Philippines 2024. Motorcycles Market Declines 8.7% In First Quarter

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honda-click-125
honda-click-125

Philippines Motorcycles Market starts 2024 below expectations with Q1 sales at 593.018 (-8.7%), not changing the market outlook, seen moderately positive for this and next years.  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.

Thanks to a rapidly growth the market surged in the last decade over 2 million annual sales and even if the covid emergency created huge disruptions temporarily pushing the market down, the strong demand immediately moved the market back in 2021 and now the market navigate around 2.2 annual sales, as even confirmed by 2023 result.

The start of 2024 was below expectations with Q1 sales at 593.018 (-8.7%), but this is not changing the market outlook, seen moderately positive for this and next years.

One of the reason behind the market difficulties is the EVs segment trend, well below expectations, with Q1 sales down 1.2%, while the expected booming for this segment is at the base of all future market growth.

Looking at the competitive arena, the market leader in the annual data is Honda with sales down 8.7%.

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