Amid the prevailing Covid-19 pandemic, we are surprised to see 2,123,023 motorcycles, including three-wheelers, newly registered by the LTO as of November 2022. If the figure is annualized by extrapolating the December sales, the total volume could stretch to as much as 2,316,000 units. Comparing this number to the new registration of 2,223,532 MC/TC in 2018, it seems that the motorcycle industry is already past the Covid pandemic.
Probably, the restrictions in mobility and lack of public transportation due to Covid-19 restrictions triggered fresh demand for motorcycles as a means of transportation, as well as other alternative modes. Fortunately, motorcycle sellers maintained their affordable financing scheme to allow easy ownership of two-wheelers (and three-wheelers as well).
Moreover, the growth of online shopping gave rise to the delivery services where motorcycles proved to be efficient, quick and economical.
Honda continue to be the Filipino’s favorite accounting for 32.6% of the total registration, followed closely by Yamaha with 19.6%.
Home-grown Rusi continue to defy the odds with 14.1% surpassing better-known brands Kawasaki and Suzuki (tied with 8.2%).
Bajaj is the lone three-wheeler in the top 10 favorites, based on LTO registration data, proving its claim as the no. 1 in its category.
Industry observers are keenly watching for possible increase in the demand for motorcycles because of fuel price increases in the last few months.
Neighboring Vietnam, Indonesia and Malaysia have motorcycle densities per 1,000 population at 498, 407 and 406, respectively. The Philippines has lowest number of motorcycles per 1,000 population at only 52. There is still a long way to go for the motorcycle industry before reaching market saturation.
Hence, we will most likely continue to see more and more motorcycles on the road.