Philippines 2023. Motorcycles Market Growth Frozen By Low H2 Demand

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honda-click-125
honda-click-125

Philippines Motorcycles Market was flat in 2023. In the second half sales declined and the year ended with 2.2 million sales (-0.5%). 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 and Q4, 2023 was the third higher sales level in the market history.

Indeed, following a strong 2022 and a very positive first half, in the second half 2023 sales declined and the year ended with 2.2 million sales (-0.5%) aligned to the previous year.

As in several other countries, sales of electric vehicles declined (-19.5%) 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 8.4%.

In second place there is Yamaha (-3.8%) ahead of Rusi (-6.2%), Suzuki (-1.3%) and Kawasaki (-3.9%).

KTM Duke 890
KTM Duke 890