Key Market Indicators
Filipina commercial vehicle registration is projected to reach approximately 179,000 units by 2028, up from around 140,000 units in 2023. This marks an average annual growth rate of 3.8%. However, since 2010, the market has experienced a decline of 1.1% per year. In 2023, the Philippines ranked 26th in the world, with Hungary surpassing it at 140,000 units. Leading the rankings were Canada, Mexico, and Argentina, occupying the second, third, and fourth positions respectively. On the production front, Filipina commercial vehicle output is expected to decrease to nearly 46,000 units by 2028 from about 50,000 units in 2023, indicating an annual decline of 1.3%. Since 2004, the supply has been on a downward trend, falling by 1.8% per year. In 2023, the Philippines ranked 24th globally, with Portugal ahead at 50,000 units. Mexico, China, and Canada held the second, third, and fourth spots in this ranking.
