Philippine’s Vehicle Market in September 2023 rises for the 19th consecutive month, reporting 38,168 new registrations (+12.5%). YTD figures reach 310,639 a 22.0% increase from the previous year.
Market Trend and Outlook
The Philippine economy in 2022 reported one of the highest growth rates among global emerging economies. While GDP growth is set to moderate to 6 percent in 2023 caused by a challenging external environment: with the Bangko Sentral ng Pilipinas (BSP) hiking policy rates to 6.25% in hope of anchoring inflation expectations.
Despite 2023 forecasted to have a lower growth that 2022, Philippine’s vehicle market is still performing strongly with sales in September 2023 rising for the 19th consecutive month, reporting 38,168 new registrations (+12.5%). YTD figures reach 310,639 a 22.0% increase from the previous year.
In the competitive arena, cumulative figures from the first 3 quarters of 2023 report that the leader Toyota is up a huge 15.7%, followed by Mitsubishi (+64.7%), Ford (+38.7%), Nissan (+17.9%), Suzuki (-7.1%) and Honda (+20.3%).
Looking at the best selling models the Toyota Vios is on top with a 16.8% year-on-year increase in sales, followed by the Toyota Hilux up 1.2%.
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.
The uptrend continued into 2022, with the market rising another 7.2% to 398,848 cumulative sales.
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 Brands and top 10 Models