MANILA, Philippines —Vehicle sales revved up by 21.9 percent last year to a record high 429,807 units, beating the industry’s revised annual sales target of 423,000 as well as their prepandemic sales level.
In December alone, sales of new vehicles increased by 5.1 percent, marking 12 straight months of growth in 2023.
A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) released on Wednesday showed that 39,153 units were sold in December.
Campi president Rommel R. Gutierrez said that 2023 was a very strong year for the local automotive industry, with the group attributing the growth to sustained consumer demand, easier access to credit, and improved supply conditions across all brands that should spill over to 2024.
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“Positive economic outlook, new model introductions and the electrification trend are expected to contribute to a record-breaking sale this year,” Gutierrez said in a statement.
Annual sales volume reached 352,596 units in 2022, 268,488 units in 2021, 223,793 units in 2020 and 369,941 units in 2019.
Record-breaking
Passenger cars accounted for 25.4 percent of the total sales in 2023, equivalent to 109,264 units sold during the entire year.
Commercial vehicles comprised the remaining 74.58 percent, indicating a sales volume of 320,543.
Campi said that light commercial vehicles—which include pickup trucks and sports utility vehicles—accounted for 79 percent of the commercial vehicle sales, with 248,148 units of this vehicle segment in 2023.
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The Philippines automotive market was still dominated by Japanese brands, with Toyota Motor Philippines Corp. maintaining a wide market lead with its share of 46.5 percent.
Mitsubishi Motors Philippines Corp. followed with an 18.2-percent market share, Ford Motor Company Phils., Inc. with 7.3 percent, Nissan Philippines, Inc. with 6.3 percent and Suzuki Philippines Inc. with 4.3 percent.