Automotive vehicle sales growth for the full year of 2016 further accelerated to 24.6 percent, faster than the 22.9 percent expansion in 2015.
The joint report of Chamber of Automotive Manufacturers of the Philippines, Inc (CAMPI) and Truck Manufacturers Association (TMA) released on Tuesday showed that the two industry organizations had a total sales of 359,572 units from January to December last year.
Total sales in 2016 were higher by 70,963 units from 288,609 units sold in 2015.
Sales of CAMPI and TMA have been growing by double-digit for five consecutive years since 2012.
CAMPI and TMA sales in 2012 grew by 11 percent, while recording 16 percent and 30 percent growth in 2013 and 2014, respectively.
Moreover, both sales in segments of commercial vehicles and passenger cars were robust in 2016.
The growth was led by commercial vehicle segment with sales increasing by 31.4 percent to 226,284 units in 2016 from 172,228 units in 2015.
Sales of light commercial vehicle (LCV) and Asian utility vehicle (AUV) both increased by 30 percent to 145,863 units and 66,380 units, respectively.
Sales of light trucks jumped 70 percent to 8,614 units, while trucks and buses category IV rose 46 percent to 3,489 units and category V climbed 64 percent to 2,038 units last year.
Passenger car sales for January to December 2016 period went up by 14.4 percent to 133,188 units from 116,381 units in the same period in 2015.
"We are very glad that we were able to surpass the target this year. Successful introductions of new models complemented by various events and promotions enabled us to meet the increasing customers' demands in an expanding Philippine market," said CAMPI President Rommel Gutierrez.
The Philippine automotive industry targeted to sell 370,000 units at end-2016.
The other industry organization, Association of Vehicle Importers and Distributors (AVID) has yet to release aggregate sales of its group.
Latest available data from AVID showed that its January to September 2016 sales reached 68,746 units.
Hence, with the available figures from CAMPI, TMA, and AVID, the local automotive industry has exceeded its target for last year.
Meanwhile, CAMPI and TMA sales for December 2016 alone increased by 27.8 percent to 34,104 units from 26,679 units in the same month in 2015.
Toyota remained the top vehicle brand in the country in 2016 with market share of 44 percent, which expanded from 43 percent market share in 2015.
Mitsubishi followed Toyota with market share last year at 17 percent; Ford, with 9.0 percent market share; Isuzu, with 8.0 percent market share; and Honda, with 6.0 percent market share.
Source: Philippines News Agency