DHAKA: Association of South-east Asian Nations (Asean) is set to become the sixth biggest automotive market globally by 2018.
Vehicle sales will almost be doubling to nearly 4.7 million units, as compared to 2.4 million last year, reports The Straits Times.
Indonesia and Thailand will lead the growth, says Frost & Sullivan in a new analysis, CEO 360 Degree Perspective of the Automotive Industry in Asean, covering four key automotive markets of Indonesia, Malaysia, Thailand and Vietnam.
It finds that the market is likely to grow at a compound annual growth rate (CAGR) of 10.1 percent from 2011 to 2018.
‘Thailand and Indonesia vehicle sales are likely to hit one million units by 2013, driven by local demand, increased buying power and significant investments from Japanese original equipment manufacturers (OEMs),’ Vijayendra Rao, Research Manager, Asia Pacific Automotive Practice said in a statement.
BDST: 1712 HRS, AUG 15, 2012
Edited by Robab Rosan, Cultural Affairs Editor
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