New Transportation research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 07/03/2013 -- Two key themes that we expect to see in the Philippine autos market heading into 2013 are the likely outperformance of sales in the commercial vehicle segment over the passenger car segment (on the back of strong investment activity) and continued strength of private consumption.
The latest surge in January 2013 sales marks a good start to the year and sees our bullish view on Philippines auto sales playing out nicely. BMI has long maintained a bullish outlook on domestic vehicle sales despite our less sanguine outlook on local production in the country, due to a lack of a comprehensive auto policy by the government.
View Full Report Details and Table of Contents
We are happy to maintain our bullish forecast for Philippines auto sales to grow 10.1% in 2013, to hit 172,000 units. Among the sub-segments, we forecast passenger car sales to grow 8.2%, to hit 52,000 units and CV sales to grow 11%, to hit 120,000 units.
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.
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 two months of 2013, the firm continued to lead the market with a share of 39.9% of total auto sales which came in at 26,588 units.
Mitsubishi Motors Philippines (MMPC), in second, lagged the leader by some way with 2012 sales of 34,915 units, giving it a 22.3% market share. In 2013, it is targeting sales of 43,000 units. MMPC had a market share of 24.1% over the first two months of 2013.
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Transportation research reports at Fast Market Research
You may also be interested in these related reports:
- Vietnam Autos Report Q3 2013
- Brazil Autos Report Q3 2013
- Hungary Autos Report Q3 2013
- Iran Autos Report Q2 2013
- Malaysia Autos Report Q3 2013
- Thailand Autos Report Q2 2013
- Japan Autos Report Q3 2013
- Serbia Autos Report Q3 2013
- Venezuela Autos Report Q3 2013
- India Autos Report Q3 2013