Vehicle sales in the country accelerated by 30.7 percent in the first half of the year, showing improved consumer spending.
A joint report from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) yesterday showed total vehicle sales reached 202,415 units from January to June, higher than the 154,874 units in the same period last year.
The bulk of the total sales was accounted for by commercial vehicles (CV), with 151,567 units sold in the first semester, 30.8 percent higher than the 115,871 units sold in the previous year.
Meanwhile, passenger car (PC) sales went up 30.4 percent to 50,848 units from 39,003 units a year ago. For the month of June alone, CAMPI-TMA's total sales rose 27 percent to 36,311 units this year from 28,601 units in the same month last year.
CAMPI president Rommel Gutierrez said the automotive industry's continued double-digit growth in sales in June is 'a reflection of improved consumer spending for big-ticket items amid the significant market for new motor vehicle sales, the main growth anchor of the industry.'
'Rightfully so, demand for motor vehicles that respond to the needs of the customers will yield strong gains for the industry,' he said.
Total vehicle sales in June, however, were down 4.9 percent from the 38,177 units sold in May.
CV sales climbed 29.2 percent to 27,325 units in June while PC sales also picked up by 20.5 percent to 8,986 units.
Toyota Motor Philippines Corp. remained the leading automotive firm in the country in the first semester wth a 46.23 percent market share.
It was followed by Mitsubishi Motors Philippines Corp. with an 18.28 percent market share, while Ford Motor Co. Philippines Inc. placed third with a 6.84 percent market share.
Nissan Philippines Inc. ranked fourth with a 6.52 percent share, followed by Honda Cars Philippines Inc. in fifth place with a 4.28 percent market share.
Gutierrez said the first semester vehicle sales performance sends a strong signal of sustained optimism for the industry for the rest of the year.
'Maintaining this level of growth on a monthly basis, the industry has indeed high hopes of achieving or even exceeding its sales target for this year,' he said.
CAMPI and TMA are aiming for a 10 to 15 percent growth, with sales projected at 395,000 units for this year.
Last year, vehicle sales in the country increased by 31.3 percent to 352,596 units from 268,488 units in 2021.
Copyright © 2022 PhilSTAR Daily, Inc Provided by SyndiGate Media Inc. (Syndigate.info).