Philippines Vehicle Market in 2024 grew 7.7%, marking the highest peak in the decade. Toyota held its dominance with 7 Top 10 Models. Still, new brands are quickly emerging, including Hyundai and MG.
Economic Environment
The Philippines’ economy is projected to grow at an average of 6.0% from 2024 to 2026, despite global geopolitical tensions, with 2024’s forecast slightly lowered to 5.9% due to weaker Q3 performance and typhoon-related disruptions. Private consumption, driven by low inflation, higher employment, and steady remittances, remains the primary growth engine, while government infrastructure spending and investment liberalization are expected to attract more foreign and local investments
Digital transformation is key to boosting productivity and resilience, with wider adoption of core technologies expected to unlock sustainable long-term growth. Additionally, the country’s ‘demographic dividend’ window (20–25 years) presents an opportunity to capitalize on a growing labor force through investments in education, health, and skills training. However, risks remain, including geopolitical uncertainties, China’s economic slowdown, inflationary pressures, and climate-related disruptions, which could affect trade, consumption, and key industries.
Automotive Industry Trend and Outlook
The Philippines’ EV market surged 123.9% in 2024, marking rapid expansion in a sector primed for future growth. Adoption is set to rise, fueled by government initiatives and the country’s strategic position in ASEAN.
Chinese brands BYD and MG dominated the EV rankings, holding over 50% market share, while Dongfeng and Kia posted double-digit growth, reinforcing the segmentmomentum.
Overall, the Philippines’ vehicle market grew 7.7% in 2024, delivering its best performance in a decade.
Looking at full-year data for 2024 brand-wise, Toyota secured its spot as leader, up by 9%, followed by Mitsubishi (+13.7%), Ford (-11.5%), Nissan (-4%), and Suzuki (+11%).
Looking at the best-selling models the Toyota Vios was still on top with a 9.6% year-on-year gain in sales, followed by the Toyota Hilux up 6.7%.
Medium-Term Market Trend
The Philippines market have been one of the fastest growing in the decade before the covid arrive, with sales jumped from just over 150k in the 2010 to over 400K in 2019, with a peak hit in the 2017, when the all-time record was established at 487.000.
In the 2020 the pandemic arrival caused prolonged shutdown in plants and dealership and the market really collapsed losing 40.8% versus the previous year, hitting the worse level out if the previous seven years.
However, the fall was not caused by structural reasons and the recovery was immediate with 2021 sales recovering the 300k level and the pathway continued in 2022 with sales up to 397.848 (+7.2%).
Future perspectives are positive, considering the market potential is not far from the 1 million annual sales and we foresee this market as one of the best performing between now and the 2030.
Tables with sales figures
In the tables below we report sales for top 10 Models
