TOYOTA Motor Philippines Corp. continued its dominance of the country’s automotive sector by cornering 43.32-percent share of the market as local assemblers reported a 23-percent growth in 2015, slower than the 30-percent full-year growth rate recorded in 2014.
Even with the slower growth, however, the entire industry looks to be on track of hitting its target of selling 310,000 units by year-end, if car importers reach their own target of 42,000 units.
In a report by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association, retail sales amounted to 26,679 units last December, coming from 21,320 units in the same month in 2014.
Total sales for 2015 is 288,609 units versus 234,747 units sold in 2014, a growth of 22.9 percent.
This is slower than 2014’s 30-percent growth over year-ago figures.
Despite the slower growth, manufacturers have already hit their sales target forecast of 272,000 units by end 2015. If auto importers succeed in meeting their target of 42,000 units, total sales haul would be 330,000, exceeding the forecast of Campi for 310,000 units for the entire industry.
Sales of passenger cars went up 33.3 percent to 10,461 units, from 7,850 units sold in December 2014.
This category finished the year with sales record of 116,381 units, 28.9 percent better than 2014’s 90,287 units sold.
Sales grew in this segment as new car models were introduced and financing strategies were rationalized throughout the year. Commercial vehicles also had a 20.4-percent boost with 16,218 units versus 13,470 in December last year.
Mitsubishi Motors Philippines Corp. followed Toyota at second place with a market share of 18.74 percent.
Ford Motor Co. came in third, with 8.79 percent; Isuzu Philippines Corp. is fourth, with 7.82 percent; and Honda Cars Philippines Inc. was fifth, with 6.69-percent share of the market.
Image credits: Nonie Reyes