The Philippine automotive industry exhibited significant growth in 2022, with 352,596 units sold which is good for a 31.3% year-on-year increase. This year, the landscape appears to be the same so far.
Back in January, the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and Truck Manufacturers Association (TMA) recorded 29,499 vehicles sold. For February, Philippine car sales ballooned further to 30,905—this is also a 27.2% increase from the 24,304 units sold in the same month last year.
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So far, 60,404 vehicles have been sold in the Philippines. Still at the top of the pack is Toyota Motor Philippines (TMP), with YTD sales already at 28,299. Mitsubishi Motors Philippines (MMPC) follows in second with 10,656, Ford Philippines in third with 4,171, Nissan Philippines (NPI) in fourth with 3,535, and Suzuki Philippines (SPH) in fifth with 2,939.
“Members of CAMPI and TMA remain optimistic that it will further grow by 10% to 15%, heading towards the 395,000-unit sales mark this 2023 from the actual sales of 352,596 units recorded last year,” said CAMPI president Atty. Rommel Gutierrez. “Favorable various economic indicators are prevailing, leading to improving the overall outlook of the economy alongside increasing consumer demand for new motor vehicles.”
