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Vehicle sales in the Philippines continued to surge in July, with a growth rate of 33.3%. This indicates a strong start for the automotive industry in the second half of the year, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association.
The report shows that new vehicle sales reached 37,086 units in July, surpassing the 27,813 units sold during the same period last year.
Rommel Gutierrez, president of Campi, emphasized that despite the slowdown in consumer spending caused by inflation, the local automotive industry remains robust. He stated, “The auto industry is sustaining its positive growth trend as sales of new motor vehicles have continued to grow year-on-year for the past 17 consecutive months. We hope to maintain this trend throughout the year.”
Optimism in the Industry
Gutierrez expressed optimism in the industry’s ability to expand its vehicle lineup for both consumers and businesses.
Japanese car brands dominated the Philippine market in July, with Toyota Motor Philippines Corp. leading with a market share of 43.47%. Mitsubishi Motors Philippines Corp. followed with a 17.12% market share, while Ford Motor Company Phils Inc., Nissan Philippines Inc., and Honda Cars Philippines Inc. secured market shares of 9.90%, 7.17%, and 2.33% respectively.
Sustained Growth in the Sector
The strong sales performance in July brings the year-to-date sales for the local automotive sector to 239,501 units, indicating a growth rate of 31.1% compared to the previous year.
Overall, automotive vehicle sales in the Philippines reached 352,596 units in 2022, a significant growth of 31.3% compared to 2021, which saw 268,488 units sold. The year 2020, during the height of the pandemic, recorded sales of only 223,793 units, significantly lower than the 369,941 units sold in the year before the crisis.
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
