Philippine Auto Sales: Mixed Trends in October

The Philippine automotive industry experienced mixed fortunes in October, with an overall increase in new vehicle sales compared to the previous year but a month-on-month decline.

Key Insights from the Industry Report
Annual Growth with a Monthly Dip: The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported an 18.6% year-on-year increase in new vehicle sales in October. However, there was a 1.3% decline compared to September sales. The total sales reached 38,128 units in October, up from 32,146 units in the same month last year, but down from 38,628 units in September​​.

Sector-Specific Trends:

Commercial vehicles saw a 17.6% annual increase, reaching 28,041 units, but experienced a 3.5% month-on-month decline.
Light commercial vehicle sales rose annually by 19.3% but fell by 6% compared to September.
Asian utility vehicles (AUV) sales increased both annually (14.3%) and monthly (8.1%).
Medium truck sales dropped significantly by 29.4% year-on-year and 14.2% month-on-month.
Passenger car sales surged by 21.6% compared to last year and increased by 5.53% from September​​.
Overall Sales Performance and Forecasts: In the first 10 months of the year, CAMPI-TMA members sold 352,971 units, marking a 25.9% increase from the previous year. The industry is optimistic about achieving its revised 2023 sales target of 423,000 units, a 20% increase from 2022’s actual sales. This target was revised upward from the initial forecast of 395,000 units​​.

Conclusion and Industry Outlook
The Philippine auto industry demonstrates resilience with robust year-on-year growth despite facing monthly fluctuations. The sector’s positive performance, driven by aggressive marketing and supply improvements, aligns with increasing consumer demand and easier credit access. As 2023 progresses, the industry remains confident in reaching its revised sales targets, reflecting a strong recovery trajectory.