New vehicle sales seen to hit 500,000 in 2024

MANILA  —The number of new vehicles sold in a year within the Philippines is projected to hit the half-million mark in 2024, with the local automotive industry believing that favorable economic conditions and the entry of new car models will fuel growth in sales.

Rommel Gutierrez, president of the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi), said that such a milestone was achievable given the growth they have seen last year.

“It’s possible because the volume grew by 21 percent (last year),” Gutierrez told reporters during a chance interview on Tuesday in Taguig City.

READ: Campi: Vehicle sales growth to quicken by 10-15% in ’24

The Campi president added that the 500,000-unit sales mark is not too far off from the 429,807 units that were sold in 2023.

Record sales in 2023

The 2023 sales figure is the highest so far according to Campi data, beating even the industry’s performance in 2017 when they were able to sell a total of 425,673 units.

The annual sales volume—of passenger and commercial vehicles, including trucks—has also been increasing in the years after the debilitating impact of COVID-19, with the industry group’s records showing that they were able to spur growth after the outbreak of the pandemic in 2020.

READ: PH vehicle sales hit record high in 2023

Sales dwindled to 223,793 units in 2020, but then grew to 268,488 units in 2021 and to 352,596 units in 2022.

Prepandemic years put the sales volume at 369,941 units in 2019, 357,410 units in 2018.

Asked what they think will drive the growth this year, Gutierrez mentioned “somewhat tempered” interest rates and the continued strong remittance inflows from overseas Filipino workers.

Additionally, he said that new vehicle models are planned to be introduced into the Philippine market this year, which will further expand the selection for buyers.