Motorcycle sales zoom in 2016
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by Land Asia Listings
- February 9, 2017
- Real Estate Updates
- 0
Updated February 9, 2017 – 12:00am
http://www.philstar.com/busine
MANILA, Philippines – The Philippine motorcycle industry continued to race past other markets in Southeast Asia, posting the fastest growth last year.
Thailand followed with a six percent increase in sales.
Malaysia posted a four percent year-on-year growth in sales while sales in Indonesia fell seven percent.
In terms of volume, the Philippines recorded the third fastest growth in the region behind Indonesia and Thailand which sold 6.22 million units and 1.74 million units, respectively, last year.
The Motorcycle Development Program Participants Association (MDPPA), however, has forecast Philippine motorcycle sales will surpass Thailand by 2020 or even as early as next year.
The premier group of motorcycle manufacturers in the Philippines sees sales of the country’s motorcycle industry expanding to 2.5 million units in the next five years.
Such acceleration of motorcycle sales is expected to position the country as the second largest market in Southeast Asia behind Indonesia.
“Factors that would drive growth are the need for increase mobility and affordable financing. Using motorcycles as a means of transport is economic and sensible than using public transport in the long run, at least for the next four years or so,” MDPPA president Rodel Pablo said.
MDPPA said there remains a big room for the industry to grow as the motorcycle ratio in the Philippines is still low compared to some countries in the region.
Last year, motorcycle production in the Philippines rose 31 percent to 1.04 million units, according to data from the ASEAN Automotive Federation.
