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Automakers that Focus on Energy-efficient Vehicles Best Poised to Leverage Government Subsidies Says Frost & Sullivan - With robust GDP growth, high population, and low car parc, the ASEAN region presents compelling growth opportunities - Frost.com
Automakers that Focus on Energy-efficient Vehicles Best Poised to Leverage Government Subsidies Says Frost & Sullivan

 

NewswireToday - /newswire/ - Singapore, Singapore, 2019/05/16 - With robust GDP growth, high population, and low car parc, the ASEAN region presents compelling growth opportunities - Frost.com.

   
 
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Growing domestic consumption and private investments are giving a huge boost to vehicle sales across all Association of Southeast Asian Nations (ASEAN) markets.

The Total Industry Volume (TIV) in the three big markets of Malaysia, Indonesia, and Thailand is expected to cross 3.9 million units by 2025, with Indonesia contributing approximately 1.65 million units; Thailand, 1.54 million units; and Malaysia, 690,391 units. Thailand is forecast to register the highest growth, but Indonesia will maintain its position as the largest automotive market, while Malaysia will experience marginal growth due to its maturity.

“Indonesia will witness the launch of several SUV models and facelift variants in 2019, which will drive passenger vehicle sales due to the induced replacement of vehicles,” said Bakar Sadik Agwan, Research Analyst, Mobility, Asia Pacific at Frost & Sullivan.

“The ASEAN market also enjoys sustained support and encouragement from governments for energy-efficient vehicle programs, especially in Indonesia and Thailand,” he added.

Frost & Sullivan’s recent analysis, ASEAN Automotive Outlook, 2019, offers a detailed overview of the trends in ASEAN, with a focus on the three key markets of Malaysia, Indonesia, and Thailand. It presents market forecasts and analyses of passenger vehicles (PVs) and commercial vehicles (CVs) in 2019 as well as estimations for 2018-2025.

“While on the one hand, the automotive market is buoyed by innovations and domestic demand, on the other, it is weighed down by a weak external sector. Furthermore, market participants need to tackle market factors such as US-China trade war escalation, slowdown in government spending in Malaysia, high household debt in Thailand, and rising interest rates in Indonesia,” noted Agwan.

Nevertheless, automakers will be able to thrive by seizing the revenue opportunities delivered by the government as well as the market.

To achieve this, OEMs need to:

• Leverage governments’ energy-efficient programs. The Indonesian Government has set up the LCGC program, which offers exemption or a reduction in luxury tax to low-emission cars. The Malaysian Government provides incentives and exemptions to OEMs under the energy-efficient vehicles (EEVs) program, similar to Thailand’s eco car program.
• Alter their product line-up and adopt greener technologies to match with models in these incentive programs.
• Localize manufacturing, without compromising on the quantity. This would help maximize benefits from the government programs.
• Collaborate with e-Hailing OEMs can also develop a mobility strategy to make the most of the growth of shared mobility solutions. This will not only help sell vehicles to shared mobility providers but also aid in marketing, increasing awareness, and rolling out test drives.
• Invest in infrastructure and manufacturing to boost the demand for CVs, especially heavy trucks and pickups.
• CV OEMs could launch promotional schemes and upgraded versions of popular models to attract buyers from the construction, manufacturing, and infrastructure sectors.

ASEAN Automotive Outlook, 2019 is part of Frost & Sullivan’s global Automotive & Transportation Growth Partnership Service program.

About Frost & Sullivan

For over five decades, Frost & Sullivan (frost.com) has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

ASEAN Automotive Outlook, 2019 / PA64-18

 
 
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Automakers that Focus on Energy-efficient Vehicles Best Poised to Leverage Government Subsidies Says Frost & Sullivan

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