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1、 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|1MarketLine Industry ProfileNew Cars in PhilippinesJanuary 2022ReferenceReference Code:Code:0115-03580115-0358PublicationPublication Date:Date:JanuaryJanuary 20222022PrimaryPrimary NAICS:NAICS:336111336111WWW.MARKETLINE.
2、COMWWW.MARKETLINE.COMMARKETLINE.THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED New Cars in PhilippinesIndustry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|21.Executive Summary1.1.Market valueThe Filipino new cars market grew by 59.1%in 202
3、1 to reach a value of$5.8 billion.1.2.Market value forecastIn 2026,the Filipino new cars market is forecast to have a value of$6.5 billion,an increase of 12.1%since 2021.1.3.Market volumeThe Filipino new cars market grew by 53.2%in 2021 to reach a volume of 235.6 thousand units.1.4.Market volume for
4、ecastIn 2026,the Filipino new cars market is forecast to have a volume of 226.6 thousand units,a decrease of 3.8%since 2021.1.5.Geography segmentationPhilippines accounts for 0.7%of the Asia-Pacific new cars market value.1.6.Market shareToyota is the leading player in the Filipino new cars market,ge
5、nerating a 53%share of the markets volume.1.7.Market rivalryRivalry within the new cars market is intensified by the existence of large-sized companies and the high fixed costs associated with car manufacturing.However,the relatively small number of large companies in the market,due to the large eco
6、nomies of scale required,mitigates competition.Differentiation is a fundamental aspect of competition in the new cars market,and that serves to alleviate rivalry to some extent.New Cars in PhilippinesIndustry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|31.
7、8.Competitive LandscapeThe Filipino new cars market is highly consolidated,with four companies,namely Hyundai,Nissan,Toyota,and Mitsubishi,accounting for 81.8%of the sales volume in 2021.The leading players in this market are tapping into the growing demand for hybrid and electric vehicles,while all
8、iances within the market are a common strategy.The COVID-19 pandemic halted production in many countries,as well as disrupting the supply chain;as such,the leading players were negatively impacted in 2020.New Cars in Philippines Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS
9、NOT TO BE PHOTOCOPIEDPage|4TABLE OF CONTENTS1.Executive Summary21.1.Market value.21.2.Market value forecast.21.3.Market volume.21.4.Market volume forecast.21.5.Geography segmentation.21.6.Market share.21.7.Market rivalry.21.8.Competitive Landscape.32.Market Overview92.1.Market definition.92.2.Market
10、 analysis.93.Market Data113.1.Market value.113.2.Market volume.124.Market Segmentation134.1.Geography segmentation.135.Market Outlook145.1.Market value forecast.145.2.Market volume forecast.156.Five Forces Analysis166.1.Summary.166.2.Buyer power.176.3.Supplier power.186.4.New entrants.206.5.Threat o
11、f substitutes.22New Cars in Philippines Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|56.6.Degree of rivalry.247.Competitive Landscape267.1.Market share.267.2.Who are the leading players?.267.3.How are strategic alliances used by the leading compani
12、es?.277.4.How is new technology opening up competition?.277.5.How are leading players progressing in the hybrid and electric cars segment?.287.6.What impact is the COVID-19 pandemic having on leading players?.298.Company Profiles308.1.Toyota Motor Corporation.308.2.Mitsubishi Motors Corporation.358.
13、3.Hyundai Motor Company.418.4.Nissan Motor Co.,Ltd.459.Macroeconomic Indicators529.1.Country data.52Appendix54Methodology.549.2.Industry associations.559.3.Related MarketLine research.55About MarketLine.56New Cars in Philippines Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS
14、NOT TO BE PHOTOCOPIEDPage|6LIST OF TABLESTable 1:Philippines new cars market value:$billion,2017-21(e)11Table 2:Philippines new cars market volume:thousand units,201721(e)12Table 3:Philippines new cars market geography segmentation:$billion,2021(e)13Table 4:Philippines new cars market value forecast
15、:$billion,2021-2614Table 5:Philippines new cars market volume forecast:thousand units,20212615Table 6:Philippines new cars market share:%share,by volume,2021(e)26Table 7:Toyota Motor Corporation:key facts30Table 8:Toyota Motor Corporation:Annual Financial Ratios32Table 9:Toyota Motor Corporation:Key
16、 Employees33Table 10:Toyota Motor Corporation:Key Employees Continued34Table 11:Mitsubishi Motors Corporation:key facts35Table 12:Mitsubishi Motors Corporation:Annual Financial Ratios37Table 13:Mitsubishi Motors Corporation:Key Employees38Table 14:Mitsubishi Motors Corporation:Key Employees Continue
17、d39Table 15:Mitsubishi Motors Corporation:Key Employees Continued40Table 16:Hyundai Motor Company:key facts41Table 17:Hyundai Motor Company:Annual Financial Ratios43Table 18:Hyundai Motor Company:Key Employees44Table 19:Nissan Motor Co.,Ltd.:key facts45Table 20:Nissan Motor Co.,Ltd.:Annual Financial
