Strong consumer appetite for new vehicles allowed the local auto industry to increase sales by double digits in the first two months of the year, according to the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi).
A joint report by Campi and the Truck Manufacturers Association (TMA) showed that car makers sold a total of 72,132 units in January and February or nearly 20 percent higher than the previous year’s 60,404 units.
Campi President Rommel Gutierrez said early marketing campaigns and improved inventories as well as stable interest rates continued to boost customer confidence.
“We hope to keep this momentum and achieve a strong first quarter finish, which will set the outlook for 2024,” he said.
In February alone, the industry sold 38,072 units, 11.8 percent higher than the 34,060 units recorded in the previous month.
Across vehicle segments, Asian utility vehicle led sales growth in the January to February period at 29.2 percent year-on-year.
This was followed by heavy-duty trucks and buses at 24 percent; passenger car, 23.1 percent; commercial vehicle, 18.2 percent; light commercial vehicle,15.5 percent; light-duty trucks and buses,14.9 percent and medium-duty trucks and buses, 3.2 percent.
In terms of market share, however, commercial vehicles occupied the largest chunk in the auto sales pie in the two-month period, as it accounted for 75 percent or 54,048 units.
“Year-on-year growth was observed across all CV [commercial vehicle] sub-segments but light commercial vehicles continue to be the main driver with 40,201 units sold, equivalent to 74 percent share of total CV sales,” Campi said.
Meanwhile, passenger car sales reached 18,084 units or 25 percent of total vehicle sales.
Among car brands, Toyota Motor Philippines Corp. continued to dominate the market with 45.9 percent share, followed by Mitsubishi Motors Philippines Corp. with 18.4 percent, Ford Group Philippines with 7.2 percent, Nissan Philippines Inc. with 7.1 percent, and Suzuki Philippines Inc. with 4.1 percent.
The auto industry group said it is looking at a “very strong performance” in 2024, especially with the staging of the 9th Philippine International Motor Show this year.
Gutierrez said last month that the auto industry group sees new model introductions and the expansion of the electrified vehicle line-up especially in the hybrid electric vehicle segment and more brands coming into the market.
The local automotive industry has set its sights on growing auto sales by 9 percent year to attain its “conservative” forecast of 468,300 vehicle units.