NEW YORK, Feb. 8, 2016 /PRNewswire/ -- Future Trends in Passenger Vehicle Segments in ASEAN : Crossover Utility Vehicle (CUV) will be the Game-Changing Segment in ASEAN
The research service discusses the product segments in the passenger vehicle market in ASEAN. It provides the sales forecast of individual vehicle segments in the three key ASEAN markets, namely, Thailand, Malaysia, and Indonesia. The study discusses the likely trends to be seen in the various product segments. Moreover, it gives a detailed overview of the key policies and their likely impact on the passenger vehicle segments in each country by 2020. It also describes the effects of changing customer preference and emergence of new segments in the industry.
Key Takeaway: Compact fuel-efficient vehicles will continue to drive the growth of the ASEAN automotive industry while crossovers will be an emerging segment with high growth prospects.
Passenger Vehicle Market: Top 5 Predictions, ASEAN, 2016–2020
Asean Economic Community (AEC) will spur the growth of the light vehicle assembly in the region to reach Million in 2020. Thailand, Malaysia, and Indonesia are anticipated to hold % of the total vehicle output by 2020.
Green car policies in Thailand, Malaysia, and Indonesia are geared toward the growth in the number of low-emission, energy-efficient cars. These policies have already triggered production of such vehicles and will continue to be the growth pillars in the region.
Government regulations, infrastructure, and tax incentives will be the key drivers for growth in the number of electric vehicle and plug-in hybrids. Thailand and Malaysia will be the main participants with their efforts to be the manufacturing hubs in ASEAN.
The growth rates of crossover utility vehicles (CUV) are projected to outpace that of the overall market growth up to 2020, with the potential of new models (particularly entry level penetration) to disrupt the current market share structure.
In 2020, Thailand will continue to be the favourite hub for one-ton pickups production amidst the economic downturn due to political turmoil and changing customer preference toward small, fuel-efficient cars.
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