18、 Ratios47Table 21:Nissan Motor Co.,Ltd.:Key Employees48Table 22:Nissan Motor Co.,Ltd.:Key Employees Continued49Table 23:Nissan Motor Co.,Ltd.:Key Employees Continued50Table 24:Nissan Motor Co.,Ltd.:Key Employees Continued51Table 25:Philippines size of population(million),20172152Table 26:Philippines
19、 gdp(constant 2005 prices,$billion),20172152Table 27:Philippines gdp(current prices,$billion),20172152New Cars in Philippines Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|7Table 28:Philippines inflation,20172152Table 29:Philippines consumer price i
20、ndex(absolute),20172153Table 30:Philippines exchange rate,20162053New Cars in Philippines Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|8LIST OF FIGURESFigure 1:Philippines new cars market value:$billion,2017-21(e)11Figure 2:Philippines new cars mar
21、ket volume:thousand units,201721(e)12Figure 3:Philippines new cars market geography segmentation:%share,by value,2021(e)13Figure 4:Philippines new cars market value forecast:$billion,2021-2614Figure 5:Philippines new cars market volume forecast:thousand units,20212615Figure 6:Forces driving competit
22、ion in the new cars market in Philippines,202116Figure 7:Drivers of buyer power in the new cars market in Philippines,202117Figure 8:Drivers of supplier power in the new cars market in Philippines,202118Figure 9:Factors influencing the likelihood of new entrants in the new cars market in Philippines
23、,202120Figure 10:Factors influencing the threat of substitutes in the new cars market in Philippines,202122Figure 11:Drivers of degree of rivalry in the new cars market in Philippines,202124Figure 12:Philippines new cars market share:%share,by volume,2021(e)26New Cars in Philippines Industry Profile
24、s MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|92.Market Overview2.1.Market definitionThe new cars market consists of the initial retail sale/registration of new passenger cars.Passenger cars include saloons,hatchbacks,SUVs,4x4s,and light pickups used predominantly
25、in North America,and other related vehicles.The market value is calculated at retail selling price(RSP)and the market volume is given in terms of units sold.Market share data for the New Cars industry applies to motor manufacturing groups as opposed to their individual brands,i.e.for the Volkswagen
26、Group this includes all of its brands such as Volkswagen,Audi,Skoda,Seat etc.therefore where possible,market share data represents sales figures for every brand in that manufacturing group within each country.All market data and forecasts are represented in nominal terms(i.e.without adjustment for i
27、nflation)and all currency conversions used in the creation of this report have been calculated using constant 2020 annual average exchange rates.For the purposes of this report,the global market consists of North America,South America,Europe,Asia-Pacific,Middle East,South Africa and Nigeria.North Am
28、erica consists of Canada,Mexico,and the United States.South America comprises Argentina,Brazil,Chile,Colombia,and Peru.Europe comprises Austria,Belgium,the Czech Republic,Denmark,Finland,France,Germany,Greece,Ireland,Italy,Netherlands,Norway,Poland,Portugal,Russia,Spain,Sweden,Switzerland,Turkey,and
29、 the United Kingdom.Scandinavia comprises Denmark,Finland,Norway,and Sweden.Asia-Pacific comprises Australia,China,Hong Kong,India,Indonesia,Kazakhstan,Japan,Malaysia,New Zealand,Pakistan,Philippines,Singapore,South Korea,Taiwan,Thailand,and Vietnam.Middle East comprises Egypt,Israel,Saudi Arabia,an
30、d United Arab Emirates.2.2.Market analysisThe Filipino new cars market experienced steep value and volume declines in 2018 and 2020,with moderate growth achieved between those years.The market is expected to achieve very strong growth in 2021,beyond then growth rates are expected to fluctuate from y
31、ear to year.The market boom has been driven by the strong growth of the Filipino economy,which has boosted confidence and household income and driven spending on new cars.Furthermore,interest rates have been kept relatively low,so that credit remains attractive as a financing option,stimulating dema
32、nd further.A government-run program to enhance the growth of the countrys automotive industry has also benefitted the new cars market as manufacturers tend to enjoy generous subsidies to increase their domestic production-supply.The Filipino new cars market is forecast to generate total revenues of$
33、5.8bn in 2021,representing a compound annual rate of change(CARC)of-2.1%between 2017 and 2021.In comparison,the Indonesian and Chinese markets will decline with CARCs of-8.5%and-1.1%respectively,over the same period,to reach respective values of$16.0bn and$417.6bn in 2021.The introduction of a new e
