A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed the industry performance in 2024, with total year-to-date (YTD) sales reaching 425,208 units by November, marking an 8.8% increase compared to the same period in 2023. This growth is reflected in the market share distribution, where passenger cars accounted for 26.02% of the market with 110,645 units sold, an 11.0% rise from the previous year. Commercial vehicles, which dominate the market with a 73.98% share, also saw an 8.1% increase in sales, total 314,563 units.
In November 2024 alone, the industry recorded 40,898 units sold, a 2.2% month-over-month (MoM). According to CAMPI President Rommel Gutierrez the increase from October 2024, and an 8.5% rise compared to November 2023. Passenger car sales for the month were slightly down by 2.07% from October, with 9,836 units sold, but still showed a 2.8% increase compared to November 2023. Commercial vehicles continued their strong performance with 31,062 units sold in November, a 3.7% MoM increase and a significant 10.5% rise from the same month last year.
The Asian Utility Vehicle (AUV) segment, categorized as Category I, exhibited remarkable growth, with YTD sales of 74,989 units, a substantial 37.3% increase from 2023. November sales for AUVs were particularly impressive, with 7,890 units sold, reflecting an 11.3% MoM increase and a 40.7% rise compared to November 2023. Light Commercial Vehicles (Category II) also performed well, with YTD sales of 229,313 units, a modest 1.4% increase from the previous year, and November sales of 22,115 units, up by 1.4% MoM and 3.2% year-over-year.
Toyota Motor Philippines Corporation remains the dominant market player with 46.51% share, followed by Mitsubishi Motors Philippines Corporation with 19.14%, Ford Group Philippines at 6.06%, Nissan Philippines, Inc. with 5.77%, and Suzuki Philippines, Inc. with 4.35% share.
