Vehicle sales in the Philippines surged by 42.1 percent in January, marking a solid start for the local automotive industry this year, following a strong finish in 2022 when sales grew by more than a third.
According to a joint report released on Monday by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association, sales of local vehicles reached 29,499 units last month.
This is significantly higher than the 20,765 units sold in the same month in 2022.
Rommel Gutierrez, president of Campi, said the double-digit sales growth recorded during the first month of this year was encouraging for the local automotive industry.
“The auto industry is optimistic of its continued expansion from the demand side standpoint driven by the growing domestic consumer market,” Gutierrez said.
Challenges
“On the other hand, the supply-side challenges are also an important factor that the industry is mindful of, as this may hamper the industry growth,” he added.
In 2022, vehicle sales in the Philippines reached a high of 352,596 vehicle units, equivalent to a 31.3-percent year-on-year increase.
The year marked its highest annual sales figure since 2019, the year before the outbreak of the COVID-19 pandemic, when the yearly sales figure was at 369,941 units.
2022 also saw vehicle sales expanding during the last 10 months of that year, making the January 2023 performance its 11th consecutive month of growth.
Japanese brands
In 2021, local automobile companies sold 268,488 units, while 2020 saw sales tumble to 223,793 units.
In terms of brands, Japanese brands still dominated the Philippine market in sales volume.
Toyota Motor Philippines Corp. retained the top spot, garnering a market share of 45.52 percent, with 13,428 units sold in January.
This was followed by Mitsubishi Motors Philippines Corp. with a 17.05-percent market share (5,030 units); Ford Motor Company Phils. Inc. with 7.14 percent (2,107 units); Nissan Philippines Inc. with 6.37 percent (1,878 units); and Suzuki Phils. Inc. with 5.56 percent (1,639 units). INQ