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The Philippine vehicle market grew by 31% in the first seven months of the year

The Philippine vehicle market grew by 31% in the first seven months of the year

 The Philippine vehicle market maintained its strong growth of more than 10% in the first seven months of the year, increasing by 31.1%.

According to the latest data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA), new motor vehicle sales reached 239,501 units from January to July, higher than the 182,687 units in the same period last year.

CAMPI president Rommel Gutierrez said that the auto industry is showing remarkable strength despite the consumer spending slowdown due to the inflation risks.

Gutierrez said that the auto industry is keeping its positive growth trend as sales of new motor vehicles recorded a continuous year-on-year growth for the past 17 consecutive months, since March 2022.

Gutierrez said that the industry hopes to keep this trend for the year. He said that the auto industry is motivated to expand its product and service offerings to the consumers and businesses alike, as seeing this ongoing growing demand for new motor vehicles is a welcome and significant part of growth development.

In July alone, vehicle sales increased by 33.3 percent to 37,086 units.

The monthly sales growth was led by passenger car sales, which increased by 49.8 percent to 9,509 units. Commercial vehicle sales also rose by 28.5 percent in July to 27,577 units. Passenger car sales also drove the sales growth from January to July, rising by 33.1 percent to 60,357 units.

Similarly, commercial vehicle sales increased by 30.4 percent to 179,144 units.

Toyota Motor Philippines Corp. remained the market leader in the first seven months, accounting for a 45.99 percent market share as it sold 110,158 units. Mitsubishi Motors Philippines Corp. ranked second, with an 18.3 percent share as it sold 43,831 units. Ford Motor Co. Phils. Inc. grabbed the third spot, with a 6.94 percent market share, selling 16,611 units.

Nissan Philippines landed in the fourth spot, with a 6.54 percent market share, as it sold 15,674 units. Suzuki Phils. Inc. closed the top five, with a 4.25 percent market share, selling 10,174 units.

For this year, members of CAMPI and TMA are targeting a 10 to 15 percent growth, with sales projected at 395,000 units. In 2022, vehicle sales grew 31.3 percent to 352,596 units.

Gutierrez earlier attributed the optimistic outlook for the year to the pent-up demand for new vehicles and improving supply.

He said earlier that the supply continues to improve, and in fact they have many models coming this year. So that will really boost sales.

He said automotive brands are preparing for this year's full recovery.

 

Akhyari Hananto

I began my career in the banking industry in 1997, and stayed approx 6 years in it. This industry boost his knowledge about the economic condition in Indonesia, both macro and micro, and how to More understand it. My banking career continued in Yogyakarta when I joined in a program funded by the Asian Development Bank (ADB),as the coordinator for a program aimed to help improve the quality of learning and teaching process in private universities in Yogyakarta. When the earthquake stroke Yogyakarta, I chose to join an international NGO working in the area of ?disaster response and management, which allows me to help rebuild the city, as well as other disaster-stricken area in Indonesia. I went on to become the coordinator for emergency response in the Asia Pacific region. Then I was assigned for 1 year in Cambodia, as a country coordinator mostly to deliver developmental programs (water and sanitation, education, livelihood). In 2009, he continued his career as a protocol and HR officer at the U.S. Consulate General in Surabaya, and two years later I joined the Political and Economic Section until now, where i have to deal with extensive range of people and government officials, as well as private and government institution troughout eastern Indonesia. I am the founder and Editor-in-Chief in Good News From Indonesia (GNFI), a growing and influential social media movement, and was selected as one of The Most Influential Netizen 2011 by The Marketeers magazine. I also wrote a book on "Fundamentals of Disaster Management in 2007"?, "Good News From Indonesia : Beragam Prestasi Anak Bangsa di dunia"? which was luanched in August 2013, and "Indonesia Bersyukur"? which is launched in Sept 2013. In 2014, 3 books were released in which i was one of the writer; "Indonesia Pelangi Dunia"?, "Indonesia The Untold Stories"? and "Growing! Meretas Jalan Kejayaan" I give lectures to students in lectures nationwide, sharing on full range of issues, from economy, to diplomacy Less
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