The automotive production in ASEAN is expected to return to the levels seen before COVID-19 sometime between 2023 and 2024. The vehicles manufactured in ASEAN are not only sold to the local markets but also exported to Australia, New Zealand and the Middle East.
The Regional Comprehensive Economic Partnership (RCEP) agreement to take effect starting 2022 will further elevate the ASEAN automotive industry's status.
With the currently low car ownership rates in many ASEAN markets on top of the potential room for growth in the population and per capita income, automotive sales in ASEAN are poised for growth in the decades to come.
Chart 1: Production volume in top-8 markets, 2020-3Q21 (US$b)
Chart 4: ASEAN auto export and import to key markets, 2020 (US$m)
Chart 5: ASEAN auto component export and import to key markets, 2020 (US$m)
Chart 6: ASEAN auto production and domestic auto sales by market, 2019-2021 (k units)
Chart 8: ASEAN domestic auto sales share by market, 2019-2021
Chart 10: Domestic auto sales of ASEAN major markets, 2019-2030 (k units)
