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New Models Keeping Auto Sales Up in the Philippines
Oct 31, 2008

The sales of Philippines automobile industry mounted in the first eight months of 2008 on account of rising demand for multipurpose vehicles, aggressive marketing and new models.

The Truck Manufacturers Association, along with the Chamber of Automotive Manufacturers of the Philippines Inc., released a joint report wherein they said that vehicle sales in the Philippines in the last eight months (January-August 2008) surged 13.1% to 83,196 Units from 73,563 Units in the same period a year ago, as reported by Inquirer.

The sales of commercial vehicles during first eight months of 2008 rose by 12.1% to 53,876 Units from 48,065 Units last year. Light commercial vehicles represented accounted for a major share in commercial vehicle sales at 29,812 Units. Next came the Asian utility vehicles at 22,153 Units. Moreover, the passenger car segment surged 15% during January-August 2008 to 29,320 Units from 25,498 Units last year and accounted for 35% of the total vehicle sales in the Philippines.

The Philippines automobile sales soared in the first eight months of 2008 due to strong demand for multipurpose vehicles in the domestic market. These vehicles have dual uses like they can be used for business purpose as well as personal activities, resulting in high sales of automobiles in the country. Besides, aggressive marketing by auto players along with rising demand for small engine cars in the domestic market fueled the sales of automobile industry.

In addition, the car market in the Philippines witnessed flurry of new car models that attracted people towards automobile industry as consumers give preference to new cars owing to low maintenance cost. The Philippines automobile industry also benefited from various other factors such as stable supply, competitive pricing and fleet deliveries that cumulatively raised the vehicle sales.

The automobile sales are expected to remain strong in near future as the business conditions continue to support the industry. Moreover, as buyers are looking for more fuel-efficient vehicles, automobile manufacturing companies are launching fuel-efficient models that will boost sales in coming months.

According to a Research Analyst at
RNCOS, “Rising automobile sales will give more support to the country’s economy. Also, automobile manufacturing companies and dealers will take benefit from it as the sales are expected to go up and the current year is considered to be more profitable more players. And the recently launched new models will push the industry even higher.”

Related Market Research Reports:
Turkey Automobile Sector Forecast (2008-2012)
China Automobile Sector to 2010
Czech Republic Automobile Sector