PH Auto Industry Expects Sales Of 500-K Units In 2024

Automotive sales in the Philippines are projected to hit 500,000 units this year, marking the first time the local auto industry could achieve this level, according to the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI).

Sales of commercial vehicles increased by 8.7 percent to 194,812 units, while passenger car sales grew by 17.3 percent to 70,798 units. I Photo: Toyota Motors Philippines Facebook

CAMPI President Rommel Gutierrez said that, together with the Truck Manufacturers Association (TMA), they have set a "conservative target" of 468,300 units in sales this year.

However, the group expects the current momentum in the local market to help the industry exceed this target and reach the 500,000 mark.

He noted that from January to July this year, sales by local vehicle assemblers, which include members of CAMPI and TMA, surged by 10.9 percent to 265,610 units, up from 239,501 units in the same period last year.

This figure does not include sales from the group of vehicle importers and distributors, he added.

Data showed that sales of commercial vehicles increased by 8.7 percent to 194,812 units, while passenger car sales grew by 17.3 percent to 70,798 units.

"This impressive growth is a testament to the confidence and support of our consumers. We are optimistic about surpassing this goal and potentially reaching 500,000 units," Gutierrez stated.

His optimism was echoed by Masando Hashimoto, President of Toyota Motors Philippines, who emphasized the company's positive expectations for growth in the country, driven primarily by strong gross domestic product (GDP) expansion and increasing per capita GDP.

"If we view the total market for regional momentum, among ASEAN countries, only the Philippines is showing clear year-on-year growth compared to last year," Hashimoto remarked.

"We are quite optimistic about future growth, and for the next two or three years, we see a bright future in terms of volume and demand momentum," he added.