Philippines Auto Market Continue to Prosper

Mar 16, 2016

February auto sales report is out and seems like Philippines auto market continue to rock as the recorded sales are 21.7% higher as compared to the last year. The vehicle sales have bolstered up for the month of February according to the Chamber of Automobile Manufacturers of Philippines (CAMPI) and the Truck Manufacturers Association (TMA).

The market has seen a significant growth in 2016 with every vehicle segment registering a phenomenal growth. With total sales of 25,150 vehicles in February, the automotive industry in philippines has grown 21.7% as compared to last year’s February sales of 20,663 units. Every segment has gained the momentum in the recent past for the good, be it passenger car market, commercial vehicles, light commercial vehicles or Asian utility vehicles, each registered a growth in the range of 21 to 24%.

Considering the commercial vehicles, a total of 15,331 units were rolled out while the light commercial vehicles went 21.7% high. The passenger car sales went high up by 20.5% with 1,670 units rolled out in February, 2016. The Asian utility vehicles also grew with 4,419 units from February, 2015’s figure of 3,562 units.

The growth is not spontaneous and it has been carried over from the first month of this year, when the Philippines auto sector recorded sales of 23,808 units in Jan, 2016 as compared to last year’s 18,662 units for the same period.

The first two months of this year have been tremendous for the automakers as a lot of vehicles have been rolled of the showrooms. A total of 48,958 units have been sold in these months according to the CAMPI and TMA. Major contributors to this success are Toyota, Mitsubishi, Ford, Isuzu and Honda most probably in the same order.

The President of CAMPI, Rommel Gutierrez said, “So far, it has been a good start for the auto industry. Demand for mobility continues and industry players are ready to respond to the needs and demands of consumers.”

Source: CarBay Philippines