Based on the forecasted data, light commercial vehicle production in the Philippines is expected to decline steadily from 48.97 thousand units in 2024 to 45.99 thousand units in 2028. Comparing to the actual data from the previous year, 2023, this marks a downward trend.
- Year-on-year decline from 2024 to 2025: -1.55%.
- Year-on-year decline from 2025 to 2026: -1.56%.
- Year-on-year decline from 2026 to 2027: -1.56%.
- Year-on-year decline from 2027 to 2028: -1.56%.
The average annual decline (CAGR) over the five-year period from 2024 to 2028 is -1.61%.
Future trends to watch for include the introduction of new government policies that might incentivize production, changes in consumer demand, technological advancements in vehicle manufacturing, and shifts in the global automotive supply chain that could impact local production capabilities and costs.
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