pwc -2026年上半年东盟六国汽车市场概览-PwC Automotive ASEAN Centre of Excellence Overview of the ASEAN-6 automotive market

PWC

OverviewoftheASEAN-6

automotivemarket

6thmarketsnapshotIPwCAutomotiveASEANCentreofExcellence

August2026

PwC’sautomotiveASEANCentreofExcellence(CoE)isreadytosupportyou

CoEobjectives

1Collaborateandmanagedeepsectorexpertiseacrosstheregion

transformativejourneyintoday’sevolving

2Supportourautomotiveclientsthroughtheir

landscape

3

Deliverbestsolutionstoregionalclientswithourcollectiveexperienceand

comprehensiveunderstandingoftheautomotivevaluechain

Ourthoughtleadership

ASEAN

-

6eReadiness

2025

ASEAN

-

65thautomotive

snapshot(Feb2026)

ElectricVehicleSales

ReviewQ12026

Semiconductor

-

powered

futureoftheautomotive

industryinMalaysia:Aneed

forintegration

Ourautomotivecapabilities(selection)Strategic(re-)positioning

Marketentryandfeasibilitystudies

Growthstrategy/Dealernetworkstrategy

Footprintoptimisation

TransformationalM&A

BusinessmodelchangesAssetoptimisation

Workingcapital/cashflow/capex

TaxanddutiesefficiencyPerformanceimprovement

Commercialexcellence

Externalcostout

Workforcetransformation

IT,digital,andAIsolutions

Corporatesimplification

Trust,purpose,andmultipleimpact

Assurance/Audit

SustainabilityandESG

Riskassessmentandassurance(incl.cybersecurity)

TheCoEledbyPatrickZiechmann,includes

50+experts*from6ASEANcountries:Malaysia,Indonesia,Thailand,Vietnam,thePhilippines,

andSingapore.TheASEANCoEisembeddedinastrongnetworkofAsiaPacificrepresentationfromChina,India,Japan,andSouthKoreawithmorethan1,000automotiveexperts.

Contactusat:

patrick.ziechmann@

MohammadMudasserTranDiemAnh

MaryJadeRoxasAntonTiongson

OliverWilkinsonKyronOng

KavanMukhtyarJungyounKim

AbhishekKochar

EiichiYamanakaTeruhikoAzuma

Jong-MoonBaek

NavinNarulaSteveYang

PatrickZiechmannSeanSoon

LukmanulArsyadRadjuMunusamy

JunJin

AshleyZhang

*Participantslistedhererepresentonlythetwoprimarycontactsperterritory.

AdditionalsubjectmatterexpertsfromacrossPwC’slinesofservicesupporttheregionalautomotivecapabilities.

PwCASEAN-6automotivemarketsnapshot2

1Marketcontextandstrategicimplications

2OverviewoftheASEAN-6automotivemarket

3ASEAN-6countryprofiles

•Indonesia

•Thailand

•Malaysia

•Vietnam

•Philippines

4India’sautomotivemarket

Tableof•Singapore

contents

Marketcontextand

strategicimplications

PwCASEAN-6automotivemarketsnapshot5

PwCsurvey1:SEAandSAarethetworegionswiththestrongestgrowthin

importanceoverthenextfiveyears

Market-basedvaluepools

ShareofrespondentsrankingeachregionamongtheirtopthreemostimportantregionsduringthisfiscalyearandoverthenextfiveyearsDuringthisfiscalyearOverthenextfiveyears

60%

54%

59%

52%

44%26%

31%

44%

24%

45%

EastAsia NorthAmericaWesternEurope

SoutheastAsia*

SouthAsia**

Therefore,thisreportfocusesonthemarketsinASEAN-6(SoutheastAsia)andIndia(mainmarketinSouthAsia)

15%

15%

14%

17%

9%

17%

CentralandEasternEuropeMiddleEastandNorthAfricaLatinAmerica

4%

3%

1%

3%

OceaniaSub-SaharanAfrica

1SurveydatedApril2026,Q3.1“Whichofthefollowingregionsdoyouexpectwillofferthebiggestrevenueopportunitiesforyourcompany?”Askedofallrespondents,N=596.*ExamplesofSoutheastAsianterritoriesincludeThailand,Indonesia,andVietnam.**ExamplesofSouthAsianterritoriesincludeIndia,Pakistan,andBangladesh.

