The hunger for new automobiles in our market seems far from sated. According to the latest numbers from the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA) that covers the first half of 2023, sales grew from 154,874 units from the first half of 2022 to 202,415 units year to date. This means 47,541 more vehicles were sold in the same period, an amazing increase of 30.7%.
Leading the charge is Toyota Motor Philippines, which holds 46% of the market with 93,575 units sold this year. A solid second place is Mitsubishi Motors Philippines with 37,001 units sold (18% share). Third and fourth are Ford Philippines (13,838 units/6.84% share) and Nissan Philippines (13,196 units/6.52% share), respectively. Honda Cars Philippines rounds out the top five with 8,668 units sold for a 4.28% market share.
Ford’s numbers are notable because it represents a 54% year-on-year growth. It’s safe to say the public loves the new Ranger and Everest. Honda is also enjoying brisk sales of its BR-V model.
For June 2023 CAMPI and TMA recorded sales of 36,311 units, an increase of 27% compared to June 2022.
Commercial vehicles (pickups, SUVs, light trucks) still made up the bulk of sales. About 75% (151,567 units) of all new vehicles sold were commercial vehicles. Just a quarter of all vehicles sales (50,848 units) were passenger cars.
“The CAMPI-TMA sales of 202,415 units recorded year-to-date, equivalent to 30.7% increase from the same period a year ago, sends a strong signal of sustained optimism for the industry as we welcome the second half of the year. Maintaining this level of growth on a monthly basis, the industry has indeed high hopes of achieving or even exceeding its sales target for this year,” said CAMPI president Atty. Rommel Gutierrez.
Even with these strong sales numbers we hear stories about vehicle supply challenges. This means the market is still not sated and there’s still room for growth.
