The past year was a big one for the Philippine automotive industry. Numbers from the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and Truck Manufacturers Association (TMA) showed that we saw huge growth across the board in 2023.
This coming year, however, might be an even bigger one. According to the latest CAMPI-TMA report, there were 34,060 vehicles sold in January. While it was a slight dip from December’s total, that was good for a 15.5% increase from the same month last year (29,499 units sold in January 2023).
OTHER STORIES YOU MIGHT HAVE MISSED:
foodpanda CEO Dan Marogy on his life in PH and how he rediscovered his love for riding
Here’s how eating Shakey’s pizza and Peri-Peri chicken can help you win a BMW X-vehicle
CAMPI is as optimistic as the numbers show, as it projects a total of 468,300 vehicle sales by the end of 2024, which will have shown a 9% year-on-year growth. The scheduled Philippine International Motor Show (PIMS) this year is also expected to boost that number.
Breaking down January’s total, Toyota Motor Philippines continues to lead the industry with a 47.2% market share, moving a total of 16,093 units last month. The rest of the top five (and more, actually) remain intact, with Mitsubishi Motors Philippines at second, Ford Philippines at third, Nissan Philippines at fourth, and Suzuki Philippines at fifth.
“We are starting of 2024 with positive business and consumer confidence outlook,” said CAMPI president Atty. Rommel Gutierrez. “We see new model introductions and the expansion of electrified vehicle line-up especially in the hybrid electric vehicle segment, and more brands coming into the market.”