ASEANleadstheEVtransitionwithsignificantlyhigherBEVpenetration,while

India’sautomarketisbiggerandgrowingfaster

India(seeSection4fordetails)

ASEAN-6(seeSection2and3fordetails)

+7%

p.a.

+/-0%b

b

+19%

5,579

b

1,755

TotalIndustryVolume

+11%

4,765

3,3773,5263,352

3,817

3,208

2,698

(TIVlight

1,580

vehiclesin‘000)

2019202220251H20251H20262019202220251H20251H2026

1st2nd3rd4th5th

1st2nd3rd4th5th

2024:

2024:

2025:

2025:

Top5brandsbysales

1H2026:

1H2026:

3.0%4.6%

3.5%0.9%

0.0%

0.2%1.3%14.2%13.2%20.0%

474,605

192,857

350,335

BEVsales

147,442

1H2026

209,098

1H2025

80,200

1H2025

(TIVlight

40,899

2022

46,850

2022

<1k

2019

<1k

2019

vehiclesin‘000)

1H2026

2025

2025

BEVPenetration6

PwCASEAN-6automotivemarketsnapshot

PwCASEAN-6automotivemarketsnapshot7

Keytakeawaysfromthis6thautomotiveASEANmarketsnapshot

Growthremainsresilient,butmomentumisconcentrating

Followthestrongestdemandpools

ASEAN-6TIVgrew11.1%in1H2026,ledbyVietnam,Indonesia,andThailand.

Marketdivergencecontinuestowiden,reinforcingtheneedfortargetedcountrystrategies.

Localisationisbecomingastrategicadvantage

Manufacturingdecisionswillshapecompetitiveness

ASEAN-6productionisprojectedtoapproach6millionunitsby2030.Footprintand

localisationchoiceswillincreasinglyinfluencecost,pricing,andprofitability.

Electrificationisenteringthenextphase

Oneregionalapproachwillnotfitallmarkets

xEVpenetrationreached32%across

ASEAN-6in1H2026.Adoptionratesdiffersignificantlybycountry,makinglocal

marketstrategiesincreasinglyimportant.

Commercialvehiclesarerecovering

Executionremainsasimportantasdemand

ASEAN-4trucksalesrose23%in1H2026.However,competitionremainsintenseas

customerscontinuetoprioritiseoperatingcosts,uptime,andfinancingsolutions.

Competitivedynamicscontinuetoshift

Speedandvalueare

becomingkeydifferentiators

ChineseOEMsincreasedtheirASEAN-6marketshareto15.7%in1H2026,whiletraditionalleadersfacedcontinued

pressure.Productcompetitivenessandexecutionarebecomingmorecritical.

Indiacontinuestostrengthenitsstrategicimportance

Scaleandgrowthremaincompelling

IndiaTIVgrew19%in1H2026to3.21

millionunits.Itsscale,growthtrajectory,andexpandingelectrificationreinforceits

positionasakeyautomotivegrowthmarket.

PwCASEAN-6automotivemarketsnapshot8

ObservationsfromtheAutoChina2026exhibitioninBeijing

AutoChina2026featured1,450vehicles,including181worldpremieresand71conceptcars,aswellasadvancesinautomotiveelectronics,humanoidrobots,anddronetechnology,highlightingthescaleofChina’sautomotiveecosystemandits

growinginfluenceonthefutureoftheindustry.

FromSDVtoAIDV:

Technologyhasevolvedfromthe“simpler”

software-definedvehicle(SDV)—primarilyfocusedonelectrification,

entertainment,andconnectivity—tothe

AI-definedvehicle(AIDV),inwhichAIisdeeply

embedded,makingvehiclesincreasinglyautonomous.

Successfulcarcompaniesarebecomingtechcompanies:

Leadingcompaniesposition

themselvesasintegrated

mobilityandtechnology

companies,combining

traditionalmechanical

engineeringwithadvanced

electronics—someleading

playersevenwithoutthe

mechanicalpartsasaTIER0.5automotivecompany.

ChineseOEMshavematuredrapidly:

Leadingoriginalequipment

manufacturers(OEMs)from

Chinahavemadeprogressindevelopingmulti-brand

portfoliosandexpandingtheirproductofferings.Manyare

alsoexploringinternational

expansion,offeringcompetitiveproductsforestablished

dealers.

