Philippines 2017. Vehicles market hit the 5th record in a row

Philippines Vehicles Market 2017

Philippines Vehicles Market in the 2017 hit the fifth all time record in a row, just before the Tax Reform, which has introduced higher duties on vehicles and fuel. The market grew near 500.000 units with Toyota leader ahead of Mitsubishi and Hyundai.

Philippines growth in economic activity slowed somewhat in the fourth quarter of 2017, according to the latest indicators. Retail sales expanded annually in both October and November, but at a decelerating pace. Moreover, after October’s robust rebound, annual growth in exports eased significantly in the following month.

On 19 December, President Duterte signed into law the Tax Reform for Acceleration and Inclusion (TRAIN), which came into effect at the beginning of 2018. The TRAIN entails lower personal income tax rates for most of the population; only the top rate increased from 32% to 35%.

The package also includes higher duties on cars, fuel and sugary drinks, which makes the revenue impact of the reform uncertain.

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 and a new record is projected for the end of the 2017, not far from the half million level.

In the 2018 the market is actually foreseen at a new hit, but the Government has anticipated to the automotive industry the intention to introduce new duties, from January, with immediate effects on final vehicles price.

The market is concentrated in the hands of Japanese brands, while Hyundai is progressively taking space. In the full year 2017, the market leader, Toyota sold  182.677 vehicles (+15.1%) with market share at 37.5%.

In second place, Mitsubishi with 65.859 (Mitsubishi Fuso not included) sales (+17.8%) and in third Hyundai with 37.678 (+11.8%).

In fourth place Ford with 36.714 (+9.0%) followed by Honda with 31.758 (+36.9%) and Isuzu with 30.187 (+10.3%).

At model-wise, the best selling car was the Toyota Fortuner with 39.680 sales (+39.0%) followed by the Toyota Vios with 36.734 (+1.3%) and the Toyota Innova with 24.434 (+34.7%).

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Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models

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