Car sales hit record high in 2024

MANILA, Philippines — The Philippine automotive industry ended 2024 with record-high sales of 467,252 units, driven by strong demand for both passenger cars and commercial vehicles, but the figure fell short of the sales target of 468,300 units.

Data released by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) yesterday showed that vehicle sales reached 467,252 units in 2024, higher than the 429,807 units in 2023.

CAMPI president Rommel Gutierrez said the 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,” the CAMPI said.

Passenger car sales went up by 10.5 percent to 120,770 units in 2024 from 109,264 units in the previous year.

Sales of commercial vehicles also climbed by more than eight percent to 346,482 units last year from 320,543 units in 2023.

In December alone, the combined sales of the CAMPI and TMA increased by 7.4 percent to 42,044 units from 39,153 units in the same month in 2023.

Vehicle sales in December last year were also 2.8 percent higher than the 40,898 units sold in November 2024.

Sales of passenger cars rose by 5.5 percent to 10,125 units in December last year from 9,599 units in the same month in 2023.

Commercial vehicle sales also picked up by eight percent to 31,919 units in December 2024 from 29,554 units in the same month in 2023.

Toyota Motor Philippines Corp. remained the market leader last year as it accounted for 46.7 percent of total vehicle sales.

Placing second was Mitsubishi Motors Philippines Corp. with a 19-percent share, followed by Ford Motor Co. Philippines Inc. in third place with a six- percent share.

Nissan Philippines Inc. ranked fourth with a 5.7 percent share, followed by Suzuki Philippines Inc. with 4.4 percent share.