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Learn moreFeb 2019
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Before the Tax Reform for Acceleration and Inclusion (TRAIN) Law was finalised, luxury car companies and distributors in the country were clamouring for fair taxation due to anticipated increases in 2018. However, the industry was surprised by tax cuts for more expensive and luxury cars, while lower-end automobile suffered excise fees.
Due to luxury-friendly tax reform, luxury car players are seeing a shift towards more expensive models. Lexus Manila reported that prior to 2018 hybrids accounted for small sales due to their very expensive price points.
The President of the Philippines has shown a strong willingness to fight corruption and smuggling by destroying fully-functional illegal cars. In an attempt to scare smugglers and uphold the integrity of two significant bodies, the Bureau of Customs and Bureau of Internal Revenue, the government plans to destroy smuggled cars.
One of the main reasons for Mercedes-Benz becoming the leading player in a highly-competitive landscape in 2017 was the launch of new models that attracted consumers from different income and age groups. For example, entry-level models like C-Class and GLA-Class allow young professionals to trade-up from non-luxury cars with the brand.
Tax reform offers strong opportunities for luxury cars companies and distributors as more consumers are expected to be attracted by lower prices. Thus, players active in the Philippines are expected to invest in bringing in new models of luxury cars because local consumers are likely to be more willing to upgrade their vehicles and buy new ones due to the implementation of TRAIN.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in Philippines with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Cars industry in Philippines, our research will save you time and money while empowering you to make informed, profitable decisions.
The Luxury Cars in Philippines market research report includes:
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.