The Philippine automotive industry reported an 8.9-percent increase in vehicle sales from January to October 2024, totaling 384,310 units from 352,971 sold in the same period last year.
The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) said in a joint report sales also rose 1.2 percent month-on-month in October, reflecting a steady demand.
CAMPI president Rommel Gutierrez attributed the growth to “good sales and good stock availability, neutralizing the effect of Typhoon Kristine on dealer operations nationwide last month.”
Commercial vehicles (CVs) continued to drive industry growth, accounting for 283,501 units, or 74 percent of total vehicle sales, while passenger cars contributed 100,809 units, making up 26 percent of the market.
Data showed that within the CV segment, the Asian utility vehicle (AUV) category posted the largest year-to-date (YTD) growth at 36.9 percent, selling 67,099 units compared to 49,025 units last year.
Light commercial vehicles (LCVs) saw a 1.3-percent increase in sales, strengthening its leading position within the segment with 207,198 units sold.
Medium-duty trucks and buses grew 7.8 percent, reaching 3,376 units. The mixed performance reflects both evolving demand dynamics and the resilience of key segments in the industry.
The two industry groups said that on a monthly basis, October sales showed a modest rise, with a 4.9 percent year-on-year growth from October 2023.
CAMPI attributed the stability to the industry’s adaptability to challenges, as automotive brands work to meet consumer demand while navigating supply and operational pressures.
Toyota Motor Philippines Corp. remained the market leader, achieving a 10-percent YTD growth with 178,421 units sold, capturing a dominant 46.43 percent market share.
Mitsubishi Motors Philippines Corp. registered a 12.6-percent sales increase, reaching 73,376 units and securing a 19.09 percent share. Ford Group Philippines, Nissan Philippines Inc., and Suzuki Philippines Inc. round out the top five brands with market shares of 6.12 percent, 5.80 percent and 4.36 percent, respectively.
