Philippine Automotive Market Booms in 2024 with Over 467,000 Vehicle Sales

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Philippine Automotive Market Booms in 2024 with Over 467,000 Vehicle Sales
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The Philippine automotive industry witnessed a remarkable surge in sales during 2024, with over 467,000 vehicles sold, marking an 8.7% increase compared to the previous year. This growth was driven by strong demand in both passenger car and commercial vehicle segments, indicating a positive outlook for the industry in 2025.

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The Philippine automotive market experienced robust growth in 2024, with sales exceeding 467,000 units, reflecting an 8.7% surge compared to the previous year. According to a joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA), released on Tuesday, a total of 467,252 vehicles were sold in 2024, up from 429,807 units in 2023.Commercial vehicles dominated the market, accounting for 74.

15% with 346,482 units sold, while passenger cars represented 25.85% with 120,770 units sold. December 2024 witnessed a 2.8% increase in sales compared to November, reaching 42,044 units, and a 7.4% jump from December 2023. This positive trend indicates the sustained strength of the automotive industry, driven by strong demand in both passenger car and key commercial vehicle segments. Rommel Gutierrez, president of CAMPI, expressed optimism in a statement, stating that the market is poised for continued growth into 2025. Sales figures for specific vehicle categories revealed strong performance in Asian utility vehicles (AUVs) with 6,829 units sold, light commercial vehicles at 24,099 units, and light-duty trucks and buses at 616 units. Toyota Motor Philippines Corp. maintained its leading market share with 46.66%, followed by Mitsubishi Motors Philippines Corp. at 19.07%, Ford Group Philippines at 5.99%, Nissan Philippines Inc. at 5.73%, and Suzuki Philippines Inc. at 4.36%. Earlier projections by CAMPI anticipated a 9% growth in sales to 468,000 units in 2024, with the possibility of reaching 500,000 units given the successful hosting of the Philippine International Motor Show (PIMS) in October

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