Philippines Vehicle Market in 2023 advanced at the second highest level ever. Total vehicles sales reached 442,150 (+17.1%). While Toyota kept the leadership, Mitsubishi was the fastest growing.
Market Trend and Outlook
The Philippines economy has continued to show strong recovery from the COVID-19 pandemic during 2023, with GDP growth strengthening to a pace of 5.9% y/y in the third quarter of 2023, compared with GDP growth of 4.3% y/y in the second quarter of 2023.
The continued rapid economic expansion in 2023 follows a strong rebound from the COVID-19 pandemic during 2022, which drove the pace of growth of the Philippines economy to the fastest rate since 1976.
The Philippines GDP growth rate of 7.6% in 2022 was comparable to some of the world’s fastest growing large emerging markets in 2022, including the Gulf Co-operation Council oil exporting nations of Saudi Arabia and United Arab Emirates, as well as other rapidly growing Asian emerging economies such as Malaysia, Vietnam and India.
In such positive economic environment, the automotive industry is evolving rapidly and following the sharp fall reported in 2020 is growing with a fast speed since 2021.
In 2023 total vehicles sales have been 442.150 (+17.1%) surging at the second highest level ever after the record posted in 2017.
In the competitive arena, cumulative figures up to December 2023 report that the leader Toyota is up a huge 16.3%, followed by Mitsubishi (+47.3%), Ford (+28.0%), Nissan (+30.7%), Suzuki (-8.0%) and Isuzu (-21.1%).
Looking at the best selling models the Toyota Vios is on top with a 10.2% year-on-year increase in sales, followed by the Toyota Hilux up 5.8%.
Tables with sales figures
In the tables below we report sales for top 10 Brands and top 10 Models
