peso 888 PH vehicle sales hit fresh record-high in 2024
Updated:2025-01-16 11:18:14 Views:87
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Vehicle sales hit a new record-high in 2024, although that was not enough to hit the industry’s growth target for last year.
slotslights comVehicle manufacturers sold a total of 467,252 units last year, up at an annualized rate of 8.7 percent, according to industry data released on Tuesday by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association (TMA).
Article continues after this advertisementFigures showed this was the highest volume of vehicles sold on record, beating the previous peak of 429,807 that was seen in 2023.
FEATURED STORIES BUSINESS BIZ BUZZ: Domogan et al. banned from John Hay golf course BUSINESS BMI: Peso fall below 60 vs $1 still possible BUSINESS PH slips to No. 4 in banana export rankingIn December alone, auto sales went up by 7.4 percent year-on-year to 42,044 units.
Below targetHowever, the overall 2024 performance fell below the industry’s expectations. Local vehicle makers had hoped to sell 500,000 units last year and grow sales by 10 to 15 percent.
Article continues after this advertisement“The overall market remains on track to sustain growth into 2025,” Campi president Rommel Gutierrez said nevertheless.
Article continues after this advertisementAs it is, auto sales are widely used, including by the central bank, as an indicator of economic health.
Article continues after this advertisementThis is because consumer spending historically accounts for about 70 percent of the Philippines’ gross domestic product, and heightened purchases of big-ticket items like vehicles can significantly boost economic growth.
While the record-high sales volume was impressive, the below-target industry performance could be an indication of the “firm but subdued” domestic demand conditions that the Bangko Sentral ng Pilipinas (BSP) had been seeing.
Article continues after this advertisementThe latest central bank survey of households showed consumers were less pessimistic about purchasing big-ticket items in the fourth quarter of 2024. But consumer sentiment on buying motor vehicles and houses and lots stayed “downbeat.”
Dissecting the joint report of Campi and TMA, sales of commercial vehicles, which had a market share of 74.15 percent, had risen by 8.1 percent to 346,482 units in 2024. Passenger cars sold reached 120,770 units, marking a 10.5-percent increase.
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Toyota Motor Philippines Corp. remained the dominant market player with a 46.66-percent share, followed by Mitsubishi Motors Philippines Corp. (19.07 percent), Ford Group Philippines (5.99 percent)peso 888, Nissan Philippines Inc. (5.73 percent) and Suzuki Philippines Inc. (4.36 percent). —Ian Nicolas P. Cigaral
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