Boston, MA -- (SBWire) -- 07/30/2013 --Vehicle sales in the Philippines in April were 14,888 units, up 21.0% year-on-year (y-o-y). Sales in the first four months of 2013 were 56,590 units, up 26.0% y-o-y. With sales continuing their double-digit expansion, market demand remains inordinately strong.
While sales are in line with our bullish outlook on the Philippines, we have decided to upgrade our forecast to take into account the strong start to the year. We are upgrading our passenger car sales growth forecast to 11%, to 54,000 units, from 8.2% previously, but maintaining our commercial vehicle (CV) sales growth forecast at 11%, to 120,000 units. This will then upgrade our total vehicle sales growth forecast to 11%, to 174,000 units, from 10.1% previously.
According to the Philippine Automotive Competitiveness Council Inc (PACCI), a nationwide industry strategy will be launched in the next three months to boost vehicle manufacturing in the country. The Board of Investments, an agency of the Department of Trade and Industry, will be crafting the policy known as the National Automotive Industry Strategy (NAMIS). The government support policy will allow carmakers to boost their current 36% plant utilisation rate to 100% in the next two years.
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We have taken into account the planned production increases of these automakers and revised up our fiveyear auto production forecast. While we previously forecast an annual average growth of 2.3% in vehicle production over the 2013-2016 period, BMI has now upgraded its forecast to an annual average growth of 12% over the 2013-2017 period, to hit 100,000 units by 2017.
Market leader Toyota Motor Philippines (TMP) retained its lead in the market in 2012, occupying a 41.7% share of market. For the first five months of 2013, the firm continued to lead the market with a share of 40.0% of total auto sales which came in at 72,988 units.
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Market Report, "Philippines Autos Report Q3 2013", Published
New Transportation market report from Business Monitor International: "Philippines Autos Report Q3 2013"