Asia Automobile Sales/Production: Decline in 2014 and moderate Recovery Forecast for 2015
 

Automobile sales (PC+UV) volume of 12 countries in Asia (Korea, Taiwan, Thailand, Indonesia, Malaysia, Philippines, Vietnam, Singapore, Brunei, India, Pakistan, Sri Lanka) is forecast to drop 2.2 percent from last year to 8.72 million units. Thailand declined 30 percent due to a sluggish market triggered by the First Car purchase incentive program, which ate away future demand, and by political instability. Meanwhile India's automobile market is forecast to be on par with that of last year despite expectations of economic recovery after the new government took office.


In 2015, Asian sales are projected to go up 4 percent to nearly 9.1 million units. Market recovery is anticipated in India based on dropping crude oil price and stable inflation. Meanwhile, increased fuel prices in Indonesia are projected to keep sales on the same level as last year.


Automobile production (PC+UV) volume of 9 countries in Asia (Korea, Taiwan, Thailand, Indonesia, Malaysia, Philippines, Vietnam, India, Pakistan) is forecast to drop three percent from last  year to 12.92  million units, falling below 13 million units for the first time in three years. Thailand's sluggish domestic demand and weak export pushed down overall production of Asia. Production weakened further by decline in Korea due to walkouts and by India's slight decrease.


In 2015, driven by rising volume in Indonesia, production is projected to go up 6 percent from last year to 13.75 million units, increasing for the first time in three years.

 

15-02-1  

 

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