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Sunday, January 19, 2025
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Sunday, January 19, 2025

Vehicle sales rose 8.7% in 2024,but missed half a million target

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The Philippine automotive industry concluded 2024 with an 8.7-percent year-on-year growth in sales to 467,252 in 2024 from 429,807 units sold in 2023.

The industry, however, missed its target sales of 500,000 units for the year.

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Data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed that passenger car sales went up by 10.5 percent to 120,770 in 2024 from 109,264 units in 2023.

PC sales represented about 25.85 percent of the total industry in 2024. Commercial vehicle (CV) sales accounted for 74.15 percent of the total.

CV sales rose 8.1 percent in 2024 to 346,482 from 320,543 units in 2023. Key growth drivers within the CV segment included Asian utility vehicles (AUVs), which surged 33.7 percent and light commercial vehicles (LCVs), which posted a modest 2.1-percent growth.

Heavy-duty trucks and buses showed a sharp decline, dropping 27.3 percent from the previous year.

Toyota Motor Philippines (TMP) continued to dominate the industry, capturing 46.66 percent of the market share with 218,019 units sold, up by 9 percent from 2023’s 200,031.

Mitsubishi Motors Philippines followed with 19.07-percent market share and total sales of 89,124, up by 13.7 percent from 78,371 units in 2023.

Completing the top five were Ford Motor Company Philippines Inc., with a 5.99 percent share, despite a 10.6-percent year-on-year decline; Nissan Philippines Inc., with 5.73 percent; and Suzuki Philippines Inc., with 4.36 percent.

CAMPI and TMA expressed concern that challenges such as inflation, rising fuel costs and potential supply chain disruptions could impact growth prospects for 2025.

Industry leaders anticipate continued momentum as manufacturers focus on expanding product offerings and enhancing customer service to cater to evolving consumer preferences.

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