Traditionalbrandsareadaptingtoachangingmarket:

Continental,Japanese,and

Koreanautomakersare

introducingnewproductsastheyrespondtoincreasingcompetitionfromChinesemanufacturers,buttheirabilitytoremaincompetitivewilldependonpricing,innovationspeed,andthestrengthoftheirlocalpartnershipsandbrands.

PwCASEAN-6automotivemarketsnapshot9

Automotivecompaniesshouldexplorethreestrategicthrusts

andremainagiletoadaptinthecurrentdynamicenvironment

Connected–Autonomous–Shared–Electric(“CASE”megatrends)

Technology

nopportunities,andproductinnovation:

oTransacttotransform

oUpstreamgrowth

oDownstreamgrowth

oGreenfieldorbuyandbuild

oFocusactivities/partialexit

•Usedcar,fleet,andB2Bplay

•Partsandcomponentsdistribution/Stockist

•Newservicesandbundlesfromconnectivity,entertainment,andcharging

toaddressthefourCASEmegatrends

oJointventure/Partnersearchandscreen

oR&Dtechnology

oSalesanddistribution(e.g.ventureintonewregionalmarkets)

oPurchasing

oProduction

oSharedservices

oAllianceoperatingmodel

1Operationalexcellence

•Optimisefootprint(sales/dealernetwork,production,R&D,andadmin)

•Furtherenhancecustomerexperience,loyalty,andpricingpackages

•ExploredigitalandAIsolutionsinoperations

•Adjuststructures,processes,andsystemstocurrentoperations:

oExternalcostout

oWorkforceoptimisation

oDigitaliseprocesses

ConsumerpreferencesCompetitionRegulations

Financingandinsurance

Parts

Software

OEMs/Manufacturers

Assembly

Distribution

NewvehiclesUsedvehicles

Aftersales

CarserviceAutopartsandothers

Mobility

Agileandflexibleadjustmentofstrategiesandoperations

OverviewoftheASEAN-6

automotivemarket

PwCASEAN-6automotivemarketsnapshot11

ASEAN-6TIVgrew+11.1%,drivenbyrecoveryinIDandTH;stronggrowth

inVNwhilemarketconditionsinPHremainchallenging

ASEAN-6total

+15.9%

410377437

+15.1%

362337385

+2.6%

391375385

+31.1%

174222291

6.9%

222931

ASEANIndonesiaThailandMalaysiaVietnamPhilippinesSingapore

industryvolume1H2024vs1H2025vs1H2026

(‘000unitssold)

Note:*Totalindustryvolume=No.ofunitssoldinclusiveofpassengervehicles(PVs)andcommercial

vehicles(CVs)

Growth%compares2026vs2025

226240226

+11.1%

-6.1%

1,580

1,586

1,755

Indonesia+15.9%l

Indonesia’sTIVreboundedin1H2026aftertwoyearsofdecline,withwholesaledeliveriesup15.9%andproductionrising11.3%.Growthwassupportedbystrongercommercialvehicledemand,BEVsalesmorethandoubling,andGDP

growthacceleratingto5.6%,thoughfinancingcostsandaffordabilitypressuresremainkeyconstraints.

Vietnam+31%l

Vietnam’sTIVsurgedin1H2026,ledbyVinFast’srecord~116kEVdeliveries(+72%).Growthwassupportedby

robustGDPmomentum(+8.18%),risinghybridsales(+83%),andstrongerimportedvehicledemand(+23%).

Thailand

+15.1%l

Thailand’sTIVreboundedin1H2026,supportedbystrongerdomesticsalesandEVmomentum,withBEVsalesup~84%YoY.Althoughgrowthwastemperedbyacontractingpickup-marketandrisingcostofownershipfollowingEV3.0expiry,

overallTIVgrowthremainedpositive,withThailandwellpositionedasASEAN’skeyproductionhub.

Philippines-6.1%tion

Philippines’TIVdeclinedin1H2026aselevatedfuelprices

weighedonconsumerdemandanddisruptedbuyerpreferences.Thedeclinewasbroad-basedacrosspassengercarsand

commercialvehicles,whilexEVgrowthpartiallyoffsetweakness.

