Philippines Motorcycles – Data & Facts 2023
Philippines Motorcycles Market runs towards the record. Sales trend in the first quarter supports the expectations with 651.928 registrations, a wonderful +16.7%.
Motorcycles Market Trend & Perspectives
The Philippines two-wheeler market is the fifth largest in the World and one of those with more interesting future opportunities.
A strong demand is supporting the market since a couple of years and the 2023 is expected to potentially hit the new sales record overtaking the 2.5 million milestone for the first time.
Sales trend in the first quarter supports the expectations with 651.928 registrations, a wonderful +16.7%.
All segments are growing fast, with the scooters up 23.9% and the motorcycles up 22.2%, while the electric segment is growing below expectations (+20.4%).
Looking at the competitive arena, the market leader in the annual data is Honda with sales up 21.2%.
In second place there is Yamaha (+11.4%) ahead of Rusi (+16.6%), Suzuki (+15.0%) and Kawasaki (+14.2%).
Philippine’s Motorcycles Industry 2022
Following a sharp contraction in 2020, the Philippine economy rebounded in late 2021 and accelerated further in 2022, spurred by strong domestic demand and private investment. The recovery was driven by the relaxation of COVID-19 mobility restrictions in the country, the expansion of the COVID-19 vaccination program, and a rebound in investment and household consumption, according to a report released today by the Asian Development Bank (ADB).
IMF staff project real GDP to grow by 6.5 percent in 2022 but to slow to 5 percent in 2023 as the confluence of global shocks weigh on the economy in the coming months. Inflation is expected to rise to 5.3 percent in 2022, then to decline modestly in 2023, supported by a moderation in commodity prices.
The motorcycles industry is the 5th largest in the World and keeps recovering after the huge step back reported in the 2020.
During the 2022, sales have been 2.29 million (+6.5%) the third highest level ever, although import from China, very relevant for all local manufacturers, have been penalized by supply chain disruption.
Looking at the top manufacturers, the market leader Honda increased sales by 7.1%, while the rival Yamaha posted a +14.3% and the third, the local brand Rusi, lost moderately (-0.3%).
To be mentioned the growth of electric vehicles segment, still at marginal level, while boosted by the growth of Chinese brands, led by Tailg.
