2024 may be the best year for the local automotive market–so far.
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) revealed that the industry performance in 2024, with total year-to-date (YTD) sales reached 467, 252 units by the end of the year in December.
This marks an 8.7-percent increase compared to the same period in 2023. This growth is reflected in the market share distribution, where passenger cars accounted for 25.85 percent of the market with 120, 770 units sold, a 10.5-percent growth from the previous year.
Commercial vehicles, which dominate the market with a 74.15-percent share, also saw an 8.1-percent increase in sales, totaling 346,482 units.
In December 2024 alone, the industry recorded 42,044 units sold, a 2.8-percent month-over-month (MoM).
According to CAMPI president Rommel Gutierrez the positive results in December reflect the continued strength of the industry, with strong growth in both passenger cars and key commercial vehicle segments.
“We’ve–so far–reached an all-time record sales high for the local automotive industry,” he shared.
“The overall market remains on track to sustain growth into 2025.”
Top car companies in 2024 by the numbers
Toyota Motor Philippines Corporation keeps its crown as the dominant market player with 46.66-percent share or 218,019 units sold. The giant carmaker is followed by Mitsubishi Motors Philippines Corporation in second with 89,124 units sold (19.07%); Ford Group Philippines in third with 27,997 units (5.99%); Nissan Philippines, Inc., fourth, with 26,774 units (5.73%) and Suzuki Philippines, Inc., fifth, with 20,371 units or 4.36-percent share.
The rest in the top 10 include (by order): Isuzu Philippines Corp. ( 17,641 units); Honda Cars Philippines Inc. ( 15,518 units); Hyundai Motor Philippines, Inc.( 12,023 units); Saic Motors Philippines Inc. [MG] ( 9,016 units) and KP Motors Corp. (6,692 units).
Local automotive sales per year since 2016
The 2024 total car sales of 467,252 units were an unprecedented all-time high for the Philippine automotive industry, beating the previous record in 2023 of 429, 807 units.
To get a better perspective, here is the list of total vehicle sales for the past several years: 2016 – 359,572 units; 2017- 425,673 units; 2018 – 357,410 units; 2019 – 369,941 units; 2020 – 223,793 units; 2021 – 268,488 units and 2022 – 352,596 units.
