The Philippines Leads Southeast Asia in Motor Vehicle Production Growth
According to data from the Association of Southeast Asian Nations Automotive Federation (AAF), the Philippines emerged as the fastest-growing country in Southeast Asia in terms of motor vehicle production in 2023, showing a 19.7 percent increase. The AAF’s report indicated that 110,350 vehicles were assembled in the Philippines in 2023, which is higher than the 92,223 units produced in 2022.
Malaysia followed with a 10.3 percent increase in motor vehicle production, reaching 774,600 units in 2023 from 702,275 units in 2022. On the contrary, Myanmar experienced the largest decline in vehicle production with a 53.5 percent drop to 1,475 units from 3,175 units in 2022.
The report also showed that other ASEAN countries, such as Vietnam, Indonesia, and Thailand, posted declines in vehicle production. Overall, motor vehicle production in ASEAN decreased by 1.9 percent to 4.3 million units in 2023 from 4.38 million in 2022.
In 2023, the Philippines also recorded the highest growth rate in motor vehicle sales at 21.9 percent, selling a total of 429,807 units. This was followed by Malaysia with a 10.9 percent increase to 799,731 units. However, Myanmar posted the largest decline in motor vehicle sales at 52.5 percent.
Motor vehicle sales in the ASEAN region contracted by 2.1 percent to 3.36 million units in 2023 from 3.43 million in 2022. Additionally, the Philippines saw a 0.5 percent decline in motorcycle and scooter sales in 2023 to 1.56 million units.
The AAF data also revealed that the Philippines’ motorcycle and scooter production surged by 23.1 percent to 1.24 million units. This growth rate was the highest among ASEAN countries. While motorcycle and scooter production increased by 3 percent to 13.4 million units, sales grew by 3.6 percent to 12.7 million units across the ASEAN region.
Overall, the report indicates that the Philippines has made significant strides in the motor vehicle industry compared to other countries in the ASEAN region.
