ASEAN sales increase 19% in second quarter

0

New vehicle sales in the six largest markets in the ASEAN region combined rose more than 19% to 777,849 units in the second quarter of 2022, from 652,582 units in the same period last year, according to data compiled by GlobalData from various industry sources, including automakers, trade associations and government departments. This follows growth of more than 23% in the first quarter as economies across the region continued to rebound from last year’s lockdowns.

Market growth in the second quarter was mainly driven by strong rebounds in Malaysia and Vietnam from depressed volumes a year earlier as supply chain disruptions continued to ease, while the Sales activity also picked up in the Philippines. By contrast, sales growth in the region’s two largest auto markets, Indonesia and Thailand, slowed sharply after outperforming strongly in the prior quarter as rising inflation and slowing global growth began to slow. affect consumer and business confidence.

Overall economic growth in the region remained strong in the second quarter, supported by a return of international tourism in May. Interest rates were kept at historic lows in Indonesia and Thailand, despite rising inflation and weakening currencies against the US dollar, while central banks in the Philippines and Malaysia began to increase in the second quarter.

Indonesia was the largest market in the first half of the year, with sales up nearly 21% to 375,321 units, followed by Thailand with 15% growth to 426,730 units and Malaysia with 331,386 units. The only market to show a decline was Singapore, with sales down a third to 21,831 units.

Sales in Vietnam jumped 38% to 107,637 units in the second quarter, according to data released by the Vietnam Automobile Manufacturers Association (VAMA), as economic growth rebounded 7.7% from low levels in the previous year thanks to strong consumer spending. That brings the year-to-date total to 200,162, a year-over-year increase of more than 26%.

Second quarter sales in the Philippinesexcluding data from members of the AVID importers association, rose more than 28% to 80,120 units from low levels a year earlier, bringing the half-year total by nearly 17% to 154 874 units.

Indonesia

New vehicle sales in Indonesia rose just over 2% to 211,499 units in the second quarter of 2022, from 206,448 units in the same period last year, according to data released by the industry association. local Gaikindo. The market has lost significant growth momentum in recent months, after rebounding strongly from pandemic lows, although Bank Indonesia kept interest rates at historic lows to support domestic consumption even then. inflation continued to rise.

Economic activity is expected to have slowed moderately in the second quarter, after growing 5% year-on-year in the first quarter, reflecting higher inflation and higher taxes, despite strong export activity and a return of tourism international.

At the end of March, the government ended the luxury tax exemption on vehicles with engines up to 1500cc and the tax rebates on vehicles with engines between 1500cc and 2500cc, which were put in place to support the market during the pandemic. These were replaced in the second quarter with a 66% luxury tax reduction on passenger vehicles costing up to IDR 200 million (USD 13,300), comprising mainly Low Cost Green Cars (LCGC) , falling to 33% in the third quarter. Smaller tax rebates are available on passenger vehicles with engines up to 1500cc and costing IDR 200-250 million.

Vehicle prices were also affected by the long-awaited switch to EUR4 emission standards and a rise in the VAT rate from 10% to 11% at the end of March. The government is looking to increasingly incentivize vehicles based on emissions levels, with electric vehicles receiving full luxury tax exemptions and hybrids also receiving deep tax reductions.

Total vehicle sales in the first half of the year rose nearly 21% to 475,321 units from 393,469 units a year earlier, with passenger vehicle sales up 22% to 355,303 units while commercial vehicle sales increased by more than 17% to 120,018 units.

Toyota saw sales jump nearly 23% to 149,461 in the first six months of the year, driven by the all-new popular Avanza compact MPV, the Raize small crossover and the new Rush compact SUV. Daihatsu sales increased by 21% to 90,343 units, driven by the Rocky and the new Terios; while Honda sales rose 29% to 62,585 units, helped by the recent launch of the new HR-V, BR-V and Mobilio models. Mitsubishi’s first-half sales rose more than 7% to 51,296 units, while Suzuki’s sales rose more than 14% to 41,413 units.

Thailand

New vehicle sales in Thailand rose less than 8% to 195,541 units in the second quarter of 2022 from 181,242 a year earlier, according to wholesale data released by the Federation of Thai Industries (FTI). The figure was significantly lower than the 22% year-on-year growth seen in the first quarter, with the federation blaming growing economic headwinds including high household debt and soaring inflation.

The national economy continued to recover from the Covid restrictions of the past few years in the second quarter as the government continued to ease travel restrictions, which helped the country’s all-important tourism sector rebound from the lows in the last year. The Bank of Thailand kept its benchmark interest rate unchanged at a historic low of 0.5% to further support the nation’s economic recovery, despite soaring inflation due to rising energy and commodity prices. raw materials. GDP growth in the second quarter is expected to be in line with the 2.2% growth seen in the first quarter.

National vehicle sales in the first six months of the year rose more than 15% to 426,730 units from 370,335 units in the same period last year, boosted by strong demand for passenger cars and of vans. The data excludes some important brands, in particular commercial vehicles from Chinese and European manufacturers, as well as BMW and Mercedes-Benz passenger vehicles.

The FTI Motoring Club has revised its domestic market outlook for 2022 down to 850,000 units, still a 12% increase from last year’s 759,199 sales, while leaving its export forecast unchanged. vehicles for the full year to 900,000 units despite an 11% decline in June. Toyota raised its own full-year sales forecast to 290,000 units, a 21% increase over last year.

Malaysia

New vehicle registrations in Malaysia rebounded 56% to 171,634 units in the second quarter of 2022 from depressed sales of 109,679 units the previous year, according to registration data released by the Malaysia Automotive Association (MAA). .

The vehicle market continued to recover strongly from last year’s Covid shutdowns in the second quarter, supported by the suspension of the 10% sales and service tax that expired at the end of June. However, vehicles ordered before this deadline will still be able to benefit from the tax reduction if they are delivered before the end of March 2023.

After growing 5% year-on-year in the first quarter of 2022, economic activity is expected to have picked up steam in the second quarter as the recovery from last year’s lockdowns continues. Full-year GDP growth is expected to be well over 6%, despite rising interest rates – with the central bank having twice hiked 25 basis points in recent months to 2.25% .

Total vehicle sales in the first half of 2022 increased by 33% to 331,386 units from 249,178 in the same period last year, with passenger vehicle sales increasing by more than 31% to 293,540 units while commercial vehicle sales jumped 49% to 37,846 units.

Market leader Perodua saw first-half sales rise more than 31% to 127,343 units, driven by popular models such as Myvi, Axia and Bezza. Earlier this month, the company said it had received 30,000 orders for the new 1.5L Alza model ahead of its launch in late July.

Proton said its global sales rose nearly 4% to 60,124 units in the first six months of the year as supply chain shortages began to ease after major disruptions. over the past few months. The company continues to benefit from strong demand for locally-built Geely-based models, such as the X70 and X50 SUVs. Exports have jumped 81% to 2,722 units since the start of the year, mainly to markets such as Pakistan, Egypt and Brunei.

UMW Toyota reported a nearly 35% increase in first-half sales to 45,911 units, driven by strong demand for models such as the locally assembled Corolla Cross Hybrid and Hilux pickup truck.

Honda Malaysia launched the next-generation HR-V SUV this month and said it has received 20,000 reservations so far.

The MAA said it now expects full-year sales to rise by 630,000 vehicles in 2022, compared to its earlier forecast of 600,000 units.

Share.

Comments are closed.