The Dynamic Landscape of Asia's Automotive Market: A 2024 Brand Overview

Key Highlights of Asia's 2024 Car Sales

Toyota's Enduring Dominance: Toyota Motor remains the undisputed leader in Asia, holding the top spot for sales and revenue, even while facing intensified competition in various sub-markets.
China's EV Surge and Domestic Brand Ascendancy: China continues to be the largest automotive market in Asia and globally, with domestic brands like BYD and Chery leading a significant surge in Electric Vehicle (EV) sales, often at the expense of traditional foreign automakers.
Southeast Asia's Evolving Market: While some Southeast Asian countries like Thailand and Indonesia experienced sales declines, markets such as Malaysia and the Philippines showed growth, with Chinese EV brands rapidly gaining market share against a historically dominant Japanese presence.

The Asian automotive market in 2024 has been a complex tapestry of growth, shifts, and intense competition. While traditional giants like Toyota and Honda continue to hold significant sway, particularly in Japan and parts of Southeast Asia, the landscape is rapidly transforming due to the burgeoning influence of Chinese domestic brands and the accelerating adoption of electric vehicles. This comprehensive overview delves into the key performance indicators, regional nuances, and emerging trends that defined car sales by brand across Asia in 2024.

Overall Market Performance and Leading Automakers

Asia, a diverse and expansive continent, represents the largest automotive market globally. In 2024, the region saw varied performance across its sub-markets. China, despite some market adjustments, remained the dominant force, accounting for a substantial portion of global automobile sales. India also demonstrated robust growth, achieving record-high sales figures.

Giants of the Asian Automotive Arena

As of May 2024, Toyota Motor was the largest automobile manufacturer in Asia by sales, with revenues nearing 312 billion U.S. dollars. Toyota's global dominance extended to being the world's best-selling brand in 2024, selling almost 10.7 million vehicles across its brands. Its strong presence in Japan, South Korea, and Southeast Asia significantly contributed to this success.

A modern Geely showroom in China, reflecting the rising influence of domestic Chinese brands.

Beyond Toyota, other major Asian players include Honda, Hyundai, and various rapidly ascending Chinese manufacturers. Five of the top ten leading car manufacturers in Asia in 2024 were from Japan, followed by two South Korean and two Chinese car manufacturers, and one from India. This highlights the traditional strength of Japanese and Korean brands, alongside the growing might of Chinese automotive companies.

China's Automotive Revolution: A Deep Dive into 2024 Sales

China continued to be the largest market in the Asia-Pacific region, with over 27.5 million passenger cars sold in 2024. The Chinese market witnessed a significant transformation, characterized by the meteoric rise of domestic brands and an unprecedented surge in New Energy Vehicle (NEV) sales.

Domestic Brands Lead the Charge

In the first half of 2024, Chinese domestic brands captured an impressive 56.5% market share in passenger vehicle sales, a year-on-year increase of 17.8%. This growth came at the expense of foreign carmakers, many of whom experienced significant sales declines. The top-selling vehicle brands in China during the first half of 2024 were overwhelmingly domestic:

BYD: 1.607 million units
Chery: 1.057 million units
Geely: 955,000 units
Changan: 809,000 units

BYD, in particular, demonstrated a robust performance, with sales increasing by 41.6% globally and exceeding 3.5 million units in China alone in 2024. Their success was driven by a continuous flow of popular new models, including the Seagull, Destroyer 05, Qin L, Seal 06, Yuan UP, and Sealion 07.

The Electric Vehicle Boom

The shift towards electric vehicles is a defining trend in China. In 2024, NEV sales in China accounted for over half of all new vehicle sales, with domestic NEV sales growing by 39.7% to 11.582 million units. Chinese manufacturers predominantly cater to their domestic market, accounting for around 80% of domestic EV sales and almost all of the 25% growth in global EV production. Tesla, while still a significant player, saw its share of Chinese EV sales slip as local rivals introduced more advanced models.

To further illustrate the competitive dynamics and growth areas within the Asian automotive market, especially concerning the emphasis on innovation, market share, and EV adoption, here is a radar chart:

This radar chart visually represents the perceived strengths of major automotive brands in Asia across several key metrics. Toyota excels in "Market Share Dominance" and "Reliability & Quality," reflecting its long-standing reputation. BYD shows strong performance in "Innovation & Technology" and "EV Adoption & Production," underscoring China's leadership in the EV sector. Hyundai demonstrates a balanced profile, while Perodua highlights strong "Brand Awareness & Loyalty" within its home market, even if other aspects are less globally prominent.

