Maybank Investment Banking Group predicts that Toyota Motor Philippines will maintain its market leadership in 2025, driven by growing auto loan activity. BYD, distributed by Ayala Corp.'s ACMobility, is also expected to gain popularity due to its competitive pricing and EV offerings.
Toyota Motor Philippines (TMP) is projected to retain its dominance in the automotive market this year, driven by the aggressive expansion of auto loans by local banks. Maybank Investment Banking Group, in its recent report released on Thursday, highlighted this trend, predicting continued growth in auto loan portfolios by Filipino banks. This surge in lending is anticipated to fuel demand, particularly among first-time car buyers, and solidify TMP's market leadership position.
Beyond TMP, Maybank identified BYD, distributed in the Philippines by Ayala Corp.'s ACMobility, as a rising force in the local automotive scene. The investment bank believes BYD's popularity is poised to increase, fueled by several factors. Its introduction of a sub P1-million hybrid model, the BYD Seal 5 DM-I, has positioned it as a more affordable option compared to TMP's cheapest hybrid, the Toyota Corolla Cross. This competitive pricing, coupled with exemptions from number coding in Metro Manila and potentially lower running costs, makes BYD a compelling alternative to established players like TMP.Maybank's analysis points to several key drivers shaping the Philippine automotive market. Firstly, the growth in auto loans is expected to significantly boost demand, opening up car ownership to a wider segment of the population. Secondly, the increasing popularity of electric vehicles (EVs) is fueled by incentives like zero import tariffs and number coding exemptions in Metro Manila. Finally, the market is becoming increasingly competitive, with both TMP and BYD introducing new models and expanding their offerings. This trend is likely to benefit consumers, leading to a wider range of choices and potentially more competitive pricing
Toyota BYD Philippine Auto Market Auto Loans Electric Vehicles
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