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ASEAN light-vehicle production to grow in 2019
Light-vehicle production in the Association of Southeast Asian Nations (ASEAN), including Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, will grow by 2.5% y/y to 4.29 million units in 2019, up from 4.18 million units in 2018, according to IHS Markit light-vehicle production forecasts. This total for 2019 is split between passenger vehicle output of 2.92 million units (up 3.6% y/y) and light commercial vehicle (LCV) production of 1.37 million units (up 0.3% y/y). Thailand, Indonesia, and Malaysia will account for about 93%, or 3.99 million units, of total light-vehicle output in the region in 2019. The remainder will come from the Philippines and Vietnam.
Outlook and implications
New light-vehicle and medium and heavy commercial vehicle (MHCV) production in the ASEAN region grew by 7.8% y/y during January-November 2018 to 4.03 million units, according to data released by the ASEAN Automotive Federation (AAF). The AAF data also include vehicles produced in Myanmar. Vehicle production in Myanmar jumped 134.1% y/y to 10,863 units during the period. The AAF is yet to release full-year 2018 data.
Overall, ASEAN light-vehicle production for the full year 2019 is expected to grow by 2.5% y/y, driven by improved demand for new vehicles in Indonesia, Malaysia, the Philippines, and Vietnam. However, vehicle production in Thailand will slip marginally as a result of sluggish exports, which will offset an improvement in domestic demand.
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