Southeast Asia's Evolving Automotive Landscape

Southeast Asia is a critical production hub for global automakers, with countries like Indonesia, Malaysia, Thailand, and Vietnam hosting active manufacturing bases. However, the region's automotive market experienced a 5.7% year-on-year decline in sales in 2024, primarily due to significant declines in Thailand (-18.4%) and Indonesia (-16.1%).

Regional Variations and Rising Players

Despite the overall regional decline, some countries reported positive growth. Malaysia saw auto sales surpass 800,000 units for the first time, reaching 816,747 units, an increase from the previous year. The Philippines also experienced continued expansion. Indonesia remained the largest market in ASEAN with 790,647 cumulative sales, followed closely by Malaysia with 782,023 new registrations.

A BYD showroom in Indonesia, symbolizing the increasing presence of Chinese EV brands in Southeast Asia.

The Rise of Chinese Brands in Southeast Asia

Japanese car companies have historically dominated sales in Southeast Asia, commanding around 90% of the market by the late 1970s due to investments in local supply chains and a reputation for reliability. However, 2024 saw Chinese competitors rapidly gaining market share. Sales of Japanese cars declined across various Southeast Asian countries, including Malaysia, Indonesia, Thailand, and Singapore, partly due to the lack of competitive EV models compared to Chinese offerings. Chinese brands are growing in popularity, leveraging their expertise in electric and extended-range EVs.

Top Brands in Southeast Asia

While Toyota's Hilux remained the top-selling car model in the ASEAN region, Malaysian national car manufacturer Perodua emerged as Southeast Asia’s top car brand in 2024. Perodua, known for affordable, reliable, and fuel-efficient cars like the Myvi and Bezza, held a significant 46.3% market share in Malaysia in 2023 and scored highly for brand awareness, buying experience, and customer service among Malaysian consumers. Toyota still achieved high scores across all markets for brand awareness, buying experience, and customer service, indicating its strong underlying presence.

Japan's Automotive Landscape in 2024

In Japan, Toyota remained the largest car producer and best-selling car brand in 2024, despite lower sales in a weaker new vehicle market. Mercedes-Benz continued to be the largest foreign car brand, followed by BMW, while Volkswagen and Audi faced challenges with weaker sales.

Toyota: Dominant in both production and sales.
Honda: Maintains a strong position, particularly in motorcycles and increasingly in electrified vehicles.
Lexus: Toyota's luxury division, holding its place among the top brands.

Other Notable Asian Markets

India's Growth Trajectory

India's automobile sales in 2024 (wholesale data) increased by 2.9% from the previous year to 5,226,631 units, setting a record high for the third consecutive year. This highlights India's position as a growing powerhouse in the Asian automotive sector.

South Korea and Taiwan

In East Asia, South Korea and Taiwan experienced shrinking sales in 2024, indicating a less favorable market environment compared to other parts of the continent.

Impact of Electric Vehicles (EVs) Across Asia

The rise of EVs is undeniably the most transformative trend. Emerging markets in Asia are becoming new centers of growth for electric cars, with sales jumping by over 60% in 2024 to almost 600,000 units. In Southeast Asia, EV sales grew by nearly 50%, representing 9% of all car sales in the region, with particularly higher sales shares in Thailand and Vietnam. Brands like BYD, Geely, and NIO are leading this adoption, fostering sustainability, innovation, and technological integration.

Here's a table summarizing the key automotive brands and their performance indicators across different Asian markets in 2024:

