PH vehicle sales growth sped up to 5.5% in May

Vehicle sales in the country continued its growth momentum in May, accelerating by 5.5 percent on a yearly basis with commercial vehicles—which include pickups, trucks and buses—accounting for much of the volume.

Data released on Tuesday by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) showed that 40,271 new units were sold by local dealers during the month.

This is higher than the 38,177 units sold during the same month last year.

“Improvements in the supply and good consumer demand, coupled with increase in automotive financial scheme and extensive sales activities, helped (boost) sales on a (month-on-month) basis,” CAMPI president Rommel R. Gutierrez said, referring to the 7.9-percent growth compared to April figures.

The May posting brought the overall sales from January to May to 187,191 units, up 12.7 percent from the 166,104 units sold in the comparable period in 2023.

The automotive industry group had earlier set a conservative goal of selling 468,300 units this year.

Vehicle sales volume in the Philippines reached 429,807 units in 2023, 352,596 units in 2022, 268,488 units in 2021, 223,793 units in 2020, and 369,941 units in 2019.

Commercial vehicles continue to drive the local industry’ performance, according to the CAMPI’s records, with 29,304 units of this vehicle segment – or 73 percent – sold in May.

Passenger vehicles made up the remaining 27 percent, which is equivalent to 10,967 units.

In terms of brand, Japanese-made vehicles continued to dominate most of the Philippine market.

Toyota Motor Philippines Corporation continues to have a wide lead with a market share of 46.38 percent in May.

Mitsubishi Motors Philippines Corporation with its 18.7 percent share, Ford Group Philippines with 6.34 percent, Nissan Philippines, Inc. with its 5.42 percent, and Suzuki Philippines, Inc. with 4.61 percent.