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| Carmudi Examines the Automotive Industry in the Philippines |
Recently, Carmudi has published a report entitled “The Booming Automotive Industry in Emerging Markets” which features how car purchasing behavior has been affected by economic, societal and technological factors. It also shows how automotive sales are going worldwide. The findings were extracted from quantitative surveys done to car dealers and buyers as well as some influencers of the industry.
For 2015, global car sales can hit $89M and the share of emerging markets can increase to 60% by 2020. The Asian region registered the highest intent of buying new cars with 65% of the respondents saying that they plan to buy one in the next two years. Meanwhile, e-commerce has played a major role in increasing automotive sales for 80% of new car buyers and nearly 100% of used-car customers have used online means to find the car they wish. In connection close to 30% of the respondents from the Philippines responded that they did research online before buying a car.
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As the number of customers using online means to find the cars they want increase, so too does the number of car dealers who are using digital platforms in advertising their units. Out of all the responding car dealers, two-thirds have prioritized Internet listings while 46% have used online classifieds to list the cars up for sale. About one-third of these dealers is also active in social media.
With these figures in mind, the Carmudi report forecasted that the Philippines will continue to improve as a prospect for car manufacturers. Hyundai Asia Resources Incorporated President Maria Fe Agudo Perez said that the local automotive industry remains upbeat due to the improved buying power and standard of living that a number of Filipinos enjoy. Likewise, increased investments and a growing labor force can positively contribute to car sales in the Philippines as well. Automotive sales are expected to grow by 15-20% by the end of 2015.