Brand/Country Origin	Primary Market(s)	2024 Performance Highlights	Market Share/Ranking Notes	EV Strategy/Impact
Toyota (Japan)	Global, Japan, Southeast Asia, South Korea	World's best-selling brand (10.7M units); largest automaker in Asia by sales ($312B); top-selling brand in Japan; Hilux is top model in ASEAN.	Overall #1 in Asia; significant market share in Japan and ASEAN.	Developing EV presence, but slower adoption compared to Chinese brands in some markets.
BYD (China)	China, Expanding globally (e.g., Australia, Southeast Asia)	3.8M units sold globally (+41.6%); #1 in China (1.607M units in H1); strong new model launches.	Largest carmaker in China; growing presence in Southeast Asia.	Leading EV adoption; major contributor to China's EV sales growth.
Chery (China)	China, Major exporter	1.057M units sold in China (H1); among top Chinese car exporters.	Second largest Chinese brand in H1 2024.	Significant in domestic EV market and exports.
Geely (China)	China	955,000 units sold in China (H1).	Third largest Chinese brand in H1 2024.	Active in EV segment.
Perodua (Malaysia)	Malaysia, Southeast Asia	Southeast Asia's top car brand; 125,545 Myvi sales; over 800,000 units sold in Malaysia.	#1 in Malaysia (46.3% market share in 2023); strong domestic loyalty.	Focus on affordable, fuel-efficient models; adapting to EV trend.
Honda (Japan)	Global, Japan, Southeast Asia	Top motorcycle manufacturer; significant car sales globally.	Strong brand awareness and customer service in Southeast Asia.	Increasing focus on hybrid and electrified vehicle sales.
Hyundai (South Korea)	Global, South Korea, India, Southeast Asia	Known for premium cars at competitive costs; strong sales in India.	Among top car manufacturers globally; expanding in Asia.	Increasing sales in hybrids and EVs.
Volkswagen Group (Germany)	Global, Japan, China	9M units globally (-2%); struggled in China with sales declines; strong luxury presence in Japan.	Facing challenges against domestic brands in China.	Global EV sales down 3.4% in 2024; ID.3 and ID.4 X showed good returns in China.
Tesla (USA)	Global, China, Southeast Asia	Sales sputtering in early 2025; lost market share in China.	Only foreign brand among China's NEV leaders, but share slipping.	Global EV leader, but facing intense competition from Chinese brands.

Future Outlook and Emerging Trends

The Asian automotive market is poised for continued evolution. The emphasis on sustainability, innovation, and technological integration, particularly in autonomous driving and electric vehicles, will shape future dynamics. Chinese brands are not only dominating their domestic market but are also increasingly looking to expand globally, posing new challenges to established players.

The following video provides an insightful overview of China's automotive market, highlighting how domestic brands like BYD are outperforming traditional giants like Volkswagen. This aligns with the broader trend observed across Asia where Chinese manufacturers are rapidly gaining ground, especially in the EV segment.

A comprehensive look at China's best-selling cars in 2024, demonstrating BYD's significant lead over Volkswagen.

Frequently Asked Questions

What was the top-selling car brand in Asia in 2024?

In 2024, Toyota Motor was the largest automobile manufacturer in Asia by sales. Globally, Toyota was also the best-selling brand.

Which country had the highest car sales in Asia in 2024?

China remained the largest automotive market in Asia, selling over 27.5 million passenger cars in 2024 and accounting for 41% of the world's automobile sales in November 2024.

Are Chinese car brands gaining market share in Asia?

Yes, Chinese domestic brands, particularly those focused on New Energy Vehicles (NEVs) like BYD and Chery, significantly increased their market share in China and are also expanding rapidly in Southeast Asia, challenging the long-standing dominance of Japanese automakers.

How did the Southeast Asian automotive market perform in 2024?

Overall, the Southeast Asian automotive market experienced a 5.7% year-on-year decline in sales in 2024, largely due to significant drops in Thailand and Indonesia. However, countries like Malaysia and the Philippines recorded positive growth.

What role did EVs play in Asia's 2024 car sales?

Electric vehicles played a crucial role, especially in China where NEVs comprised over half of new vehicle sales. Emerging markets in Asia saw EV sales jump by over 60%, with significant growth in Southeast Asia.

Conclusion

The Asian automotive market in 2024 showcased a dynamic interplay of established powerhouses and emerging disruptors. Toyota maintained its leadership, underscoring its global reach and enduring brand strength. However, the most compelling narrative came from China, where domestic brands like BYD are reshaping the industry through aggressive innovation and rapid EV adoption. This trend is extending into Southeast Asia, challenging the traditional dominance of Japanese manufacturers. While some regional markets experienced contractions, the overall picture for Asia remains one of significant scale and transformative change, driven by evolving consumer preferences and the accelerating transition towards electrified mobility. The coming years will likely see continued shifts as Asian automakers further solidify their global influence and define the future of the automotive industry.