PH Auto Industry Grew in 2022

The sales of total motor vehicles in the Philippines grew by 31.3% back in 2022. This means sales reached 352,596 units from 268,488 units back in 2021. These figures exceed the prediction of 336,000 unit sales forecast of the joint report of the Truck Manufacturers Association (TMA) and the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI).

CAMPI President Atty. Rommel Gutierrez mentioned that the CAMPI-TMA sales forecast for 2022 shows “strong evidence that the industry has recovered from the impact of the pandemic and other external challenges.”

Atty. Gutierrez says the sales during December 2022 were the highest monthly sales recorded by CAMPI-TMA.

“It is worth mentioning that the 37,000-level figure was recorded back in 2017. Achieving it again brings us renewed optimism for a better year ahead for the auto industry,”

“The continued expansion of the economy and creation of new jobs and opportunities is just as important as ensuring that no pandemic disruption occurs anew this year. Nonetheless, the industry will continue to capitalize on the growing market demand for new motor vehicles,”

According to data, all vehicle categories and segments showed positive growth except for large buses and trucks which shows a decrease of 21.2%.

Toyota Motor Philippines Corp. was noted to have the largest contribution of over 174,106 units which is over 34.3% higher compared to 2021. Toyota Philippines now makes up 49.38% of the total market.

The second biggest share belonged to Mitsubishi Motors Philippines Corp. which 53,211 units or a 41.7% increase. The third largest contributor is Ford Motor Company Philippines Inc. with an increase of over 23.5% in sales.

Source: Manila Bulletin