Philippine Auto Industry Remains the Fastest Growing in ASEAN
The Philippine auto industry remained the fastest growing in the ASEAN market in the first seven months of this year, according to the ASEAN Automotive Federation (AAF). According to the group, car sales in the country for the first half of the year reached 129,687, which is 26 percent more than its 102,917 performance in 2013.
This figure is higher than most of its neighboring countries such as Vietnam (24 percent), Singapore (23 percent), Malaysia (3 percent) and Indonesia (2.7 percent). It also beat the regionâs largest car market, Thailand, which saw almost a 40 percent decline in motor vehicle sales in the same period.
Beating sales in the ASEAN
Motorcycle sales in the country also continue to increase, beating sales for two-wheeled vehicles in the region. The Philippines registered a 6.6 percent growth in the first six months of the year with 445,415 units sold, a significant difference from 417, 931 units sold from January to June of last year. The countryâs overall performance beat larger markets such as Indonesia (2.4 percent), Thailand (-18.5 percent), and Malaysia (-21.1 percent).
Local motorcycle assembly rises
An appetite for cars and motorcycles
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