MANILA, Philippines – The Philippine automotive industry, with its robust growth in recent years and booming potential, could accelerate to its 500,000-sales target before 2020.
Toyota Motor Philippines Corp., one of the largest automotive players locally, is projecting total vehicle sales to reach 370,000 units this year, much higher than the industry’s initial target of 350,000 units.
Should Toyota’s projections be achieved this year and growth is further sustained in the coming years, an industry source told The STAR the country’s automotive sales may breach its 500,000 sales target even before 2020.
Sales of the Philippine automotive market have been growing an average 44,750 units over the past four years.
From total sales of 141,000 units in 2011, the industry grew to 182,000 in 2012, then to 208,000 units the following year.
By 2014, automotive sales in the country jumped to 269,000 units.
For 2015, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said sales could end up between 320,000 to 330,000 units.
Sales of CAMPI and the Truck Manufacturers Association last year zoomed 23 percent to 288,609 units from 234,747 units sold the previous year on the back of strong demand for both passenger cars and commercial vehicles.
CAMPI and TMA sales consist 85 to 90 percent of total vehicle sales in the Philippines while the remaining comes from members of the Association of Vehicle Importers and Distributors.
“It is very certain that the Philippine automotive market will continue to steadily increase, growing at a very fast pace. The momentum of growth and development of Philippines is unstoppable,” former Toyota Motor Philippines Corp. president Michinobu Sugata said.
Mitsubishi Motors Philippines Corp. first vice president and corporate secretary Dante Santos said low car ownership ratio, favorable demographics and rising income indicate high potential for growth in the Philippine automotive market.