Benchmark
Make Way for Southeast Asia’s Newest Car Hubs Amid Consumer Boom
- Car makers are ramping up production to steal market share
- Rising incomes and young workers attract global car giants
Shells of BMW 's X5 SUVs stacked in a warehouse at the company's assembly plant in Rayong province, Thailand.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
To get a taste of Southeast Asia's burgeoning 600 million-strong consumer base and what it means for economic growth, take a look at the car industry.
Car makers are racing to steal a bigger slice of the market attracted by rising incomes and young workers looking to buy their first set of wheels.
The Philippines and Vietnam will be the two fastest-growing production hubs from 2017 to 2021, according to BMI Research. Output will surge 300 percent in the Philippines to 359,000 units and almost double in Vietnam to 112,000 units, it forecast in June.