Key Market Indicators
The number of vehicle registrations in the Philippines is projected to reach nearly 499,000 units by 2028, up from approximately 436,000 units in 2023. This represents an average annual growth rate of 2.1%. Since 2010, the Filipino market has experienced an annual growth rate of 1.7%. In 2023, the Philippines ranked 42nd globally in vehicle registrations, with the Netherlands slightly ahead with the same number of registered units. Canada, China, and Austria were the top three countries in this ranking. On the production front, the Philippines is expected to produce around 171,000 vehicles by 2028, up from roughly 147,000 units in 2023. This marks an average annual growth rate of 2.4% in vehicle production. Since 2004, the supply of vehicles in the country has increased by an average of 3.6% per year.
