Vehicle sales jumped 23 percent in 2015 to reach a record 288,609 units from 234,747 units sold in 2014 amid strong demand, two industry groups said Tuesday.
The Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association said in a joint report the 2015 sales also surpassed the target of 272,000 units.
“The year 2015 is yet another milestone year. The industry was able to maintain the growth momentum of previous years,” Campi president Rommel Gutierrez said.
The figures excluded the sales performance of industry group Association of Vehicle Importers and Distributors Inc. The whole industry expected total sales in 2015 to reach 310,000.
Gutierrez said with the remarkable performance in 2015, the industry was aiming for another 21-percent growth in 2016, which would bring total sales to over 350,000.
“The growth drivers this year would be the country’s strong economy that could be translated to robust sales, sustained overseas Filipino remittances, coupled with the approaching national elections that could boost spending,” he said.
Data showed that Campi and TMA members sold 116,381 passenger cars or sedans in 2015, up by 29 percent from 90,287 units sold in 2014.
Sales of commercial vehicles also grew 19 percent to 172,228 from 144,460 units a year ago. Commercial vehicles accounted for 60 percent of total sales, while passenger cars represented the remaining 40 percent.
Among commercial vehicles, orders for Asian utility vehicles increased by 15 percent to 50,977 from 44,196; light commercial vehicles by 20 percent to 112,545 from 93,589; and light trucks by 26 percent to 5,066 from 4,029 units.
Sales of trucks and buses (category four) also rose 12 percent to 2,394 from 2,137 units a year ago.
Gutierrez said in December alone, vehicle sales increased 25.1 percent to 26,679 units from 21,320 units in the same month in 2014.
“As a usual trend for 2015, most categories performed well. Passenger cars increased to 10,461 units, an increase of 33.3 percent from 7,850 units sold last December 2014. This category finished off with a strong record of 116,381 units, a growth of 28.9 percent from 2014’s 90,287 units sold,” Gutierrez said.
He said passenger sales grew as new car models were introduced and financing strategies were intensified throughout the year.
Commercial vehicles increased 20.4 percent in December to 16,218 units from 13,470 a year earlier.
Toyota Motor Philippines Corp. sustained its position as the country’s top seller with a 43.32-percent market share in December, followed by Mitsubishi Motors Philippines with 18.74 percent and Ford Motor Co. with 8.79 percent.