The Philippine automotive industry experienced a remarkable surge in sales in 2024, reaching record-high levels. The Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) jointly reported that sales exceeded 467,000 units, marking an 8.7% increase from the previous year. The commercial vehicle segment dominated the market, and key segments like AUVs showcased impressive growth rates. While sales fell slightly short of Campi's conservative target, the industry remains optimistic about sustained growth in 2025.
The Chamber of Automotive Manufacturers of the Philippines Inc. ( Campi ) and the Truck Manufacturers Association ( TMA ) are optimistic about their outlook for 2025 after the automotive industry achieved record-high sales last year. A joint report released by Campi and TMA revealed that the industry sold a total of 467,252 units in 2024, representing an 8.7 percent surge compared to the 429,807 units sold in 2023.
The commercial vehicle segment continued to hold the dominant position in the market, accounting for 74.15 percent of total auto sales for the year.Distributors contributed significantly to the sales figures, selling 346,482 units in 2024, an 8.1 percent increase from the 320,543 units sold in the previous year. Within the commercial vehicle category, light commercial vehicles led the sales with 253,412 units sold. The Asian utility vehicle (AUV) segment demonstrated the most rapid growth, achieving a 33.7 percent increase to 81,818 units sold compared to the 61,192 units sold in the previous year. Meanwhile, the passenger car segment witnessed a 10 percent rise in sales last year, with distributors selling 120,770 units in 2024, exceeding the previous year's 109,264 units. This segment contributed to more than a quarter of the overall auto market share.December 2024 alone saw the local auto industry sell 42,044 units, marking a 2.8 percent increase from the 40,898 units sold in November 2024 and a 7.4 percent jump compared to the 39,153 units sold in December 2023. 'The positive results in December reflect the continued strength of the industry, with strong growth in both passenger cars and key commercial vehicle segments,' said CAMPI President Rommel Gutierrez. 'The overall market remains on track to sustain growth into 2025.' While sales in 2024 were slightly below Campi's conservative target of 468,300 units for the year, the industry's performance demonstrated its resilience and potential for continued growth. Across various car brands, the joint report by Campi and TMA indicated that Toyota Motor Philippines Corp. remained the undisputed leader in the auto market, selling 218,019 vehicles, which represented a 46.66 percent share of the total sales pie. Trailing behind Toyota were Mitsubishi Motors Philippines Corp., which sold 89,124 units last year, capturing a 19.07 percent share of the market; Ford Motor Company Phils. Inc., with sales of 27,997 units; Nissan Philippines Inc., selling 26,774 units; and Suzuki Phils. Inc., with sales of 20,371 units
PHILIPPINE AUTOMOBILE INDUSTRY AUTO SALES RECORD HIGH COMMERCIAL VEHICLES AUV SEGMENT INDUSTRY GROWTH CAMPİ TMA TOYOTA MITUSUBISHI FORD NISSAN SUZUKI
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