Philippines Autos Report Q1 2015 - New Report Available

We have revised our 2014 and 2015 auto sales growth forecast for the Philippines to 29.4% and 13.3%, up from 21.7% and 9.4% respectively and we believe that the country will continue to see sales for both the passenger car and commercial vehicle (CV) segments surge over the coming quarters. According to the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), auto sales surged by 32.6% year-on-year (y-o-y) in October to 22,278 units, bringing sales for the first 10 months of 2014 to 192,005 units, representing growth of 29.6% y-o-y.

We believe the passenger car segment will continue to outperform, and for the period January-October, passenger sales grew by 50.3% y-o-y to 74,397 units. Growth for the coming quarters will largely be underpinned by strong private consumption, despite an expected slowdown in GDP growth, as well as a resilient currency unit, which will continue to support auto imports. Given that domestic manufacturing is still relatively undeveloped, we expect demand for cars to be largely fulfilled by imports. As such, we forecast passenger car sales to grow by 49.5% for 2014, and factoring in the high-base effect of 2014, expect 2015 sales growth to come in at 20.0% for 2015.

Full Report Details at
- http://www.fastmr.com/prod/938436_philippines_autos_report_q1_2015.aspx?afid=301

On the commercial vehicle (CV) front, we expect growth to remain robust, although the pace of growth should also slow down, and we forecast CV sales to grow by 18.3% and 9.0% in 2014 and 2015 respectively. For the first ten months of 2014, CV sales grew by 19.2% y-o-y to 117,608 units. With the growth for the country's construction and infrastructure sectors expected to moderate over the coming quarters, we believe a slowdown in infrastructural activity to result in softening CV sales. Meanwhile, we maintain our outlook for vehicle production, forecasting production growth to come in at 13.5% and 14.5% in 2014 and 2015, with demand for autos largely being fulfilled by imports.

While we remain bullish on the growth potential of the country's auto sector, we...

The Philippines Autos Report features the latest data and forecasts covering production, sales, imports and exports.

Business Monitor International (BMI)'s Philippines Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Philippines.

Key Benefits

* Benchmark BMI's independent automotives industry forecasts on Philippines to test other views - a key input for successful budgetary and planning in the Philippine automotives market.
* Target business opportunities and risks in the Philippine automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Philippines.

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