Philippines Motorcycles Market fast recovered in Q2 2024. Following the -8.7% reported in Q1, the motorcycles market rebound in Q2, and the first half ended with 1.15 million sales, down a mere 0.2%.
Motorcycles Market Trend & Perspectives
The Philippines ended 2023 on a high note, being the fastest growing economy across Southeast Asia with a growth rate of 5.6 percent—just shy of the government’s target of 6.0 to 7.0 percent. Should projections hold, the Philippines is expected to, once again, show significant growth in 2024, demonstrating its resilience despite various global economic pressure.
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 during the second quarter a strong private consumption supported the market rebound and the first half ended with 1.15 million sales, down a mere 0.2% from the corresponding period last year.
One of the reason behind the market difficulties is the EVs segment trend, well below expectations, with H1 sales down 5.4%, 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 up 1.0%.
In second place there is Yamaha (+1.8%) ahead of Rusi (-8.6%), Suzuki (+0.3%) and Kawasaki (-1.3%).
