The local automotive industry was off to a solid start recording a 15.5 percent rise in total vehicle sales for the first month of 2024 selling 34,060 units from 29,499 in January 2023, encouraging the industry to aim for nine percent growth this year.
Given the continuous growth, the domestic automotive industry is aiming to increase auto sales by nine percent this year to 468,300 for both passenger and commercial vehicles.
In a joint report released on Wednesday, Feb. 21, the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association's (TMA) said that commercial vehicles accounted for 75 percent of the total sales with 25,614 units sold, and passenger cars contributed the remaining 25 percent with 8,446 units of total sales.
The passenger and commercial vehicles purchased this year increased by 13 percent from 7,506 units in January 2023 and 17 percent from 21,993 units in the same period respectively.
Toyota Motor Philippines Corporation has the highest market share at 47.2 percent among the companies as the leading vehicle brand for both passenger and commercial categories.
Mitsubishi Motors Philippines Corp. followed with with 17.9 percent market share, followed by Ford Motor Company Philippines Inc., Nissan Philippines Inc. with 7.2 percent, and Suzuki Philippines Inc. with 4.4 percent.
While Toyota is the most preferred brand for Asian Utility Vehicles (AUVs) and Light Commercial Vehicles (LCV), Isuzu Philippines Corp. is the most sold brand for light-duty, medium-duty, and heavy-duty trucks and buses.
For this year, CAMPI expects to exceed its 2023 sales number of 429,807 units, to be aided by the ninth Philippine International Motor Show (PIMS) which will be hosted by CAMPI in the second half of this year.
“This means 2024 performance could well exceed CAMPI’s initial forecast and reach 500,000 units as motor shows generally boost sales,” stated the group.
CAMPI President Atty. Rommel Gutierrez remarked on their optimism for 2024, and their approach to the new year with a “positive business and consumer confidence outlook.”
“We see new model introductions and the expansion of electrified vehicle line-up especially in the hybrid electric vehicle segment, and more brands coming into the market," Gutierrez said.