Vehicle sales in the Philippines are experiencing robust growth as the economy recovers from the pandemic. According to a joint report from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA), new vehicle sales reached 36,311 units in June, a 27% increase compared to the same month in 2022. This marks the sixth consecutive month of double-digit growth for the industry.
Rommel Gutierrez, president of Campi, attributes the strong performance to improved consumer spending on big-ticket items and the significant market size for new motor vehicle sales. He believes that responding to customers’ needs will continue to drive gains in the industry.
With the June sales figures, the year-to-date sales now stand at 202,415 units, representing a remarkable 30.7% increase compared to the previous year. Gutierrez sees this performance as a strong signal of sustained optimism for the local automotive sector and is confident that the industry can achieve its growth rate target of 10 to 15% for the whole of 2023.
The full-year performance in 2022 showed a strong sign of recovery for the sector, closing the gap towards pre-pandemic levels. Vehicle sales in 2019 reached 369,941 units but plummeted to 223,793 units in 2020. However, the industry is steadily bouncing back, and the recent growth is a positive indicator.
In terms of market share, Japanese brands continue to dominate, with Toyota Motor Philippines Corp. leading the pack with a 45.11% market share, equivalent to 16,381 units. Mitsubishi Motors Philippines Corp. follows with an 18.73% market share, Ford Motor Company Phils Inc. with 7.52%, Nissan Philippines Inc. with 6.58%, and Honda Cars Philippines Inc. with 3.66%.
The outlook for the Philippine automotive sector remains optimistic, and the industry is poised for continued growth in the coming months.
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