The automotive industry posted full recovery in 2023 and is poised for another record-breaking year.
A joint report of the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association showed sales reached 429,807 units in 2023, beating the target for the year of 423,000 units by 1.6 percent.
Sales also surpassed pre-pandemic volume in 2019 of 369,941 units.
“2023 was a very strong year for the industry and we are very excited about 2024. Positive economic outlook, new model introductions and the electrification trend are expected to contribute to a record-breaking sales this year,” said Rommel Gutierrez, Campi president.
Commercial vehicles (CV) accounted for 76 percent of total sales at 320,543 units and an increase of 20 percent from 266,699 units in 2022.
Passenger cars accounted for 24 percent of total sales at 109,264 units, a 27-percent increase from 85,897 units 2022.
Campi attributed the impressive performance of the industry to sustained consumer demand, easier access to credit, and improved supply conditions across all brands.
Last year capped a 5.1 percent in December sales to 39,153 units from 37,259 units the same month in 2022.
Toyota Motor Philippines Corp. remained the market leader with 46.5 percent market share and sold 200,031 units which is is 15 percent higher than the 174,106 units in 2022.
Second biggest seller Mitsubishi Motors Philippines Corp. sold 78,371 units, an increase of 47 percent from 53,211 units in 2022 and a market share of 18.2 percent.
Rounding up the top five are Ford Group Philippines with 7.3 percent share, Nissan Philippines Inc. with 6.3 percent, and Suzuki Philippines Inc. with 4.3 percent.
