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Philippines still 2nd fastest growing market for vehicles in Asean

  • Dec 28, 2021

MANILA, Philippines — The Philippines held on to its position as second fastest growing market for automobiles in Southeast Asia, with production and sales accelerating by over 20 percent in the 11 months to November.

Data from the Association of Southeast Asian Nations (ASEAN) Automotive Federation showed assembly plants in the Philippines churned out 78,714 motor vehicles during the period, 28.5 percent higher than the 61,257 units in the same period last year.

The Philippines only trailed Indonesia, which saw its motor vehicle output zoom by 61.4 percent year-on-year.

Motor vehicles produced in ASEAN rose 25 percent to 3.18 million units as of end-November from 2.55 million units in the same period last year.

The Philippines also posted the second fastest growth in terms of motor vehicles sales, which reached 240,642 units or 22.7 percent higher than the 196,197 units a year ago.

It again trailed Indonesia, where motor vehicle sales jumped 66.5 percent year-on-year in the 11-month period.

ASEAN sold a total of 2.46 million motor vehicles as of end-November, a 15.3 percent increase from the 2.13 million units sold in the previous year.

On the other hand, the same data showed the Philippines was the leader when it comes to motorcycle production and sales in ASEAN.

In particular, motorcycles assembled in the Philippines rose 42.9 percent to 807,783 units in the January to November period from the 565,407 units a year ago.

Thailand saw its motorcycle output pick up 10.8 percent year-on-year, while Malaysia’s declined 0.2 percent year-on-year in the 11-month period.

Motorcycles manufactured in ASEAN climbed 16.2 percent to 2.85 million units as of end-November from the 2.46 million units in the same period last year.

Motorcycle sales in the Philippines grew 21.9 percent to 1.31 million units from 1.07 million units in the previous year.

Singapore saw the second fastest growth in motorcycle sales in the region at 10.6 percent in the 11-month period, followed by Thailand with 4.9 percent, while Malaysia’s decreased 1.9 percent.

As of end-November, motorcycle sales in ASEAN went up 10.2 percent to 3.21 million units from 2.92 million units in the same period a year ago.

Source: https://www.philstar.com/business/2021/12/28/2150402/philippines-still-2nd-fastest-growing-market-vehicles-asean