East Asia: Regional sales enjoys two consecutive years of growth despite slowing demand in Q4
By Will Pulson - 28th March 2023
East Asia - Sales of commercial vehicles over 2 tons gvw in East Asia’s seven main markets, excluding China, grew by just 1.6% to 374,747 units in the fourth quarter of 2022 from 368,741 units in the same period of the previous year, according to data compiled from numerous industry sources including trade associations and vehicle manufacturers.
This represents a sharp slowdown in growth after markets rebounded strongly in the third quarter, by 16% combined, from weak year-earlier levels and as semiconductor shortages eased significantly. Economic growth across the region also slowed sharply in the fourth quarter after peaking in the third quarter, following successive interest rate hikes by central banks and as global growth also began to slow, putting pressure on commodity prices and exports from the region.
