Philippines vehicles market in 2020 falls by 40.6% as the pandemic and lockdowns affect sales. Full-Year sales have been 248.804. Hyundai loses half its sales (-50.7%) but remains in 4th position, while Isuzu (-19.5%) reports top 10 hold.
Market Trend
The Philippines car market has been hit in 2020 by the world-wide COVID-19 pandemic which has impacted sales significantly.
The market boomed in the last decade resulting in one of the top 3 fastest-growing markets in the World. Recently, total vehicle sales grew up from 170.827 in 2012 to a record of 483.734 in 2017. Then the winds changed.
In 2018, after thirteen consecutive years of growth, the introduction of a new tax (called “TRAIN”) pushed up the price for all vehicles (and fuel), but pickups and van, hitting the market and altering the competitive landscape and sales fell down 11.8% at 413.216. In 2019 the industry has progressively digested the effect of TRAIN and total vehicle sales have been 418.973, up 3.3%.
The expectations for 2020 were not positive with a negative outlook – before the Covid19 crisis – due to the lower economic growth.
Indeed, Full-Year sales for 2020 have been 248.804, reporting a decline of 40.6% compared to 2019.
Brand-wise, this year the leader Toyota (-38.3%) gained 1.5% market share, followed by Mitsubishi (-40.9%), which lost 0.1% share. Nissan on the other hand lost 1.5% share, falling 49.2%. Hyundai remained in 4th place despite reporting the worst performance in the leaderboard (-50.7%), followed by Suzuki which lost 35.1%.
Ford lost 32.4%, followed by Honda (-42.4%) and Isuzu which reported the top 10 hold by losing “only” 19.5%. Closing the leaderboard we have MG losing 32.5% this year and Foton entering the leaderboard by jumping 1 spot, losing 42.8%.
Tables with sales figures
In the tables below we report sales for all Brands and top 10 Groups.
