Over 467,000 vehicles added to Philippine streets in 2024

Over 467,000 vehicles were added to Philippine streets in 2024 with sales growth expected to be sustained this year, data released by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) on Tuesday showed.

There were 467,252 units sold in 2024 to reflect an 8.7% increase from the 429,807 units sold in 2023, according to a joint report by CAMPI and TMA.

Commercial vehicles accounted for 74.15% of the market with 346,482 units, while passenger cars accounted for 25.85% with 120,770 units.

This comes as there were 42,044 units sold in December to mark a 2.8% growth from the 40,898 units sold in November, and 7.4% higher than the 39,153 units sold in December 2023.

“(T)he positive results in December reflect the continued strength of the industry, with strong growth in both passenger cars and key commercial vehicle segments. The overall market remains on track to sustain growth into 2025,” CAMPI president Rommel Gutierrez was quoted as saying in a statement.

Sales of Asian utility vehicles (AUVs) stood at 6,829 units; light commercial vehicles at 24,099 units; light-duty trucks and buses at 616 units; medium-duty trucks and buses at 276 units; and heavy-duty trucks and buses at 99 units.

Toyota Motor Philippines Corp. held a 46.66% market share, followed by Mitsubishi Motors Philippines Corp. with 19.07%, Ford Group Philippines at 5.99%, Nissan Philippines Inc. with 5.73%, and Suzuki Philippines Inc. with 4.36%.

CAMPI earlier said it expected sales to grow by 9% to 468,000 units in 2024 from the 429,807 units sold in 2023. It also said this might increase to 500,000 as the group hosted the PIMS this October. — RSJ, GMA Integrated News