Philippines Automotive Market Analysis, Sizing & Forecasts to 2026
Amid strong demand for automotive vehicles, several domestic and foreign OEM manufacturers are planning to expand their production bases in the Philippines. The government of the Philippines also prioritizes the automotive segment as a key revenue generator and is encouraging the flow of FDIs in the automotive industry.
The Philippines is one of the most promising and fastest-growing automobile markets in the region. Philippines' automobile industry is supported by multiple factors such as labor availability, R&D efforts, geographic advantage, and government support. With a positive outlook for the economy and greater household purchasing power, automobile sales in the country are set to witness a strong surge in sales to 2026.
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The Philippines Automotive Market research identifies that the competition continues to intensify year-on-year with the introduction of new models and brand availability. This LNGAnalysis report covers the 2019 scenario and growth prospects of the Philippines Automotive market for 2016-2026. To calculate the market size, revenue from the market sales of Passenger cars, light commercial vehicles, and heavy commercial vehicles are considered.
The global Automotive market is poised to register strong growth with light vehicle sales increased from around 95 million to over 106 million between 2019 and 2025. The ongoing trend towards modernization of Automotives such as electric and hybrid cars, growth from emerging economies- compensating decline from mature markets, the focus is on the user, increasing penetration of autonomous vehicles, and others are supporting countries worldwide to strengthen their Automotive markets. However, increased risk of new disruptive business models, falling margins and rising investment., long-term market volatilities, vehicle retreats from globalization pose significant challenges to growth.
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Last Update : Dec 05, 2019
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|Item Owner : Vidhya Nigam|
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