ASEAN PV Market Report 2026

From 2016-2019, the ASEAN passenger vehicle market entered a high-plateau consolidation phase, with annual sales edging upward, reaching a phase peak of 2.49 million units in 2018. YoY growth gradually slowed, and 2019 saw a modest market pullback. In 2020, external headwinds hit the market, causing demand to contract sharply, with sales falling to 1.81 million units — a YoY decline of 26.4%, marking the trough of this cycle. From 2021 to 2022 the market entered a strong recovery cycle, with sales rebounding quickly. 2022 YoY growth surged to 23.8%, the highest rate of the entire cycle, as market volume returned to elevated levels. From 2023-2025 the industry fluctuated upward above 2.5 million units, with growth momentum recovering steadily after a phase correction, setting a new cyclical sales record in 2025; as of 2026 Q1, ASEAN quarterly passenger vehicle sales reached 699 thousand units, with YoY growth recovering to 8.8%.

From a country-level perspective, market share across ASEAN nations is undergoing continued divergence and restructuring: Indonesia started with a 37.5% share, leading the region, but this has steadily declined to around 21%, with its earlier dominance progressively diluted; Malaysia’s share expanded counter-cyclically from 22.4%, climbing as high as 28.9%, making it the most consistently expanding market; Thailand’s share peaked earlier at 23.1% before edging down slightly; in 2026 Q1 it held a 22.9% share, consistently ranking among the region’s core pillars; Vietnam’s growth momentum has been the most impressive, with market share rising from 6.9% to 17.4%, making it the single most important incremental growth driver in the region; Philippines’ share has remained stable in the 10%-13% range; while Singapore has been constrained by its stringent Certificate of Entitlement (COE) quota system and high vehicle taxes, keeping market share persistently low at under 10%. Overall, the regional market structure has gradually evolved from Indonesia’s early dominance to a more balanced, multi-polar landscape.