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Philippines remains 2nd fastest growing vehicle market in ASEAN

2nd-fastest-growing-vehicle-market

The Philippines maintained its position as the second fastest growing market for motor vehicle production and sales in Southeast Asia, registering double-digit hikes in the 10 months to October.

Association of Southeast Asian Nations (ASEAN) Automotive Federation (AAF) data showed a total of 71,758 motor vehicles were assembled in Philippine plants in the January to October period, 30.7 percent higher than the 54,894 units in the same period last year.

Compared to its neighbors, the Philippines’ motor vehicle output growth was the second fastest next to Indonesia, which registered a 62.4 percent increase as of end-October.

Other ASEAN countries that posted growth in motor vehicle production during the period are Thailand (22.9 percent) and Vietnam (5.3 percent).

Meanwhile, those with lower motor vehicle output are Myanmar (-88 percent) and Malaysia (-1.4 percent).

A total of 2.83 million motor vehicles were produced in ASEAN as of end-October, up 27.3 percent from the previous year’s 2.22 million units.

For motor vehicle sales, the Philippines also placed second in the region as it sold 214,186 units in the January to October period, a 23.8 percent increase from 173,035 units in the same period last year.

Again posting the fastest growth in motor vehicle sales in the region was Indonesia at 67 percent.

Neighbors that also saw higher motor vehicle sales are Singapore (12.2 percent) and Vietnam (three percent).

Registering a dip in motor vehicle sales, meanwhile, are Thailand (-2.1 percent), Malaysia (-4.8 percent), and Myanmar (-49 percent).

Motor vehicle sales in ASEAN grew 15.7 percent to 2.17 million units in the January to October period from 1.88 million units a year ago.

In terms of motorcycle and scooter production, AAF data showed the Philippines posted the fastest growth as it assembled 727,778 units as of end-October, 51.8 percent higher than the 479,496 units in the same period last year.

Thailand registered an 11.2 percent growth in motorcycle output, while Malaysia’s declined 1.3 percent.

Motorcycles produced in ASEAN rose 18 percent to 2.53 million units from 2.14 million units in the previous year.

The Philippines also saw the fastest growth in motorcycle sales, which accelerated 23.5 percent to 1.16 million units as of end-October from 941,260 units in the same period a year ago.

Singapore, which placed second, saw a 13.2 percent uptick in motorcycle sales; Thailand’s was up 3.5 percent; and Malaysia’s decreased 2.9 percent.

For the January to October period, motorcycle sales in ASEAN climbed 9.8 percent to 2.87 million units from 2.61 million units in the same period last year.

Source: https://www.philstar.com/business/2021/12/01/2144838/philippines-2nd-fastest-growing-vehicle-market-asean

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