Philippine Automotive Sales Show Positive Trajectory in March with 37,474 Units Sold

The Philippine automotive industry recorded a significant sales volume of 37,474 units in March, marking a steady progression in this year’s first quarter. According to the latest figures released by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA), this performance reflects a 1.6% increase from February 2023’s sales figures and a robust 12.7% year-over-year growth from the 97,284 units sold in the first quarter of the previous year.

Despite a slight monthly decrease from the 38,072 units sold in February, the year-to-date sales reached an impressive 109,606 units. This growth trajectory is largely attributed to the sustained consumer demand for new vehicles and improvements in supply chains, as noted by CAMPI President Rommel Gutierrez. He remains optimistic about achieving the projected annual target of 468,000 units, with expectations to possibly reach 500,000 units spurred by upcoming events like the Philippine International Motor Show (PIMS) later this year.

Breaking down the sales performance by segment, there was a mixed bag of results. The sales of commercial vehicles and light commercial vehicles experienced declines, dropping by 3.8% to 27,347 units and 5.3% to 20,101 units, respectively. Similarly, sales figures for light-duty and heavy-duty trucks and buses also saw downturns. However, there was an uptick in the sales of passenger cars, which increased by 5.07% to 10,127 units, alongside modest gains in Asian utility vehicles and significant growth in medium-duty trucks and buses.

Toyota Motor Philippines Corp. continues to lead the market, claiming a 45.31% share of total sales, followed by Mitsubishi Motors Philippines Corp., Nissan Philippines Inc., Ford Group Philippines, and Suzuki Philippines Inc.

This positive momentum underscores the Philippine automotive sector’s resilience and adaptability in navigating the challenges posed by fluctuating market demands and supply chain issues, positioning it for continued growth throughout 2024.