Philippine vehicle sales surged 11.8% in June; Toyota (still) leads market

Vehicle sales in the Philippines experienced a significant boost as of the end of June 2024, rising by 11.8% compared to the first six months of last year, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association.

The industry recorded total year-to-date sales of 226,279 units, up from 202,415 units at the end of June 2023.

Despite a month-on-month decline of 2.9% the overall market trend remains positive.

CAMPI president Rommel Gutierrez

Sales on a month-on-month basis were slightly slower due to decreased consumer demand, delays in vehicle arrivals, and supply limitations for popular models.

“The decline in consumer demand, as well as delays in the arrival of vehicle units and supply limitation for fast-moving variants all contributed to this decline,” CAMPI president Rommel Gutierrez said.

Commercial vehicles continue to dominate, with sales reaching 166,404 units, accounting for 74% of the total market. Passenger cars contributed 59,875 units, making up the remaining 26%.

Toyota Motor Philippines Corporation maintained its leadership with a commanding 46.12% market share. Mitsubishi Motors Philippines Corporation followed with 18.83%, while Ford Group Philippines, Nissan Philippines, and Suzuki Philippines held 6.39%, 6.16%, and 4.26% market shares, respectively.

The surge in vehicle sales underscores the resilience of the Philippine automotive market, with strong demand for commercial vehicles and Toyota’s sustained market dominance driving growth.

Article updated to clarify year-to-date sales figures.