MANILA, Philippines - The Philippines maintained its position as the second fastest growing automotive market in Southeast Asia in the first four months, while also regaining its leadership in the motorcycle market.
Latest data from the ASEAN Automotive Federation showed the country recorded the second fastest vehicle sales growth among its counterparts in the region at 18.1 percent during the first four months.
The Philippines finished second only to Myanmar’s 62.9 percent year-on-year automotive sales expansion, while Thailand came in third with a 15.7 percent growth.
Other countries like Indonesia, Malaysia and Vietnam all posted a single-digit sales growth while car sales in Singapore and Brunei dipped during the four-month period.
Overall, vehicle sales in the region rose 4.9 percent in the first four months to 1.08 million units from 985,766 units in the same period last year.
Vehicle production in the region was flat at 1.32 million units, of which 47,351 units were manufactured and assembled in the country.
Philippine vehicle production as of end-April was 40 percent higher compared to the 33,832 locally manufactured units in the first four months of 2016.
The Chamber of Automotive Manufacturers of the Philippines Inc. said the country’s automotive industry has continued the path of motorization as evident in the continued strong sales of both passenger and commercial vehicles.
The Philippines, meanwhile, regained its position as the fastest growing market in the region for motorcycle and scooters, with sales zooming 13.2 percent year-on-year to 397,502 units.
Motorcycle and scooter sales in most countries in the region like Thailand, Singapore and Malaysia grew single digits during the four-month period, while that of Indonesia suffered a decline.
The Philippines in the first quarter was overtaken by Singapore in terms of having the highest motorcycles sales growth.
For the period ending April, total motorcycles and scooters sold in the region fell 6.9 percent to 2.92 million units from 3.13 million units in 2016.
Production, however, expanded 15.6 percent year-on-year to 1.2 million units, of which 405,139 units were from the Philippines.
The Motorcycle Development Program Participants Association, the Philippines’ largest motorcycle industry association, said the local industry is expected to continue growing this year behind the country’s improving economy, availability of more financing options, and affordable down payments.