Despite a meager sales growth in December, the Philippine motor vehicle industry expanded by an encouraging 8.7% increase in the entire 2024 with sales reaching 467,252 units compared to 429,807 units in 2023, indicative of a potential building up of a growth momentum in 2025.
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed the industry’s performance posting a commendable growth despite domestic economic challenges in 2024. Both groups have combined 31 company members.
This growth is reflected in the market share distribution, where passenger cars accounted for 25.85% of the market with 120,770 units sold, an 10.5% rise from the previous year’s 109,264 units sold. Commercial vehicles, which dominate the market with a 74.15% share, also saw an 8.1% increase in sales, total 346,482 units from 320,543 units in 2023.
In December 2024 alone, the industry recorded 42,044 units sold, a mere 2.8% month-over-month month on month.
CAMPI President Rommel Gutierrez said that albeit its very modest growth, the December performance reflected the continued strength of the industry, with strong growth in both passenger cars and key commercial vehicle segments. The overall market remains on track to sustain growth into 2025.
Toyota Motor Philippines Corporation remained as a dominant market player with 46.66% share with sales hitting 218,019 units, followed by Mitsubishi Motors Philippines Corporation with 19.07% share or 89,124 units sold.
American car company Ford Group Philippines joined the top three with a market share of 5.99% having sold 27,997 units.
Nissan Philippines, Inc. finished fourth with 5.73% share, and Suzuki Philippines, Inc. with 4.36% share.
