Malaysians Will Continue To Have High Car Ownership
Malaysians had the highest car ownership rates after Japan 4 years ago
In the ASEAN region, Malaysia, Thailand, Indonesia, Vietnam and The Philippines are the top 5 countries with many of their citizens owning cars in a survey done a few years ago. We will need to see the next survey figures from the OICA which should be ready in a years time (this survey is done every 5 years).
Meanwhile, with taxes and import duties, the system has made Singapore the most expensive country in the world to buy a car. For example, a new standard Toyota Camry Hybrid costs around SG250,000 in Singapore, which includes the cost of a COE and taxes. That is about six times more expensive than in the US.
Additionally In Vietnam, to drive the same Camry costs about USD80,000. In general, car taxes in Vietnam are the second highest in Southeast Asia after Singapore, which is also part of the reason why the car ownership rate in Vietnam is quite low.
It should be noted that new electric car sales in ASEAN is still relatively low right now and yes it is growing, but not that fast as income levels in the ASEAN region down not allow for more sales. Plus, charging infrastructure is still being deployed in all countries.
This means the next survey might show a very different picture of the top five car ownership countries as the various government incentives will change the ownership stats.
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