Philippines is 2nd Fastest Growing Auto Market in ASEAN
According to the latest ASEAN Automotive Federation data, the Philippines remained among the most lucrative automotive markets in the region, as it recorded the second fastest growth in motor vehicle sales among seven countries in Southeast Asia. Data showed that the Philippines posted a 17.4 percent growth in the first two months, helping the country improve its position from third to second in the ASEAN rankings.
From third to second
The Philippines ranked third last year, after vehicle sales in the Southeast Asian region during the first quarter (January to March) fell 3.8 percent, from 770,566 in 2015 to 741,392 in 2016. This year, the country is second only to Myanmar’s 35.9 percent year-on-year growth.
The country’s improved ranking comes despite a significant February slowdown which saw the country drop to fifth place for the month. Malaysia, Myanmar Thailand and Vietnam were the only markets that saw an uptick in sales during the period.
Overall, the ASEAN region posted a 9-percent increase in unit sales, recording a total of 507,072 units for January and February compared to just 464,997 for the same period last year.
Local motorcycle industry loses top position
Unfortunately, the country’s motorcycle industry did not fare as well as its four-plus wheeled counterparts. The two-wheeled industry as a whole lost its position as the fastest-growing in the region, losing the top spot to Singapore for the month of February. But that’s not to say that the industry didn’t post growth.
In the data released by the ASEAN Automotive Federation, the Philippine motorcycle market managed a 10-percent year-on-year upsurge. A huge margin by normal standards, but Singapore overtook it, by earning an 11.2-percent year-on-year.
For the Southeast Asian region overall, motorcycle sales declined by 2.7 percent in the two-month period, from last year’s 1.53 million units to this year’s 1.49 million.
Singapore was the fastest emerging automotive market during the first quarter of last year, finishing off with an 80.4 percent year-on-year sales growth. Vietnam followed with a 37.4 percent improvement.
As for production numbers, the total tally for vehicles produced for the first two months of the year stands at 22,651. Motorcycle production reached 200,997 units for the same time period.