VEHICLE SALES within the Philippines jumped by 8.5% yr on yr in November, mainly driven by demand for industrial vehicles, an industry report.
In a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed vehicle sales rose to 40,898 units in November from 37,683 units in the identical month in 2023.
Month on month, vehicle sales inched up by 2.2% from the 40,003 units sold in October.
Sales of business vehicles, which made up 76% of the industry’s total sales, jumped by 10.5% to 31,062 units in November from 28,114 units a yr ago.
Month on month, sales of business vehicles grew by 3.7% from 29,959 units in October.
Broken down, light industrial vehicle sales rose by 3.2% yr on yr to 22,115 units, while sales of Asian utility vehicles (AUV) jumped by 40.7% to 7,890 units and sales of light-duty trucks and buses grew by 2.5% to 665 units.
Nonetheless, sales of medium-duty trucks and buses dropped by 4.8% to 318 units, while those of heavy trucks declined by 22.1% to 74 units.
Alternatively, sales of passenger cars, which accounted for a fourth of the industry’s total, rose by 2.8% to 9,836 units in November from 9,569 units a yr ago.
Month on month, passenger automotive sales slipped by 2.07% from 10,044 units sold in October.
In the primary 11 months of the yr, vehicle sales increased by 8.8% to 425,208 units from 390,654 units in the identical period in 2023.
“This growth is reflected available in the market share distribution, where passenger cars accounted for 26.02% of the market with 110,645 units sold, an 11% rise from the previous yr,” CAMPI-TMA said in a press release.
Sales of business vehicles went up by 8.1% to 314,563 units within the January-to-November period from 290,989 units in the identical period in 2023, mainly driven by AUV sales.
CAMPI-TMA noted the AUV segment “exhibited remarkable growth” with year-to-date sales of 74,989 units as of end-November, up 37.3% yr on yr.
Light industrial vehicles, classified under Category II, rose by 1.4% to 229,313 units within the 11-month period.
Sales of industrial quality trucks and buses plunged by 33.5% to 638 units as of end-November.
Rizal Business Banking Corp. Chief Economist Michael L. Ricafort said the annual increase in vehicle sales in November was a great indicator of the Philippine economy’s growth.
“Local vehicle sales and production growth rates (have) sustained above GDP (gross domestic product) growth rate, as seen in recent months… (These) are good signals on the further growth and recovery of the Philippine economy,” Mr. Ricafort said in a Viber message.
“The dearth of mass transport system in most parts of the country also increased the necessity for more Filipinos to buy vehicles, with more brands and models to select from amid increased competition from Asian or global automakers,” he added.
Within the January-to-November period, Toyota Motor Philippines Corp. remained the market leader with 46.51% share. Toyota sales jumped by 9.6% to 197,756 units as of end-November from 180,480 units a yr ago.
Mitsubishi Motors Philippines Corp. ranked second with a market share of 19.14%. Sales of Mitsubishi vehicles rose by 13.3% for the primary 11 months to 81,401 units from 71,833 units.
Ford Motor Co. Phils., Inc. ranked third despite a 9.9% decline in sales to 25,770 units as of end-November from 28,586 a yr ago. Ford’s sales accounted for six.06% of the industry.
Rounding out the highest five were Nissan Philippines, Inc., whose sales edged lower by 0.9% to 24,516, while Suzuki Phils., Inc. posted an 11% rise in sales to 18,515 units. Nissan had a market share of 5.77%, while Suzuki accounted for 4.35% of the market.
CAMPI-TMA data also showed 16 out of 31 firms saw a decline in sales as of end-November.
CAMPI had earlier set a goal of 500,000 units sold for 2024, if realized this is able to be 16.3% higher than last yr’s 429,807 units sold and the vehicle industry’s highest sales to this point. — A.H.Halili