The Philippine vehicle market maintained strong growth of over 10% in the primary seven months of the yr, expanding by 31.1%.
According to the most recent data from the Chamber of Automobile Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA), recent motorized vehicle sales reached 239,501 units from January to July, up from 182,687 units in the identical period last yr. yr.
CAMPI President Rommel Gutierrez said the automotive industry was showing extraordinary strength despite a slowdown in consumer spending as a result of inflation risks.
Gutierrez said the auto industry continues its positive growth trend as recent motorized vehicle sales have seen continuous year-over-year growth for the past 17 consecutive months starting in March 2022.
Gutierrez said the industry hopes to proceed that trend this yr. He said the automotive industry is motivated to expand its product and repair offerings to each consumers and businesses as seeing continued increasing demand for brand new motorized vehicles is a welcome and significant development.
In July alone, vehicle sales increased by 33.3 percent to 37,086 units.
The monthly sales increase was driven by sales of passenger cars, which increased by 49.8%. as much as 9,509 pieces. Commercial vehicle sales also rose 28.5 percent to 27,577 units in July. Passenger automobile sales also contributed to sales growth within the January-July period, rising 33.1% to 60,357 units.
Similarly, industrial vehicle sales increased by 30.4 percent to 179,144 units.
Toyota Motor Philippines Corp. remained the market leader for the primary seven months, achieving 45.99% market share, selling 110,158 units. Mitsubishi Motors Philippines Corp. took second place. with a share of 18.3% with sales of 43,831 units. Ford Motor Co. Phils. Inc. took third place with 6.94% market share and sold 16,611 units.
Nissan Philippines got here in fourth place with 6.54% market share and sold 15,674 units. Suzuki Phils. Inc. closed the highest five with 4.25% market share, selling 10,174 units.
For this yr, CAMPI and TMA members plan to grow by 10-15 percent, with expected sales of 395,000 units. In 2022, vehicle sales increased by 31.3% to 352,596 units.
Gutierrez previously attributed the upbeat outlook for this yr to pent-up demand for brand new vehicles and improving supply.
He said earlier that provide continues to enhance and, in reality, there can be multiple models coming this yr. This will really increase your sales.
He said automotive brands are preparing for a full economic recovery this yr.
