV and the new Terios Compact SUV.

Mitsubishi achieved the biggest profit among the country’s major automakers, with sales up almost 55% to 33,654 units, thanks to strong demand for its Xpander and Xpander Cross models, while Suzuki sales increased by only 14% to 22,371 units.

Thailand

New car sales in Thailand grew by more than 22% to 231,189 units in the first quarter from 189,093 in the same period last year, driven by strong demand for pickups. The data excludes several major brands, especially commercial vehicles of Chinese and European manufacturers, as well as BMW and Mercedes-Benz passenger cars.

While economic activity has increased in recent months, with the help of government stimulus policies, the rise in Covid infections in March and Russia’s invasion of Ukraine are expected to weaken economic activity in the country.

The Bank of Thailand has kept its benchmark interest rate unchanged at an all-time low of 0.5% to boost domestic consumption amid growing uncertainty. As a result of the war in Ukraine, the Ministry of Finance reduced its GDP growth forecast from 4.0% to 3.5%.

Car exports fell nearly 6% to 243,124 units in the first quarter, leading the Thai Industry Federation to partly blame semiconductor shortages for some car models.

Taking into account first-quarter market figures, the FTI predicts that year-over-year domestic sales could reach 900,000 units this year – up from the previously projected 800,000-850,000 units, after sales fell 4% and to 209,119 units in 2021.

Malaysia

According to registration data published by the Malaysian Automobile Association (MAA), according to the registration data published by the Malaysian Automobile Association (MAA), new car registrations in Malaysia increased by 159,752 units in the first quarter of 2022 to 139,499 units in the first 2022 units. Sales of passenger cars increased by 14% to 140,140 units, while sales of commercial vehicles increased by 21% to 19,612 units.

The market was again stalled due to floods last December in major parts of the country, with Proton suffering the most among the country’s major automakers. Since then other manufacturers have managed to increase production to fulfill a large number of orders.

Leading automaker Perodua grew sales by more than 6% to 61,624 units in the first quarter, while sales of UMW Toyota increased by 32% to 22,447 units, while Proton sales fell 19% to 26,706 units in the same period. .

Economic growth is expected to reach 5% in the first quarter of 2022, driven by strong exports and domestic stimulus measures, which will help boost domestic consumption. GDP growth for the whole year is projected to exceed 6% from the weak levels of 2021.

The MAA predicts that the domestic market will expand by 18% to more than 600,000 units in 2022 after a decline of the last two years.



ASEAN car markets grew 23% in the first quarter

Source link ASEAN car markets grew 23% in the first quarter

Back to top button