Driven by robust demand for commercial vehicles, the Philippine auto market recorded substantial sales growth last year, with industry leaders optimistic about continued expansion this year.
Data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported 467,252 vehicle units were sold from January to December 2024, up 8.7 percent from 429,807 units in the previous year.
Rommel Gutierrez, CAMPI president attributed the growth to strong sales in both passenger cars and commercial vehicles.
“Positive results in December reflect the continued strength of the industry, with strong growth in both passenger cars and key commercial vehicle segments. The overall market remains on track to sustain growth into 2025,” Gutierrez said.
Commercial vehicles dominated the market, accounting for 74.15 percent of total sales with 346,482 units sold. Passenger cars made up the remaining 25.85 percent with 120,770 units sold. December 2024 posted a 2.8 percent increase in sales compared to November, and a 7.4 percent rise compared to December 2023, with 42,044 units sold.
Among the top-performing vehicle segments were Asian utility vehicles (AUVs) with 6,829 units sold, and light commercial vehicles with 24,099 units sold.
Toyota Motor Philippines Corp. led the market with a 46.66 percent share, followed by Mitsubishi Motors Philippines Corp. (19.07 percent), Ford Group Philippines (5.99 percent), Nissan Philippines Inc. (5.73 percent), and Suzuki Philippines Inc. (4.36 percent).
The 2024 sales figures exceeded CAMPI's earlier projections of nine percent growth, which estimated 468,000 units sold.
The organization had indicated that the October Philippine International Motor Show (PIMS) could further boost sales to 500,000 units.