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PH vehicle sales expected to rise 15% in 2023

PH vehicle sales expected to rise 15% in 2023


By Alden M. Monzon

The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) said they see vehicle sales in the country growing by 10 percent to 15 percent in 2023, reflecting confidence from the local automotive sector as the problems caused by the pandemic continue to wane.

CAMPI president Rommel Gutierrez told reporters late Wednesday night that they are optimistic that growth will continue this year based on the 31 percent growth rate in 2022 and the 42.1 percent seen last month.

“We have seen the trajectory of sales growing last year. In fact, January was a really good indicator of what is to come this year,” Gutierrez said, adding that the industry group sees the market hitting prepandemic sales levels this year.

In 2022, vehicle sales in the Philippines reached 352,596 units, equivalent to a 31.3 percent year-on-year growth.

In contrast, the sales volume in 2019 — the year before the outbreak of the coronavirus pandemic — stood at 369,941 units.

“It’s really a small gap and we are confident that we will more than hit the 2019 level this year,” the CAMPI chief said further.

Asked if they see pent-up demand continuing to drive growth this year, Gutierrez responded in the affirmative and cited other drivers as well.

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“I am sure, yes. The supply continues to improve and in fact, we have many models coming this year. So, that will really boost the sales,” he said, but declined to give further details on the new models they are planning to introduce in the Philippine market this year.

Sought for comment on what challenges the local automotive sector will face in 2023, the CAMPI official said that some vehicle models sourced from Japan are still affected by the shortage of microchips.

The local automotive industry January sales performance started strong this year, marking a 42.1 percent surge, with 29,499 vehicle units sold last month.

The January sales figure is significantly higher than the 20,765 units sold in the same month in 2022.