Based on latest sales figures from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA), auto sales in the Philippines rose 18.1% year-on-year (y-o-y) in May 2015, to 23,139 units. This brought auto sales for the first five months of the year to 107,280 units, an increase of 20.1% y-o-y. We forecast full-year sales growth forecast of 13.2% as high base effects will temper growth slight in the coming months.
The country's consumer story continues to grow from strength to strength. According to the CAMPI President Rommel Gutierrez, the consistent growth in sales is largely due to attractive and flexible financing options and new models introduced by several brands. With our Country Risk team forecasting the central bank policy rate to remain at 4.0% in 2015 and only rise by 25 basis points in 2016, affordable credit will continue to underpin demand for cars.
Full Report Details at
- http://www.fastmr.com/prod/1052967_philippines_autos_report_q4.aspx?afid=301
For the first five months of the year, Toyota Motor Philippines Corp remained the market leader with total sales of 47,794 units (44.6% market share). In second place was Mitsubishi Motors Philippines Corp with sales of 20,591 units (19.2%). Ford Motor Philippines took the third place with sales of 8,557 units (8.0%), while Isuzu Philippines Corp landed in fourth place with sales of 8,010 units (7.5%). Honda came in fifth place with sales of 6,785 units (6.3%).
Production
Meanwhile, we maintain our outlook for vehicle production, forecasting production to grow 14.4% in 2015 (based on OICA figures), with demand for autos still largely being fulfilled by imports. Automakers mainly operate assembly plants rather than fully developed manufacturing facilities, as a weak supplier base has resulted in car manufacturers having to import vehicle parts, raising production costs.
The Philippines Autos Report features the latest data and forecasts covering production, sales, imports and exports.
BMI Research'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.
* Assess the activities and market position of your competitors, partners and clients via our Competitive Landscape Analysis.
Coverage
BMI Industry View
About Fast Market Research
Fast Market Research is a leading 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 is always available to 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 (1.413.485.7001 Int'l)
You may also be interested in these related reports:
- Indonesia Autos Report Q4 2015
- Bulgaria Autos Report Q4 2015
- Mexico Autos Report Q4 2015
- Slovakia Autos Report Q4 2015
- Greece Autos Report Q4 2015
Market Report, "Philippines Autos Report Q4 2015", published
Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001