Philippines posts 3rd fastest auto sales growth in SEA

MANILA, Philippines – The country’s automotive and motorcycle industries have maintained their pace as among the fastest growing in Southeast Asia as of end August this year.

The latest report from the Asean Automotive Federation showed vehicle sales in the country finished with the third fastest growth in the region at 28.3 percent from January to August 2016.

Vehicles sold in the country during the eight-month period stood at 229,919 units, the report showed.

The Philippines was behind Singapore and Vietnam which registered sales growth of 61.9 percent and 34.5 percent, respectively.

Indonesia, the region’s largest automotive market having sold 691,042 units as of end-August, recorded a 2.9 percent year-on-year improvement in sales.

Overall, vehicles sold across seven Asean-member economies monitored by the Federation reached 2.04 million units, up 3.9 percent from the same period last year.

As for motorcycle sales, meanwhile, the Philippines continued to zoom with the fastest growth across the region.

Motorcycles and scooters sold in the country surged 41.9 percent to 737,021 units.

Singapore’s motorcycle market posted the second fastest growth at 16.7 percent followed by Thailand with 4.5 percent.

Indonesia, which is also the region’s largest motorcycle market volume-wise, saw an 8.3 percent drop in sales to 3.98 million units.

Total motorcycle sales in the region slipped 1.4 percent to 6.18 million units.

In terms of production, vehicles manufactured in the Philippines increased 16.4 percent year-on-year to 73,897 units while motorcyles made in the country grew 35.1 percent to 673,936 units.

Affordability and the mobility motorcycles offer are among the top factors cited by industry players as to why the Philippine motorcycle industry remains on the growth track.

Attractive financing offers from automotive brands and rising middle income population, meanwhile, have been credited to the continued growth of car sales in the country.