The Philippines’ vehicle manufacturing sector demonstrated impressive growth in April, recovering from a decline in the previous month. This positive trend is reflected in both increased production and significant sales growth, highlighting the resilience and potential of the industry.
Data from the Asean Automotive Federation (AAF) revealed a substantial 22.9 percent rise in vehicle production in the Philippines in April 2024 compared to the same month in the prior year. The production reached 9,609 units, up from 7,818 units in April 2023. This increase follows a 12.9 percent decline in March, marking the first dip in production for the year.
During the initial four months of 2024, the Philippines contributed 42,395 vehicles to the regional production, reflecting a growth of 10.8 percent compared to the corresponding period in the prior year. Despite this uptrend, the Philippines ranked fifth among the six ASEAN nations cited, with Thailand retaining its position as the primary producer despite encountering an 11 percent decrease in output.
Sales Surge in the Local Market
The increase in vehicle production in the Philippines was mirrored by a significant rise in vehicle sales. In April, vehicle sales grew by 21.8 percent compared to the same month the previous year, a significant improvement from the 1.6 percent growth recorded in March. According to the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and the Truck Manufacturers Association, 37,314 new vehicles were sold in the local market in April.
Campi president Rommel Gutierrez attributed the sales growth to positive consumer and business sentiment, coupled with stable automotive financing options. Commercial vehicles drove the sales growth, with 27,272 units sold, accounting for 73.09 percent of total sales. Passenger car sales also performed well, with 10,069 units sold, making up 26.98 percent of the total.
Toyota Motor Philippines Corp maintained its dominant market position with a 48.01 percent share in April. Mitsubishi Motors Philippines Corporation followed with an 18.66 percent share, while Ford Group Philippines, Nissan Philippines, Inc., and Suzuki Philippines, Inc. held market shares of 5.78 percent, 3.93 percent, and 4.61 percent, respectively.
