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ASEAN to Emerge as a Key Global Automotive Market and Production Hub by 2019 Says Frost & Sullivan - The ASEAN region offers a significant opportunity to global automakers in the near to medium term, says Frost & Sullivan - Automotive.Frost.com
ASEAN to Emerge as a Key Global Automotive Market and Production Hub by 2019 Says Frost & Sullivan

 

NewswireToday - /newswire/ - Hong Kong, Hong Kong, 2013/08/16 - The ASEAN region offers a significant opportunity to global automakers in the near to medium term, says Frost & Sullivan - Automotive.Frost.com.

   
 
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Mr. Vijay Rao, Research Director, Asia Pacific at Frost & Sullivan said that the importance of ASEAN as a cluster cannot be denied as the region is likely to be the fifth largest automotive market in the world by 2019.

New analysis from Frost & Sullivan (automotive.frost.com) Strategic Analysis of ASEAN Automotive Outlook finds that the market is likely to grow at a compound annual growth rate (CAGR) of 5.8 per cent (2012-2019) to reach 4.71 million in 2019, mainly driven by rapid market expansions in Indonesia and Thailand.

Mr. Rao added that the low level of motorization in ASEAN offers strong growth potential for the automotive market, while the heavily-motorized regions of Western Europe and North America represent a saturated "replacement" market.

He added that passenger vehicle segments are likely to dominate the market. "Thailand the key pickup market in the region is shifting to passenger vehicles with increased consumer preference for compact, environment friendly eco cars," he said.

Mr. Rao predicts Indonesia to emerge as the largest automotive market in ASEAN by 2019, accounting for 2.3 million vehicles, driven by sustained economic growth in the country, growing middle classes with larger disposable incomes, increased investments in automotive sector and introduction of automotive regulations supporting market growth.

He added that automotive demand in Thailand is also expected to grow driven by an improved economy, more disposable incomes, capacity expansions by automakers, and launch of several new vehicle models. "The Malaysian market is expected to grow supported by foreign model proliferation at competitive price points and by price reduction as a result of market liberalization," he said.

He added that total vehicle production in ASEAN is expected to grow at a CAGR (2012-2019) of 8 per cent to hit 7.05 million units in 2019.

"Thailand is likely to continue its dominance as a major production hub in ASEAN due to expected significant capacity expansions, increased export and domestic demand, availability of skilled labor force with a well-developed automotive component industry," he said.

Mr. Rao said that vehicle production in Indonesia mostly caters to local sales driven mainly by the expected expansion in automotive demand and foreign investment inflow for production expansion. He noted that European and Chinese OEMs are looking at Malaysia as an assembly and manufacturing hub to set up production plants.

If you are interested in more information on this study, please send an email to Alice Chia, Corporate Communications - Asia Pacific, at alice.chia[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.

Strategic Analysis of ASEAN Automotive Outlook is part of the Automotive & Transportation Growth Partnership Services program, which also includes research in the following markets:

2020 Vision of the Australian Automotive Aftermarket, CEO 360 Degree Perspective of the Automotive Industry in Myanmar, Strategic Growth Opportunities from AEC Implementation and New Government Policies in ASEAN, Strategic Growth Opportunities of Navigation Systems Market in ASEAN, Analysis of the Advanced Driver Assistance Systems Market in Japan amongst others. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

Strategic Analysis of ASEAN Automotive Outlook / P729-18

About Frost & Sullivan
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The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
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ASEAN to Emerge as a Key Global Automotive Market and Production Hub by 2019 Says Frost & Sullivan

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Automotive.Frost.com | Frost & Sullivan
Publisher Contact: Alice Chia - Frost.com 
alice.chia[.]frost.com
 
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