+2.6%

Malaysia

growthinsales

Malaysia’sTIVremainedsteadyin1H2026,asresilient

passengervehicledemandoffsetweaknessincommercial

vehicles.GrowthwassupportedbystrongerSUVdemand,rapidxEVuptake,andnationalbrandsgainingshare,promptingthe

MalaysianAutomotiveAssociation(MAA)toreviseits2026TIVforecastupwardto800kunits.

Singapore

+6.9%

growthinsales

★★

★★

Singapore’sTIVgrowthissupportedbyexpandedCertificateofEntitlements(COE)supplyunderthegovernment'songoingquotainjectionprogrammeandaresilienteconomywithgrowthinGDPof4.8%.

Segmentmixismarket-specificacrosstheASEAN-6.

SUVsandMPVsleadinmostmarkets,withtheexceptionofMY

ASEANvehiclemarketsharebyvehicletypeSUVSedanandHatchbackMPVPickup

2024

2026

2024

2026

BEVsaredivertingdemandawayfrompickups,drivenbyfuelcostsavingsandthelimited

availabilityofEVpickupmodels

Topsellingmodel

(1H2026)

Toyota

Avanza/Veloz

Toyota

YarisAtiv

Note:BEV-Batteryelectricvehicles,FXRateusedasofAugust2026:USD:MYR~4.1,USD:VND~26k

Source:Marklines,PwCresearchandanalysis

PeroduaVinFastToyotaBYD

BezzaLimoGreenViosAtto3

ReleasedinAugust2025,LimoGreen

iscurrentlyoutsellingtheVF3,

Vietnam’stop-sellingvehiclein2025

20.8%30.9%

5.8%5.6%

31.4%31.2%

41.6%31.4%

IndonesiaThailandMalaysiaVietnamPhilippinesSingapore

6.4%

42.3%

51.3%

2024

4.2%

8.0%

56.2%

31.6%

2026

5.0%

10.8%

17.6%

66.6%

2026

6.2%

8.6%

60.1%

25.0%

2024

14.1%

24.4%

28.7%

32.8%

2024

14.4%

24.3%

22.8%

38.4%

2026

15.2%

19.0%

52.1%

2026

14.1%

26.8%

42.7%

2024

ConsumersareoptingfortheBezza(USD9k)overthe

PeroduaAxia(USD6k)

duetoitslargersize,higher

horsepower,andbettersafety

0.1%

48.4%

18.3%

33.2%

0.1%

44.5%

15.3%

40.1%

Shareof

vehicletype(1H2024vs1H2026)

PresentlythemostaffordableBEVSUVavailableinVietnamatUSD12k

OneofthelowestpricedBEVmodelsinCategoryACOE

PwCASEAN-6automotivemarketsnapshot12

ASEANvehicledemandremainshighlymarket-specific,withnewChineseentrantsreshapingsegmentdynamicsinselectmarkets

ASEANSUVandSedanvehiclemarketsharebysegment(1H2024vs1H2026)

Keyobservations

A:Mini/entrylevelB:SubcompactC:CompactD:Mid-sizeE:Executive/LargeOthers:F-Segments,andunclassifiedvehicles

SUV

A

B

C

D

E

Others

Indonesia’sSUV-C/Dsegments

expandedalongsidenewmodelssuchastheJaecooJ5andMitsubishiDestinator.

1

2

Vietnam’sSUV-Asegmentrose29%

followingthelaunchoftheVinFastVF3andVF5—amongthecountry’sbest-sellingmodelsin2025and2026.

3

A-segmentmodelsaccountfor76%ofIndonesia’ssedanmarket,whileC-segmentsedansleadinThailand.

IndonesiaThailandMalaysiaVietnamPhilippines

4%(0)

0%(▼0)

0%(▼0)

30%(▲29)

2

6%(0)

33%(▼14)

0%(▼0)

12%(▼0)

18%(▲3)

23%(▼9)

35%(▲7)

18%(▼8)

66%(▼1)

33%(▼21)

31%(▲11)

27%(▲8)

51%(▲13)

19%(▲1)

18%(▼12)

38%(▼2)

0%(▼1)

31%(▼5)

1%(▼1)

0%(▼0)

3%(▼1)

0%(▲0)

0%(0)

2%(▲2)

1%(▲1)

0%(0)

A

Sedan

B

C

D

E

Others

IndonesiaThailandMalaysiaVietnamPhilippines

BYD’sSealandSeagullboosted

A-andC-segmentsedansalesinthePhilippines;theBsegmentremainslargest,ledbytheToyotaVios.

