PH auto sales grew 10.3% in first eight months of 2024; Toyota maintains market dominance

The Philippine automotive industry continued its upward trend in 2024, registering a year-to-date growth of 10.3 percent in total vehicle sales, as reported by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA).

The growth underscores the resilience of the sector amid economic headwinds.

As of August 2024, total vehicle sales reached 304,765 units, compared to 276,200 units in the same period of 2023.

The 9.1-percent increase in commercial vehicle sales contributed significantly to this overall performance. Passenger cars also posted a 14-percent increase, highlighting renewed consumer confidence.

CAMPI president Rommel Gutierrez

Data from the industry association showed strong sales for passenger cars and commercial vehicles.

Toyota Motor Philippines Corp. maintained its market leadership, accounting for a substantial 46.15 percent of the market with 140,654 units sold. This represents a 10.9-percent increase from its sales in the previous year, solidifying Toyota’s dominance in the Philippine market. In August alone, Toyota sold 17,924 units, further extending its lead over competitors.

Mitsubishi Motors Philippines Corp. ranked second with an 18.02 percent market share, while Ford Motor Company Philippines Inc. placed third with 6.22 percent of the market.

Nissan and Suzuki rounded out the top five, capturing 5.99 percent and 4.33 percent of the market, respectively.

Sales of commercial vehicles, particularly light commercial vehicles and Asian utility vehicles, saw notable increases, with light commercial vehicle sales growing by 2.9 percent and Asian utility vehicles surging by 36.6 percent year-to-date.

Despite a slight 0.4 percent month-on-month decline in August 2024 sales, the industry remains optimistic about sustained growth, with the upcoming holiday season expected to boost consumer demand further.