PH vehicle sales hit fresh record-high in 2024
467,252 UNITS SOLD, MISSING INDUSTRY TARGET

PH vehicle sales hit fresh record high in 2024

/ 02:14 AM January 15, 2025

PH vehicle sales hit fresh record-high in 2024

Inquirer file photo

MANILA, Philippines — Vehicle sales hit a new record high in 2024, although that was not enough to hit the industry’s growth target for last year.

Vehicle manufacturers sold a total of 467,252 units last year, up at an annualized rate of 8.7 percent, according to industry data released on Tuesday by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association (TMA).

Article continues after this advertisement

Figures showed this was the highest volume of vehicles sold on record, beating the previous peak of 429,807 that was seen in 2023.

FEATURED STORIES

In December alone, auto sales went up by 7.4 percent year-on-year to 42,044 units.

Below target

However, the overall 2024 performance fell below the industry’s expectations. Local vehicle makers had hoped to sell 500,000 units last year and grow sales by 10 to 15 percent.

Article continues after this advertisement

“The overall market remains on track to sustain growth into 2025,” Campi president Rommel Gutierrez said nevertheless.

Article continues after this advertisement

As it is, auto sales are widely used, including by the central bank, as an indicator of economic health.

Article continues after this advertisement

This is because consumer spending historically accounts for about 70 percent of the Philippines’ gross domestic product, and heightened purchases of big-ticket items like vehicles can significantly boost economic growth.

While the record-high sales volume was impressive, the below-target industry performance could be an indication of the “firm but subdued” domestic demand conditions that the Bangko Sentral ng Pilipinas (BSP) had been seeing.

Article continues after this advertisement

The latest central bank survey of households showed consumers were less pessimistic about purchasing big-ticket items in the fourth quarter of 2024. But consumer sentiment on buying motor vehicles and houses and lots stayed “downbeat.”

Dissecting the joint report of Campi and TMA, sales of commercial vehicles, which had a market share of 74.15 percent, had risen by 8.1 percent to 346,482 units in 2024. Passenger cars sold reached 120,770 units, marking a 10.5-percent increase.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Toyota Motor Philippines Corp. remained the dominant market player with a 46.66-percent share, followed by Mitsubishi Motors Philippines Corp. (19.07 percent), Ford Group Philippines (5.99 percent), Nissan Philippines Inc. (5.73 percent) and Suzuki Philippines Inc. (4.36 percent).

—IAN NICOLAS P. CIGARAL
TAGS: sales, Vehicle

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2025 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.