Philippines Vehicles Market in 2015 celebrates the new all-time record with sales for the first time above the 300.000 and volumes improved over 300% in the last 7 years. Toyota dominates.
Economic Outlook
The economy gained steam in the final quarter of 2015, growing a stronger-than-expected 6.3%. This pushed full year economic growth to 5.8%. Q4’s acceleration was underpinned by upticks in fixed investment and private consumption as well as by buoyant public spending.
While government spending in the past often fell short of official targets, the strong readings observed in Q3 and Q4 are related to the upcoming presidential elections in May.
Throughout 2015, household spending benefited from remittances inflows and a dynamic business outsourcing sector, while fixed investment was sustained by the government’s infrastructure projects. In fact, the strength of the domestic economy more than compensated for shrinking exports, which suffered from turmoil in China and other emerging markets, in Q4 and in 2015 as a whole.
Market Outlook
in the 2015 the automotive industry celebrated the seventh all time record in a row, the best growing string actually in place world-wide with total vehicles volume three time higher than 7 years ago and still strong positive expectations for the future.
According to data aggregated from the many local associations, including AVID, the Marketing Committee of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA), in the 2015 total vehicles sales had been 324.775, up 20.4% from the previous record.
Toyota reported 125.025 sales (+18.4%) with market share at 38.5% well ahead of the second, Mitsubishi with 54.087 (+8.0%) that during the year has purchased the local plant to Ford, third in sales ranking with 25.372 (+24.7%).
Isuzu was fourth with a strong +59.7% (22.569 sales) outpacing Hyundai, fifth with 22.058 (-4.2%). Record sales reported by Honda at 19.315, Nissan at 11.420, Suzuki at 10.487 and Kia at 10.010.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models
