Encompassing an area spanning 29.3 million square kilometers, the Asia-Pacific region accounts for 60 percent of the world’s population. Many of the countries in the region, including China and India, make up some of the fastest-growing nations in terms of population size. Taking its increasing population into consideration, it comes as no surprise that Asian economies and industries are evolving constantly. One such industry is the automotive industry. Increased population produces increased demand for effective mobility. The region has a reputation as being home to some of the world’s
. The automotive industry, which includes the manufacturing of motor vehicles along with the aftermarket parts, generates huge
. This makes it a core industry for many Asia-Pacific economies.
Who are the big players?
Many countries across the Asia-Pacific region stand out as strong competitors in the automotive sector. Japan, China, and South Korea all boast impressive car manufacturing industries. Japan’s Toyota Motor Corporation was ranked the second-biggest
car manufacturer globally by market capitalization. While Japan boasts high-value car brands, China
produces the largest number of cars in the world. China’s Shanghai Automotive Industry Corporation (SAIC) has consistently exhibited increasing revenue, only experiencing a slight recession in recent years, and South Korea's Hyundai Motor Company stands as the largest vehicle manufacturer in South Korea. Other recently emerged economies have also made a strong entrance into the automotive sector, notably the ASEAN countries. Although Southeast Asian countries experienced a decrease in motor vehicle sales due to the pandemic but has been recovering in the past few years.
What do consumers want?
In recent years, the industry has suffered somewhat in several countries across the Asia-Pacific region. A possible reason for this could be a rise in environmental awareness among consumers. With increased displays of climate change concern, now more than ever there appears to be high
interest in vehicles that offer alternative fuel options. The present and future focus seem to be on
electric vehicles. In order to retain their reputation in the automotive industry, it appears as though Asia-Pacific vehicle manufacturers will have to continuously develop and evolve their production of electric and eco-friendly vehicles.
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