Philippine Car Sales Surge Continues for Tenth Consecutive Month

MANILA: The Philippine automotive industry is experiencing a robust growth phase, with car sales soaring for the tenth consecutive month as of October 2023. This upward trend marks a significant recovery, with the industry aiming to exceed pre-pandemic sales levels by the year’s end.

Key Highlights:

Impressive Growth: In October, the sale of new vehicles reached 38,128 units, a significant 18.6% increase compared to the same period last year.

Sustained Momentum: The Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association report consistent growth in monthly sales, showcasing double-digit growth since January 2023, with a slight dip to 9.5% in September.

Year-to-Date Sales: The total vehicle sales for 2023 up to October tallied at 352,971 units, marking a substantial 25.9% increase from the previous year.

Campi’s Sales Target: Campi is optimistic, targeting a 20% growth in sales for 2023, aiming to hit a total of 423,000 units.

Sales History: The sales volume for the past few years shows a steady recovery from the pandemic impact, with 352,596 units in 2022, 268,488 units in 2021, and a dip to 223,793 units in 2020 from 357,410 units in 2019.

Market Dominance: Japanese brands, particularly Toyota Motor Philippines Corp., continue to dominate the Philippine market, holding a substantial market share of 45.96%.

Driving Factors:

Aggressive Marketing and Supply Improvement: Campi president Rommel Gutierrez credits aggressive marketing strategies and improved supply across all brands for the sustained sales.

Consumer Demand: There is a high consumer appetite for vehicles, driven by pent-up demand and facilitated by easier access to credit.
The Philippine automotive sector’s performance is a positive indicator of economic recovery and consumer confidence post-pandemic. The industry’s resilience and strategic efforts to boost sales and satisfy consumer demand are pivotal in achieving these impressive sales figures.