By el Amigo
MANILA — This explains why traffic in Metro Manila is so bad.
The bustling streets of Manila find an explanation in the remarkable surge of local vehicle sales, as the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) announced that 2023 sales reached an impressive 429,807 units, surpassing the targeted 423,000 units for the year.
In their joint report, CAMPI and TMA disclosed a robust 21.9 percent growth in vehicle sales in 2023 compared to the previous year, totaling 352,596 units in 2022. Both passenger car and commercial vehicle segments experienced over a 20 percent increase for the full year.
Passenger car sales soared to 109,264 units in 2023, marking a substantial 27.2 percent increase from the 85,897 units sold in 2022. Meanwhile, commercial vehicle sales grew by 20.2 percent, reaching 320,543 units in 2023 from 266,699 vehicles in the previous year.
CAMPI president Rommel Gutierrez expressed enthusiasm about the industry’s performance, stating, “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 record-breaking sales this year.”
For December 2023 alone, local vehicle sales saw a 5.1 percent increase, reaching 39,153 units compared to the 37,259 units sold in the preceding 12 months.
Leading the Philippine automotive market in 2023 was Toyota, securing a substantial 46.5 percent market share, followed by Mitsubishi at 18.2 percent, Ford at 7.3 percent, Nissan at 6.3 percent, and Suzuki at 4.3 percent.
The industry’s surpassing of the 2023 target and the positive outlook for 2024 highlight the resilience and growth potential of the Philippine automotive sector in the face of evolving market dynamics.
(MNM)
