The Philippine automotive industry is on track for another exceptional year, with total vehicle sales in 2024 projected to come close to, or even surpass, the record of 473,943 units set in 2017. Toyota Motor Philippines (TMP) Chairman Alfred Ty announced that industry-wide sales could reach around 470,000 units, with a strong chance of breaching the previous high.
In 2023, the auto sector exceeded expectations by selling 441,408 units, well above the forecasted 423,000. This data, compiled by CAMPI, TMA, and independent distributors, underscores the continued growth and resilience of the market. For 2024, the momentum is expected to persist, with automakers optimistic about maintaining and even accelerating their growth trajectories.
Toyota, the dominant player in the Philippine auto market, is eyeing a significant sales boost in 2024. The company expects to sell between 215,000 and 218,000 units, up from the 198,188 units sold last year. When combined with sales from Lexus Philippines, TMP exceeded the 200,000-unit mark in 2023, securing 44.9% of the total market share.
To sustain and grow its market leadership, Toyota is focusing on two key strategies: enhancing local production and expanding job opportunities. A major highlight of its 2024 strategy is the upcoming launch of the all-new Tamaraw, with customer deliveries set to begin in January 2025. TMP anticipates strong demand for this next-generation vehicle, which is expected to appeal to both utility and personal-use buyers.
Toyota is also capitalizing on the growing popularity of electrified vehicles in the Philippines. By expanding its hybrid and electric offerings, the automaker is setting the stage to meet the evolving preferences of environmentally conscious consumers. This not only aligns with its sustainability goals but also strengthens its position as a market leader.
