Auto industry sales beats 2023 forecast
January 1, 2024
The joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) shows a 21.9% growth in total sales at 429,807 units. This is well above the revised 2023 sales forecast of 423,000 units announced by CAMPI in August 2023.
Passenger Cars accounted for 24% of total sales at 109,264 units while Commercial Vehicles (CV) accounted for 76% of total sales at 320,543 units. Light commercial vehicles mainly pickup and sports utility vehicles, accounted for 79% of CV sales at 248,148 units. CAMPI attributes this impressive performance to sustained consumer demand, easier access to credit, and improved supply conditions across all brands.
End-of year deals pushed sales in December at 39,153 units, which is 5.1% higher compared to the same period last year. Last month, CAMPI president Rommel Gutierrez already hinted at breaching pre-pandemic sales and full industry recovery in 2023.
“2023 was a very strong year for the industry and we are very excited about 2024. Positive economic outlook, new model introductions and the electrification trend are expected to contribute to a record-breaking sales this year”, Gutierrez said.
Toyota Motor Philippines Corp. remains the market leader in the country with 46.5% market share, followed by Mitsubishi Motors Philippines Corp. with 18.2%, Ford Group Philippines with 7.3%, Nissan Philippines Inc. with 6.3%, and Suzuki Philippines Inc. with 4.3%.
