Manila: Philippine automotive vehicle assemblers achieved record-high sales of 467,252 units in 2024, marking an increase of 8.7 percent from the 429,807 units sold in 2023.
According to Philippines News Agency, this data was released in a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA).
The passenger car segment significantly contributed to the overall vehicle sales, with a growth of 10.5 percent, reaching 120,770 units from 109,264 units in 2023. Sales of commercial vehicles also experienced an increase of 8.5 percent year-on-year, rising from 320,543 units to 346,482 units. Commercial vehicles accounted for 74 percent of the total sales, while passenger cars made up the remaining 26 percent.
Despite these achievements, the industry group did not meet its target sales range of 468,300 to 500,000 units for 2024. CAMPI president Rommel Gutierrez mentioned in a statement that the overall market is expected to continue its growth trajectory this year.
In December 2024 alone, vehicle sales reached 42,044 units, reflecting a 2.8 percent increase from the previous month and a 7.4 percent increase from the same month in the previous year. Notably, commercial vehicles showed faster sales growth during this period.
The top vehicle brands in the Philippines for 2024 included Toyota, which held a 46.7 percent market share, followed by Mitsubishi at 19.1 percent, Ford at 6 percent, Nissan at 5.7 percent, and Suzuki at 4.4 percent.
