Phl 3rd-fastest growing vehicle mart in Asean

MANILA, Philippines - The Philippines was the third fastest growing market for motor vehicles in Southeast Asia last year, according to the Association of Southeast Asian Nations (ASEAN) Automotive Federation (AAF).

Data from the AAF showed that the Philippines sold 234,747 motor vehicles last year, 29.2 percent higher than the 181,738 units in 2013.

The year-on-year growth in Philippine motor vehicle sales last year is the third fastest growth rate posted in the region, following Singapore’s 39.1 percent and Vietnam’s 35.4 percent.

While Malaysia posted a 1.6 percent uptick in motor vehicle sales last year, other countries in the region posted year-on-year declines such as Indonesia (-1.8 percent), Brunei (-2.8 percent) and Thailand (-33.7 percent).

Total motor vehicle sales in the ASEAN also fell by 10.1 percent to 3.19 million units in 2014 from the previous year’s 3.55 million units.

As for motorcycles and scooters, sales in the Philippines rose at the fastest pace in 2014 at five percent, having sold 790,245 units last year from the 752,835 units in 2013.

Apart from the Philippines, the only country in the region which saw motorcycle and scooter sales climb last year was Indonesia (1.8 percent), while the rest saw decreases such as Thailand (-15.1 percent), Malaysia (-19 percent) and Singapore (-30.1 percent).

Motorcycle and scooter sales in the ASEAN slipped by 2.1 percent to 10.85 million units last year from 11.08 million units in 2013.

In terms of production of motor vehicles and motorcycles, the Philippines was also among those which posted the highest growth rates in the region last year.

Motor vehicle assembly in the Philippines went up 12.2 percent to 88,845 units last year from 79,169 units in 2013, the second fastest growth posted in the region next to Vietnam’s 29.3 percent.

Indonesia’s motor vehicle output grew by 7.5 percent last year but other countries in the region saw their production volumes fall such as Malaysia (-0.8 percent) and Thailand (-23.5 percent).