The automotive sector sustained its double-digit growth this year, as vehicle sales climbed 27.6 percent in January from a year ago, two industry groups said Wednesday.
The Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association said in a joint report total sales reached 23,808 units in January, up from 18,662 vehicles sold in the same month last year.
“We estimated a lower to stable sales performance for January, since December has just ended. We will continue to offer products to meet the increasing customer demand,” said Campi president Rommel Gutierrez.
Data showed that sales of passenger cars or sedans increased 19.9 percent in January to 8,632 units from 7,200 units a year earlier. Orders for commercial vehicles surged 32 percent to 15,176 units from 11,462 units in 2015.
Among commercial vehicles, category 1 or Asian utility vehicles grew 34.9 percent to 4,780 units in January from 3,542 units a year earlier while category 2 or sports utility vehicles showed a 29.3-percent growth to 9,678 units from 7,483 units.
Sales of light duty trucks and buses (category 3) went up 42.5 percent to 392 units from 275 units. Category 4 or heavy duty trucks and buses sold 53 percent higher, with 156 units.
The group attributed the growth in the sales of trucks and buses to infrastructure developments and other road constructions.
Campi said vehicles sales in 2016 were projected to reach 370,000 units, up from more than 323,000 units in 2015.
Toyota Motors Philippines Corp. remained the dominant player in January with 39.2-percent market share, followed by Mitsubishi Motors Philippines Corp. with 20.4 percent.
Ford Motor Company Philippines Inc. ranked third with 10.3 percent while Isuzu Philippines Corp. had an 8.3-percent market share. Honda Cars Philippines Inc. was fifth with 7.4 percent.