Philippines 2023. Motorcycles Market Growth Frozen By Low Demand In Q3

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honda-click-125
honda-click-125

Philippines Motorcycles Market is moderately declining. In Q3 2023 sales declined 11.7% and year to date September figures have been 1.67 million (-2.0%) Honda dominates ahead of Yamaha.

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 although weak sales in Q3, 2023 is expected to stay on top of volume range.

This year the market started very well with first half sales up 3.1%. Unfortunately, during the third quarter sales declined 11.7% and year to date September figures have been 1.67 million (-2.0%)

As in several other countries, sales of electric vehicles declined (-19.2%) penalized by the difficulties reported for all Chinese manufacturers.

Looking at the competitive arena, the market leader in the annual data is Honda with sales up 3.4%.

In second place there is Yamaha (-2.7%) ahead of Rusi (-7.3%), Suzuki (+2.3%) and Kawasaki (-5.2%).

KTM Duke 890
KTM Duke 890