In December 2023, motor vehicle sales in the Philippines reached a total of 39,153 units, marking a 5.1 percent increase compared to the previous year’s figure of 37,259 units. This positive growth was reported by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) on Wednesday.
Furthermore, December’s sales figure also showed a 3.9 percent increase from the previous month, surpassing the 37,683 units sold in November 2023. These numbers indicate a promising trend for the automotive industry in the Philippines.
Looking at the overall performance in 2023, a total of 429,807 motor vehicles were sold, reflecting a strong market demand throughout the year. This achievement highlights the resilience and competitiveness of the Philippine automotive market.
When it comes to the breakdown of sales by vehicle type, commercial vehicles dominated the market in December, accounting for 75.48 percent of the total sales with 29,554 units sold. This figure represents a 3.2 percent increase compared to the same period last year and a 5.1 percent increase from the previous month’s sales of 28,114 units.
On the other hand, passenger cars held a 24.52 percent market share in December, with 9,599 units sold. This number reflects an 11.4 percent increase compared to the same month in 2022, where 8,614 units were sold. The rise in passenger car sales indicates a growing preference for this vehicle type among consumers in the Philippines.
In terms of new vehicle sales, the industry experienced a significant increase of 21.9 percent, reaching a total of 352,596 units. Commercial vehicles contributed the majority of these sales, with 320,543 units sold, while passenger vehicles accounted for 109,264 units. These figures represent a year-on-year increase of 20.2 percent for commercial vehicles and 27.2 percent for passenger vehicles.
Campi President Rommel Gutierrez expressed confidence that the positive sales trend will continue in 2024, surpassing the achievements of 2023. He cited several factors contributing to this optimism, including a positive economic outlook, the introduction of new vehicle models, and the growing trend of electrification in the automotive industry.
“2023 was a very strong year for the industry, and we are very excited about 2024. We expect these favorable market conditions, coupled with the introduction of new models and the increasing popularity of electric vehicles, to contribute to record-breaking sales this year,” Gutierrez said.
In conclusion, the Philippine automotive industry experienced a notable increase in motor vehicle sales in December 2023, with both commercial vehicles and passenger cars contributing to this growth. The positive sales trend in 2023 sets a promising foundation for the industry’s performance in 2024, driven by various factors such as economic stability, new vehicle models, and the rise of electric vehicles.
Source: The Manila Times
