In 2024, the Southeast Asian automotive market faced an overall decline in sales, with a 5.7% drop compared to the previous year. This decline was largely driven by double-digit losses in two of the region’s largest markets: Thailand, which saw a drop of 18.4%, and Indonesia, with a decrease of 16.1%. These substantial declines had a significant impact on the regional market's performance.
Despite the overall downturn, monthly sales data revealed a 2.1% growth compared to the previous year, suggesting that a recovery may be on the horizon. This positive trend could signal a rebound in the latter part of the year, especially as the market adjusts to the evolving economic landscape.
The performance across different Southeast Asian countries showcased a diverse set of outcomes. While Thailand and Indonesia struggled with significant losses, other countries, including Malaysia, the Philippines, and Singapore, recorded positive growth. This disparity emphasizes the varying market dynamics within the region, with each country facing unique challenges and opportunities based on factors such as economic conditions, consumer preferences, and government policies.
This mixed performance suggests that while the automotive market in Southeast Asia as a whole is facing challenges, certain markets may experience growth in the coming months, potentially leading to a more balanced recovery across the region.
