Philippines Vehicles Market fell down 11.8% in 2018 with registrations at 413.216, interrupting the great trend of previous years, largely affected by the “TRAIN” tax introduction. Toyota led the market – down 12.8% – while Nissan gained the 4th place.
Philippines’ economy The economy likely ended 2018 on a strong note, with Q4’s average PMI print posting the strongest quarterly result of the year and cash remittances sustaining solid growth in October and November. Nevertheless, the trade deficit remained elevated near a record high in November, as exports contracted on a drop in electronic parts shipments.
The economic outlook for 2019 remains promising thanks to a thriving domestic economy. Solid household spending, fueled by remittances, and strong investment, which should be driven in part by the government’s infrastructure program, should underpin domestic demand.
However, if the government budget standoff drags on, H1 growth could be hampered significantly.
Philippines vehicles market in the last decade boomed resulting one of the top 3 fastest growing market in the World. Recently, total vehicles sales grew up from 170.827 in the 2012 to a record of 483.734 in the 2017. Then the winds changed.
In the 2018, following years or records, the introduction of a new tax (called “TRAIN”) pushed up price for all vehicles (and fuel), but pick ups and van, hitting the market and altering the competitive landscape. Indeed, after thirteen consecutive years of growth, sales fell down 11.8%, ending with registrations at 413.216.
Brand-wise, the market is dominated since ever by Toyota which year to date sold 159.291 vehicles (-12.8%) with market share at 36.7%.
In second place Mitsubishi with 70.810 sales (-1.2%) and in third Hyundai with 36.147 (-4.1%). In fourth place Nissan with 36.075 (+44.3%) followed by Ford with 26.241 (-28.3%) and Honda with 24.700 (-22.2%).
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models