34、xcise tax(TRAIN)in 2018 which increased from 25%to 65%compared to the previous tax regime,depending on the price of a car drove demand down and led to significant decline in the new cars market that year.New Cars in Philippines Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS N
35、OT TO BE PHOTOCOPIEDPage|10Market consumption volume is forecast to decline with a CARC of-5.5%between 2017 and 2021,to reach a total of 235.6 thousand units in 2021.The markets volume is expected to fall to 226.6 thousand units by the end of 2026,representing a CARC of-0.8%for the 20212026 period.M
36、otorcycles are a more affordable and a more convenient option for busy roads than cars in the Philippines.This consumer demand has driven strong growth in the motorcycle manufacturing industry.The government has undertaken a number of measures to promote motorcycle manufacturing in the country,such
37、as the Comprehensive Motor Vehicle Development Program,which promotes investments,technology transfer and industrial upgrading.This substitute has subdued demand for new cars somewhat.The COVID-19 pandemic had a significant impact on the automotive industry in 2020,which had a knock-on effect on the
38、 new cars market.Temporary shutdowns at manufacturing plants amid labor shortages and a severe disruption in the supply chain,including a shortage of semiconductors,led to production declines.Meanwhile,consumer and business confidence remained depressed since its slump in the advent of the pandemic,
39、leading to a decline in demand.The country witnessed a sharp decline in growth rates to-7.63%in 2020.The performance of the market is forecast to accelerate,with an anticipated compound annual growth rate(CAGR)of 2.2%for the five-year period 20212026,which is expected to drive the market to a value
40、of$6.5bn by the end of 2026.Comparatively,the Indonesian and Chinese markets will grow with CAGRs of 14.9%and 9.7%respectively,over the same period,to reach respective values of$32.2bn and$663.6bn in 2026.The Filipino new cars market is expected to follow a strong growth trajectory in value and volu
41、me terms in 2021.Pent-up demand will drive growth,while the improving macroeconomic environment given that the pandemic is set to be coming to an end will support spending over the coming years.MarketLine forecasts a robust recovery in GDP growth rates for 2021.Despite this,higher price-sensitivity
42、and reduced mileage amid consumers lower frequency of commuting and travel post-lockdown will undermine to some extent the necessity of car ownership,potentially resulting in the migration of sales to the used car or car leasing markets.New Cars in Philippines Industry Profiles MARKETLINE THIS PROFI
43、LE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|113.Market Data3.1.Market valueThe Filipino new cars market grew by 59.1%in 2021 to reach a value of$5.8 billion.The compound annual rate of change of the market in the period 2017-21 was-2.1%.TableTable 1 1:PhilippinesPhilippines newnew cars
44、cars marketmarket value:value:$billion,billion,2017-21(e)2017-21(e)Year$billionPHP billion billion%Growth20176.3313.75.520185.7282.45.0-10.020196.0296.05.24.820203.6180.83.2-38.92021(e)5.8287.65.159.1CAGR:201721(2.1%)SOURCE:SOURCE:MARKETLINE M A R K E T L I N EFigureFigure 1 1:PhilippinesPhilippines
45、 newnew carscars marketmarket value:value:$billion,billion,2017-21(e)2017-21(e)SOURCE:SOURCE:MARKETLINE M A R K E T L I N ENew Cars in Philippines Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|123.2.Market volumeThe Filipino new cars market grew by
46、53.2%in 2021 to reach a volume of 235.6 thousand units.The compound annual rate of change of the market in the period 2017-21 was-5.5%.TableTable 2 2:PhilippinesPhilippines newnew carscars marketmarket volume:volume:thousandthousand units,units,20172017 21(e)21(e)Yearthousand units%Growth2017295.520
47、18252.8-14.42019258.62.32020153.8-40.52021(e)235.653.2CAGR:201721(5.5%)SOURCE:SOURCE:MARKETLINE M A R K E T L I N EFigureFigure 2 2:PhilippinesPhilippines newnew carscars marketmarket volume:volume:thousandthousand units,units,20172017 21(e)21(e)SOURCE:SOURCE:MARKETLINE M A R K E T L I N ENew Cars i
48、n Philippines Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIEDPage|134.Market Segmentation4.1.Geography segmentationPhilippines accounts for 0.7%of the Asia-Pacific new cars market value.China accounts for a further 53.4%of the Asia-Pacific market.TableTab
49、le 3 3:PhilippinesPhilippines newnew carscars marketmarket geographygeography segmentation:segmentation:$billion,billion,2021(e)2021(e)Geography2021%China417.653.4Japan125.716.1India43.15.5Indonesia16.02.1Philippines5.80.7Rest Of Asia-pacific173.622.2Total781.8100%SOURCE:SOURCE:MARKETLINE M A R K E
50、T L I N EFigureFigure 3 3:PhilippinesPhilippines newnew carscars marketmarket geographygeography segmentation:segmentation:%share,share,byby value,value,2021(e)2021(e)SOURCE:SOURCE:MARKETLINE M A R K E T L I N ENew Cars in Philippines Industry Profiles MARKETLINE THIS PROFILE IS A LICENSED PRODUCT A