4

31%(▲15)

49%(▼20)

14%(▲4)

3%(▲1)

1%(▲0)

3%(▼0)

76%(▼1)

17%(▲6)

4%(▼3)

2%(▼1)

0%(▲0)

0%(▼0)

14%(▲8)

38%(▲4)

32%(▼14)

2%(▼1)

14%(▲4)

0%(0)

2%(▲1)

20%(0)

66%(▲3)

10%(▼4)

2%(▼1)

0%(0)

18%(▼1)

42%(▼1)

34%(▲5)

6%(▼2)

0%(0)

0%(▼0)

4

3

3

Note:Orangeshadingisusedtoindicaterelativeconcentrationofmarketshare,withdarkerorangehighlightingsegmentswithaparticularlystrongconcentrationinaspecificmarket.

Source:Marklines,PwCresearchandanalysis

Increaseinpercentagepointvs1H2024Decreaseinpercentagepointvs1H2024

PwCASEAN-6automotivemarketsnapshot13

WeseedynamiccompetitivechangesacrossASEAN-6,withChineseOEMsrapidlygainingmarketshareattheexpenseofJapanesebrands

1H2024

1H2025

1H2026

Top15automotivebrandsinASEAN-6

1H2024vs1H2025vs1H2026salesvolumesbybrands

Rank

Growth%compares2026vs2025

0100200300400500(in‘000’s)Change

个

+2%

↓个

↓个个个↓个个↓↓个个

-5%

+72%

VF3andVF5continuetoleaddomesticsalesinVietnam,withexportstoIDandPHstartingin2025

oTOYOTAPERODUA

+3

VINFAST

o0%

-2

MITSUBISHI

-17%

+40%

+41%

+14%

+1

oHONDA

PROTON

+2

BYDAUTO

o

StrengthenedpresenceinPH,supportedbynewmodels(Seagull,Shark6,Sealion5),hasincreasedthecountry’sshareofBYD’sASEANsalesto20%,from2%in2024

DAIHATSU

-2%-4

+1

oISUZU

+19%

oSUZUKI

+453%+13

-2

JAECOO

-15%

-1

FORD

-10%+8%

-1

::HYUNDAI

+1

oMAZDA

+22%

MG

Source:Marklines,PwCresearchandanalysis

OEMmarketshareinASEAN-6

1H2024vs1H2025vs1H2026

Continental-Chinese+5%

Others+1%

OtherbrandsincludeVinFast

(fastestgrowing),Perodua,

Proton,Ford,Hyundai,andKia

Japanese-5%

Growth%comparespercentagepointchangefrom2026vs2025

3%

2%

2%

5%

11%

16%

26%

28%

29%

65%

59%

54%

202420252026

PwCASEAN-6automotivemarketsnapshot14

PwCASEAN-6automotivemarketsnapshot15

JapanesebrandsmaintainastrongregionalpresenceacrossASEAN-6,whileChineseplayersareexpandingtheirfootprint

Top15automotivebrandsinASEAN-6bygeography

1H2026ASEAN-6salesbybrandbyregion,%

IndonesiaThailandMalaysiaVietnamPhilippinesSingapore

TOYOTA

30%

30%

8%

8%

23%

1%

1

PERODUA

0%

0%

100%

0%

0%

0%

VINFAST

2%

0%

0%

96%

2%

0%

1

HONDA

19%

39%

24%

11%

6%

1%

MITSUBISHIPROTON

29%

13%

6%

19%

32%

0%

0%

0%

100%

0%

0%

0%

BYDAUTO

28%

31%

8%

0%

27%

7%

3

DAIHATSUISUZU

SUZUKI

99%

0%

0%

0%

0%

0%

20%

58%

7%

8%

8%

0%

69%

6%

1%

7%

18%

0%

JAECOO

43%

37%

16%

0%

4%

0%

3

HYUNDAI

23%

4%

1%

64%

8%

1%

FORD

MAZDA

1%

23%

3%

54%

19%

0%

6%

16%

20%

55%

2%

1%

MG

8%

66%

6%

0%

17%

3%

3

Note:

•SeveralbrandssuchasBYD,MG,andKIAdonotreporttheirsalesfigurestotherelevantautomotiveauthorities(forexample,Malaysia’sAutomotiveAssociation(MAA)oritsequivalentsinothercountries).Asaresult,officialsalesdataforthesebrandsareunavailable,eventhoughtheyarepresentandactiveinthesemarkets.

