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Passenger Cars - Philippines

Philippines
  • Revenue in the Passenger Cars market is projected to reach US$5.9bn in 2025.
  • Revenue is expected to show an annual growth rate (CAGR 2025-2029) of 3.17%, resulting in a projected market volume of US$6.6bn by 2029.
  • The market's largest segment is SUVs with a projected market volume of US$2.0bn in 2025.
  • Passenger Cars market unit sales are expected to reach 239.81k vehicles in 2029.
  • The volume weighted average price of Passenger Cars market is expected to amount to US$27.21k in 2025.
  • With a vehicle unit sales share of 34.6% in 2025, Toyota is expected to have one of the highest market share in the selected region.
  • The value market share of the make Toyota in the selected region is expected to stand at 36.3% in 2025.
  • From an international perspective it is shown that the most revenue will be generated China (US$822bn in 2025).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

In-Scope
  • Newly Sold Passenger cars
  • Sports cars
  • SUVs
  • MPVs
Out-Of-Scope
  • Motorcycles, Buses and Trucks
  • Commercial Vans (included for the U.S. market only)
  • Pickup trucks (included for the U.S. market only)
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Study Details

    Unit Sales

    Most recent update: Dec 2024

    Source: Statista Market Insights

    Most recent update: Dec 2024

    Source: Statista Market Insights

    Market Insights

    2014
    2015
    2016
    2017
    2018
    2019
    2020
    2021
    2022
    2023
    2024
    2025
    2026
    2027
    *Statista446.64475.2509.94510.78491.64431.76351.6382.38402.96414.12444.12434.28435.54443.22
    IHS Markit552564564540462463.2482.1527.64
    LMC Automotive570.6564.6541.8466.8484.2511.8562.2

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Analyst Opinion

    The Passenger Cars market in Philippines has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Passenger Cars market in Philippines have shifted towards more fuel-efficient and environmentally friendly vehicles.

    With rising concerns about climate change and increasing fuel prices, customers are opting for smaller, compact cars that offer better fuel efficiency. Additionally, there is a growing demand for vehicles with advanced safety features and technology, such as integrated navigation systems and smartphone connectivity. Trends in the market indicate a shift towards electric and hybrid vehicles.

    As the government in Philippines aims to reduce carbon emissions and promote sustainable transportation, there has been a push towards the adoption of electric vehicles. This is evident from the increasing number of electric vehicle charging stations being installed across the country, as well as the introduction of government incentives and subsidies for electric vehicle buyers. Local special circumstances in Philippines have also contributed to the development of the Passenger Cars market.

    The country has a large population and a growing middle class, which has led to an increase in disposable income and purchasing power. As a result, more people are able to afford passenger cars, leading to a higher demand in the market. Additionally, the government has implemented policies to support the automotive industry, such as tax incentives and import duty reductions, which have further stimulated the market.

    Underlying macroeconomic factors, such as economic growth and urbanization, have also played a role in the development of the Passenger Cars market in Philippines. As the economy grows, more people have access to employment opportunities and disposable income, which has increased the demand for passenger cars. Urbanization has also led to the need for personal transportation, as people move away from public transportation systems and prefer the convenience and flexibility of owning a car.

    In conclusion, the Passenger Cars market in Philippines is developing due to changing customer preferences towards fuel-efficient and technologically advanced vehicles, emerging trends in electric and hybrid vehicles, local special circumstances such as a growing middle class and government support, and underlying macroeconomic factors such as economic growth and urbanization.

    Technical Specifications

    Most recent update: Dec 2024

    Source: Statista Market Insights

    Most recent update: Dec 2024

    Source: Statista Market Insights

    Notes: Level 0: No automation and very limited driver assistance in the form of automatic emergency braking or blind-spot warning. Level 1: Driver assistance such as cruise control or lane centering. Level 2: Partial automation, including brake and steering support. Level 3: Conditional automation, the vehicle can perform most driving tasks in certain scenarios, human intervention is still needed.

    Most recent update: Dec 2024

    Source: Statista Market Insights

    Most recent update: Dec 2024

    Source: Statista Market Insights

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Dec 2024

    Source: Statista Market Insights

    Most recent update: Dec 2024

    Source: Statista Market Insights

    Price

    Most recent update: Dec 2024

    Source: Statista Market Insights

    User Demographics

    Most recent update: Mar 2024

    Sources: Statista Market Insights, Statista Consumer Insights Global

    Global Comparison

    Most recent update: Dec 2024

    Source: Statista Market Insights

    Methodology

    Data coverage:

    The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

    Modeling approach:

    Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

    Additional notes:

    The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

    Mobility

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Jan 2025

    Source: Statista Market Insights

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