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November 15, 2019

Philippine vehicle market continued to expand in October

The Philippine new vehicle market continued to expand in October 2019, by 3.8% year-on-year to 34,397 units from 33,150 units in the same month of last year, according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA).

By bcusack

The Philippine new vehicle market continued to expand in October 2019, by 3.8% year-on-year to 34,397 units from 33,150 units in the same month of last year, according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA).

The data do not include non-affiliated brands such as Hyundai, Chevrolet and Subaru, which together accounted for around 12% of the total market last year.Commercial vehicle sales increased by 2.6% to 24,314 units last month, while passenger car sales were up by 6.8% at 10,083 units. 

The vehicle market this year has been slowly recovering from last year's sharp decline after the government introduced broad-based excise tax increases in January. CAMPI data shows vehicle sales fell by just over 16% to 357,410 units last year from 425,673 units in 2017.

In the first ten months of 2019 the market expanded by 2.5% to 301,761 units from 294,311 units in the same period of last year, with passenger car sales just under 1.0% lower at 90,400 units while commercial vehicle sales increased by 3.8% to 211,361 units.

Toyota sales rose by almost 5% to 130,520 sales in the ten-month period to claim a 43.3% market share; followed by Mitsubishi Motors with 51,515 units (17.1% market share); and Nissan with 36,677 units (12.2%).

CAMPI president Rommel Gutierrez said "this is an indication of continuous market demand for vehicles and a clear upward trend for the industry as it begins the fourth quarter of 2019".

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