•Orangeshadingisusedtoindicaterelativeconcentrationofmarketshare,withdarkerorangehighlightingsegmentswithaparticularlystrongconcentrationinaspecificmarket.Source:Marklines,PwCresearchandanalysis

Keyobservations

1

2

VinFasthasemergedasatop-fiveASEANbrandbyvolume,withabout94%ofitsASEAN-6salesinVietnamandearlyexportsintothePhilippinesandIndonesia;presenceelsewhereremains

nascentbutisexpectedtogrow.

3

Chinesebrands,especiallyBYD(multi-market)andMG(TH-led),arescalingshareviaexportsandlocalisationbets.

KoreanbrandsHyundaiandKIA(nolonger

amongtheTop15)haveastrongpresenceinVietnam,butholdsmallermarketshareinotherASEANcountries,notablyMalaysia,Thailand,andSingapore.

Japaneseincumbentsretainthebroadest

ASEAN-6footprint(Toyota,Honda,Mitsubishi,

Mazda),whilenational/newbrands(Perodua,

Proton,VinFast)remainconcentratedinoneortwomarkets(VinFaststartingtoexpandregionally).

4

PwCASEAN-6automotivemarketsnapshot16

Chinesebrandsnowexceed10%marketshareinmostASEAN-6marketsviaxEVgrowth,exceptinMYandVN;SGshowsa43%share

Chinesebrandsmarketshareandbreakdownbypowertrain(1H2026)

%ofTIV

ChinesexEVmodels

Note:EEAI-EVEarlyAdoptionIncentive,VES-VehicleEmissionScheme,COE-CertificateofEntitlement

99.6%0.4%100%

Vietnam

BrandssuchasBYDandMGdonotsubmitofficialsalesdatatotheVietnamAutomobile

Manufacturers’Association(VAMA),resultinginunavailablesalesvolumesandICE/xEVbreakdowns

83%17%

57%43%

Indonesia

Thailand

Malaysia

82%

71%

91%

18%

29%

9%

Philippines

Singapore

68%

32%

5%

95%

Chinese

9%

91%

7%

93%

30%

70%

OtherBrandsChineseBrandsChineseICEmodels

Source:Marklines,PwCresearchandanalysis

Note:BEV-BatteryElectricVehicle,HEV-HybridElectricVehicle,PHEV-Plug-inHybridVehicle,MHV-MildHybridVehicle,REEV-RangeExtendedElectricVehicle

PwCASEAN-6automotivemarketsnapshot17

ASEAN-6xEVadoptionincreasedto32%in1H2026,withstronggrowthacrosseverymarket

xEVsalesvolume1H2024vs1H2025vs1H2026

‘000unitssold,%growth2025vs2024;%adoptionoverTIV(PVandCV)

X%xEVadoptionBEVHEV

Note:BEVincludebatteryelectricvehiclesonly

whileHEVincludeHEVs,PHEVs,MHV,REEV.

206xEVincludebothBEVandHEV

127

194

116

149

110

IndonesiaThailandMalaysiaVietnamPhilippinesSingapore

14%22%32%9%18%26%32%42%53%6%8%13%21%33%44%0%5%13%70%74%86%

557

350

207

2026

229

99

129

2024

971011918

1671813

162127

140

57

83

106

100

114

69

46

37

334

31

1615

115

38

77

2331

73

68

6

66

39

28

2025

11

57

ASEAN

52

26

343

26

38

13

24

Indonesia

•BEVsalesisexpectedto

slowduetoexpiredBEV

incentives,thoughrenewalofselectsupportmeasuresarestillbeingfinalised.

•Thegovernmentaimsto

createafullyintegratedEVbatteryecosystemby2027-2028,attractingmajorOEMandbatteryinvestment.

Thailand

•EV3.5schemeprovidestaxcutsandsubsidiesupto

USD3,200from2024–2027.

•30%ofitsannualvehicleproductiontargetedtobeEVsby2030,which

translatesto725kEVcarsand675kelect