2014 was a significant year for the automotive industry due to its impressive growth month after month. It ended the year strong, with the passenger car segment recording the highest growth rate (58%) with total sales of 90,287 units sold. The commercial vehicle segment also listed a high growth rate of 20%.
The automotive industry welcomed 2015 with 19.3% year-on-year growth, selling a total of 18,662 units at the first month of the year. The industry is currently being led by the passenger car segment, posting 35.8% year-on-year growth, having 7,200 units sold, from previously 5,301 units. Commercial vehicles also recorded increased sales by 10.8% from 10,346 units to 11,462 units. Other sectors that posted increased sales include the AUV sub-segment (5.6%), LCV sector (14.1%) as well as heavy duty trucks and buses (14.2%).
The Philippine automotive industry is fastest growing in ASEAN, beating larger markets such as Indonesia (2.4%), Thailand (-18.5%) and Malaysia (-21.1%). The automotive industry is forecasted to grow by 15% this year. The demand for automobiles in the Philippines is expected to continue. The rising middle class and availability of financing makes it possible for Fiipinos to spend on vehicles. Based on a Nielsen report, 76% of Filipino respondents said that they intend to buy a car in the next two years.
Top Five Players
Toyota Motors leads with 46.7% in market share. This is followed by Mitsubishi Motors with 17.4% in market share. Third on the top is the Ford Group with 8.8% market share. With 6.6% market share, Isuzu takes the fourth spot while rounding up the list is Honda Cars with 6.1%.
Countries: Philippines and South East Asia
Topics: Market Research and Sales & Marketing