Philippine Auto Industry Poised to Surpass Sales Forecasts in 2023

The Philippine automotive industry, represented by the Chamber of Automotive Manufacturers Association of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association of the Philippines (TMA), is expressing optimism about exceeding their 2023 sales forecast. Despite a slight decline in November 2023, when total new motor vehicle sales dipped to 37,683 units from October’s 38,128 units, the year-to-date sales up to November reached 390,654 units. This figure represents a substantial 23.9% increase from the 315,337 units sold during the same period in 2022 and accounts for 92% of the forecasted 423,000 unit sales for the year. CAMPI President Rommel Gutierrez expressed confidence in exceeding the annual forecast if the sales performance of the last three months is maintained. The majority of November’s sales were attributed to commercial vehicles, with 28,114 units sold, followed by light commercial vehicles, passenger cars, and other categories. Toyota Motor Philippines Corp. held the largest market share at 46.2%, followed by Mitsubishi Motors Philippines Corp. and other major brands​​​​.

In October 2023, CAMPI and TMA reported a year-on-year growth of 18.6% in automotive sales, indicating a robust recovery trend in the industry from the pandemic’s impact. This growth was driven by aggressive marketing and supply improvements across all brands. The surge in consumer demand and easier access to credit were also significant factors contributing to the industry’s positive performance. The industry’s confidence is further bolstered by the projection that it will surpass pre-pandemic sales levels, with the total vehicle sales for the year-to-date in October 2023 already 25.9% higher than the same period in 2022. Toyota Motor Philippines continues to dominate the market, with Mitsubishi and Ford also holding significant shares​​.

The report emphasized the strength of commercial vehicles in driving industry performance, with these vehicles accounting for a significant portion of total sales. This is alongside passenger cars and other vehicle categories, demonstrating the diverse demand in the Philippine automotive market. The industry’s ability to rebound and potentially exceed its sales forecast reflects the resilience and adaptability of the Philippine automotive sector amidst global economic challenges and the evolving consumer landscape​​.