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 companies. Japan’s Toyota Motor Corporation was ranked the second-best car market globally by the end of 2019. China’s Shanghai Automotive Industry Corporation (SAIC) has consistently exhibited increasing revenue and South Korea's Hyundai Motor Company stands as the third largest vehicle manufacturer in the world. Other recently emerged economies have also made a strong entrance into the automotive sector, notably the ASEAN countries. Myanmar, Vietnam, Brunei, the Philippines, and Malaysia have all experienced growth of motor vehicle sales.
Yet, in recent years the industry has suffered somewhat in several countries across the Asia Pacific region. A possible reason for this could be due to environmental awareness among consumers. With increased displays of climate change concern, now more than ever there appears to be high interest in vehicles which offer alternative fuel options. The present and future focus seems to be with electric vehicles. In order to retain their reputation in the automotive industry, it appears as though Asia Pacific vehicle manufacturers may have to continue the production of electric and eco-friendly vehicles. Interestingly, countries such as Thailand have started to channel its efforts into targeting foreign investors who seek the rise of eco-friendly automobiles. Beyond environmentally conscious vehicles, autonomous vehicles are also being tested across the Asia Pacific region. However, presently there remains consumer concern into the safety of such vehicles. Indeed, it appears the Asia Pacific region may have to tackle these safety concerns, in order to maintain an influence in the automotive industry.
