The Philippine automotive industry continues in its growth path with year-on-year 18% increase as April sales hit 21,259 units compared to 18,015 units last year. Based on the report of the Chamber of Automobile Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association, last month’s sale contributed to the 21% growth of the first four months total of 84,141 units versus the 69,737 units for the same period last year.
Passenger cars posted more than 24 % increase from 6,697 in April 2014 to 8,331 units last month, while commercial vehicles grew by a modest 14% from 11,318 units to 12,928 units for the same comparison period.
In terms of year to date sales, there is a noticeable increase in the share of the passenger car segment. In 2014, total PC sold for the first four months reached 24,824 units or almost 36% of the total. For the current year, the total is 33,382 units or almost 40% of the entire volume sold since January.
Atty. Rommel Gutierrez, CAMPI President, explains, “This continuing increase in passenger car sales is an indication that the country has entered the motorization stage. This is also consistent with economists’ projection that consumer spending growth will remain strong as per capita income hopefully reaches $3,000 in 2015.”
Despite the year-on-year growth, April sales actually declined by 10% across all product segments compared to the sale of 23,557 units in March. As further explained by Atty. Gutierrez, this slight dip is due to the shorter number of working days in April as well as general seasonality. The industry remains confident that sales will pick up in the coming months.
Leading the performers is Toyota Motors Philippines Corporation with 44.3 percent market share, followed by Mitsubishi Motors Philippines with 19.2 percent. Ford Group Philippines is at third with 8.2 percent share, while Isuzu Philippines Corporation is at fourth with 7.6 percent. Rounding up the fifth spot is Honda Cars Philippines with 6.3 percent.