VEHICLE SALES increased by 44.8% year on year in May amid strong market demand across all segments, industry data released on Tuesday showed.
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed that vehicle sales rose to 38,177 units from 26,370 units sold a year earlier.
“The growth of new motor vehicle sales in May with a nearly 45% increase is definitively driven by high market demand, recording double-digit growths across all segments from the figures last year,” CAMPI President Rommel R. Gutierrez said in a separate statement.
Commercial vehicle sales rose by 46.3% to 28,385 units, contributing 74.35% to the May total. The segment’s sales were led by light commercial vehicles, which rose by 45.7% to 22,418 units, followed by multipurpose vehicles or Asian utility vehicles (AUVs), which jumped by 55.9% to 5,099 units sold.
Passenger car sales made up the remaining 25.65% market share, with units sold rising by 40.6% to 9,792.
May vehicle sales were up by 24.6% compared with 30,643 units sold in April. Sales of commercial vehicles and passenger cars were also higher by 21.7% and 33.8% month on month.
For the first five months, vehicle sales rose by 31.5% to 166,104 units from 126,273 units sold a year earlier, led by the commercial vehicle segment.
Sales of commercial vehicles in January to May climbed by 31.2% to 124,242 units. The segment’s sales were headed by light commercial vehicles, which increased by 25.6% to 95,520 units, and multipurpose vehicles or AUVs, which went up by 64.3% to 24,408.
Passenger car sales also rose by 32.7% to 41,862.
Toyota Motor Philippines Corp. had the highest sales among car brands in the five-month period, with a 46.47% market share and 77,194 units sold.
Other leading brands were Mitsubishi Motors Philippines Corp. with 30,200 units sold (18.18% share), Ford Motor Company Philippines, Inc. with 11,108 units (6.69%), Nissan Philippines, Inc. with 10,808 units (6.51%), Honda Cars Philippines, Inc. with 7,340 units (4.42%) and Suzuki Philippines, Inc. with 7,050 units (4.24%).
Mr. Gutierrez said the improved performance of the local vehicle industry puts it on track to hit its sales target of 395,000 units for this year.
“The steady year-on-year growth recorded in the first five months gives the industry a reason to be even more optimistic and grateful at the same time as attaining its growth forecast this year felt even closer to reality and proves rather possible,” he said.
“The industry also welcomed the country’s sustained economic improvement in major economic sectors, which remains an important factor towards economic and market conditions that are favorable for the industry and consumers alike,” Mr. Gutierrez added. — Revin Mikhael D. Ochave