Southeast Asia Automobile Industry to Maintain Fast Growth to 2021, States CRI in Its Insightful Study Published at MarketPublishers.com
21 Mar 2017 • by Natalie Aster
LONDON – By 2016-end, the population in Southeast Asia surpassed the 600 million mark. The total economic growth rate is higher than global average, and it turns into a leading driver of the global economic development.
Amid the 10 Southeast Asian countries discussed, Thailand is the most developed country with respect to automobile production. A number of the world's dominant automobile manufacturers, like Honda, Ford, BMW and Toyota have constructed factories in Thailand. In 2016, the production of automobiles in volume terms was estimated at 2 million; the export volume of cars in the country stood at more than 1 million. There are a host of whole vehicle makers in the Philippines, Vietnam, Malaysia and Indonesia. Myanmar has a small-scale car assembly industry. Singapore, Laos, Brunei and Cambodia do not have the car production industry. At large, automobile markets in the majority of Southeast Asian countries are extremely import-dependent, with the imported products encompassing whole vehicles and auto parts.
Southeast Asia automobile industry is predicted to gain fast-paced traction through to 2021, as comparatively low labour cost in the region is expected to give a spur to whole vehicle and accessory makers to move the production capacity to the region. Additionally, the rising demand for cars in the Southeast Asian marketplace is anticipated to encourage the export from the global vehicle and accessory manufacturers to these nations.
In-demand research report “Automobile Industry Forecast to 2021” elaborated by CRI provides an insightful analysis of the industry across Southeast Asian nations such as Singapore, Vietnam, Thailand, Malaysia, the Philippines, Cambodia, Indonesia, Myanmar, Brunei and Laos.
The study gives an overview of the development environment of Southeast Asia’s automobile industry. It provides details about the status of automobile manufacturing in the region; offers information on the minimum wage in manufacturing in the region; examines the local demand for automobiles; offers data on car exports and imports. The report casts light on the factors that impact the development of Southeast Asia’s automobile industry. The research study provides granular forecasts of the Southeast Asian automobile market through 2021. Leading car manufactures in the countries reviewed are analysed in detail.
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