ASEAN has a huge population of over 700 million market and abundant natural resources, the economy is growing rapidly, and the automobile market has great potential. From January to August 2022, the total sales volume of motor vehicles reached 2.2 million units, an increase of 71.8% year-on-year. %. Although it has been more than half a year since Russia launched a “special military operation” against Ukraine, ASEAN countries have never been willing to get involved in geopolitical competition that has nothing to do with them. Most ASEAN countries believe that Russia and Ukraine will not have too much impact on the consumption of their own countries much impact. Secondly, ASEAN countries generally regard Russia as an important cooperative partner. Although economic dependence is low, ASEAN countries attach great importance to Russia’s role in terms of politics and security. In addition, as far as the motor vehicle market is concerned, the Southeast Asian countries mainly focus on Japanese cars, especially Toyota series. Japan is the largest exporter of Toyota cars, and most of the factories are located in Japan, so correspondingly, they have not been affected too much. The impact of the Russia-Ukraine conflict. Finally, various countries have gradually announced that they will coexist with the epidemic. For example, Thailand announced that it will completely relax the epidemic control in March this year. The Malaysian government will no longer strictly control the production of factories under the epidemic as it did in 2021. The epidemic in small countries has gradually cleared up.
Data source: asean-autofed
The GDP growth rate of ASEAN is second only to India and China are expected to grow at an annual rate of 4% in the next 10 years, making the region the fourth largest economy in the world. By 2030, ASEAN’s GDP will reach US$4.5 trillion and its population will reach 723 million. Southeast Asia is becoming one of the places where the new middle class in the world gathers. One out of every six families entering the world’s middle class is from ASEAN. Five million people will move into cities every year, and urbanization will continue until 2050. Second-tier cities will continue to enjoy the dividends of accelerated urbanization. The restrictions of the new crown epidemic in Southeast Asian countries are gradually being lifted, and the overall consumption level has also increased compared to before the epidemic. In the first half of this year, the World Bank and the Asian Development Bank respectively released the “2022 East Asia and Pacific Region Economic Semiannual Report” and “2022 Asian Development Outlook” reports to analyze the economic status and prospects of countries in the Asia-Pacific region. Southeast Asia as a whole continues to maintain a recovery trend. In 2022, Indonesia, Malaysia, and Thailand, the major Southeast Asian countries, are expected to have GDP growth of 5%, 6% and 3% respectively.
Data source: ADB “Asian Development Outlook 2022”
With the growth of GDP of ASEAN countries and With the improvement of the epidemic situation, the consumption level will gradually exceed the capacity before the epidemic situation, and the sales of motor vehicles will also rise accordingly in 2023 in the future.
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