Vehicle sales in the Philippines grew 21.9 percent to 429,807 units in 2023, surpassing industry projections and fueling optimism for a record-breaking 2024.
The Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA) said in a joint report the 2023 sales went up from 352,596 units sold in 2022. It also exceeded the revised full-year projection of 423,000 units.
The two groups said they were looking forward to 2024 with renewed hope for better industry performance.
“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 record-breaking sales this year,” said CAMPI president Rommel Gutierrez.
Based on the report, passenger cars (PC) accounted for 24 percent of total sales at 109,264 units last year, while commercial vehicles (CV) represented 76 percent or 320,543 units.
Light commercial vehicles, including pickup and sports utility vehicles, accounted for 79 percent of CV sales at 248,148 units.
CAMPI attributed the impressive performance to sustained consumer demand, easier access to credit and improved supply conditions across all brands.
Data showed that end-of year deals pushed December sales to 39,153 units, or 5.1 percent higher in the same month in 2022 and 3.9 percent from 37,683 units in November 2023.
Passenger car sales in December increased 11.4 percent to 9,599 from 9,569 units a year earlier, while commercial vehicle deliveries were up by 3.2 percent to 29,554 from 28,645 units.
The two groups said that on a month-on-month basis, passenger car sales in December grew slightly by 0.31 percent from November sales of 9,569 units. Commercial vehicles sales also improved by 5.1 percent from November’s 28,114 units.
Toyota Motor Philippines Corp. remained the market leader with 46.5-percent market share, followed by Mitsubishi Motors Philippines Corp. with 18.2 percent, Ford Group Philippines with 7.3 percent, Nissan Philippines Inc. with 6.3 percent and Suzuki Philippines Inc. with 4.3 percent.