Philippine motor vehicle market 2nd fastest growing in ASEAN

MANILA, Philippines — The Philippines remained Southeast Asia’s second fastest growing market for motor vehicles in terms of production and sales in the eight months to August this year.

Data from the Association of Southeast Asian Nations (ASEAN) Automotive Federation (AAF) showed the country assembled 54,551 motor vehicles during the period, 39.3 percent higher than the 39,171 units in the same time frame last year.

Indonesia posted the highest motor vehicle output growth at 65.8 percent as of end-August.

Other ASEAN countries that produced more motor vehicles are Thailand (31.9 percent) and Vietnam (26.9 percent).

Meanwhile, those with lower motor vehicle output as of end-August are Myanmar (-88.4 percent) and Malaysia (-2.2 percent).

Total motor vehicles manufactured in ASEAN rose 34 percent to 2.2 million units in the eight-month period from 1.64 million units the previous year.

For motor vehicle sales, the Philippines sold 170,112 units as of end-August, up 37.8 percent from 123,489 units a year ago.

This placed the country second again to Indonesia, which saw motor vehicle sales jump 68 percent in the January to August period.

Also posting higher motor vehicle sales are Singapore (26.2 percent), Vietnam (15.5 percent) and Thailand (2.4 percent).

On the other hand, Myanmar and Malaysia saw motor vehicle sales dip 52.6 percent and 4.4 percent, respectively, during the period.

For the January to August period, total motor vehicles sold in ASEAN grew 20.9 percent to 1.68 million units from 1.39 million units last year.

AAF data showed the Philippines also continued to lead motorcycle output and sales growth in the region as of end-August.

Motorcycles rolled out of Philippine assembly plants accelerated 76.8 percent to 571,265 units in the eight month period from 323,138 units in the same period a year ago.

Motorcycle output in Thailand and Malaysia as of end-August climbed 24.5 percent and 0.2 percent, respectively.

ASEAN’s total motorcycle production grew 31.2 percent to 2.01 million units in the period from 1.54 million units in the previous year.

Meanwhile, motorcycle sales in the Philippines rose 37.2 percent to 930,630 units from 678,463 units last year.

Singapore placed second with a 16.6 percent growth in sales, followed by Thailand with a 7.9 percent uptick and Malaysia where sales contracted 1.8 percent.