Autofun Philippines – The new vehicle market in the Philippines continued to recover strongly into October 2022, with sales increasing more than 42% to 32,146 units from the year-end low of 22,581 units, according to sales data relevant to car Philippines Member wholesalers jointly announced by the Philippine Automobile Chamber of Commerce. Automobile manufacturers. Inc (CAMPI) and Truck Manufacturers Association (TMA).
This figure does not include data from members of the Association of Vehicle Importers and Distributors, who sold a total of 58,916 vehicles in 2021.
The market has returned to pre-pandemic levels with more than 30,000 units for the third consecutive month thanks to the strong recovery of the domestic economy. GDP grew 7.6% year-on-year in the third quarter, supported by strong consumer spending and investment. The central bank raised its benchmark interest rate by 50 basis points to 4.75% in September in response to soaring inflation and is expected to increase further in the fourth quarter. Association data shows the car market grew by nearly 31% to 280,300 units in the first 10 months of the year, helped by commercial vehicle sales up 46% to 211,948 units, while passenger car sales were slightly lower in level 68,352 units.
Toyota has sold 140,425 vehicles since the beginning of the year, accounting for 50% market share; followed by Mitsubishi with 40,666 units; Ford 18,645 units; Nissan 17,762 units; and Suzuki 16,167 units.
CAMPI is expected to raise its full-year forecast for member sales from the current 336,000 units (+17%) due to strong growth in recent months. The association’s president Rommel Gutierrez said in a statement that “continued double-digit growth in October reinforces optimism for the auto industry, further accelerating the process of a full recovery following the disruption of the automotive industry.” pandemic this year”.
Despite October’s stellar performance, we can also back our point with the data released in September. According to data from the Association of Southeast Asian Nations (ASEAN) Automobile Federation (AAF), 63,718 cars were assembled in the Philippines between January and September, a slight increase of 0.6 percent from 63,341 the previous year’s car.
While the Philippines continued to show a slight increase in motor vehicle production in the first nine months of the year, its growth rate continued to lag behind most of its South Asian neighbors in Southeast Asia. ASIAN.
According to data from the Association of Southeast Asian Nations (ASEAN) Automobile Federation (AAF), 63,718 cars were assembled in the Philippines between January and September, a slight increase of 0.6 percent from 63,341 the previous year’s car.
All other ASEAN countries tracked by the AAF recorded double- and triple-digit increases in motor vehicle production during the period, with Myanmar posting the fastest growth at a whopping 161%.
This is followed by Malaysia (67.4%), Vietnam (53.3%), Indonesia (34%) and Thailand (18%).
A total of 3.25 million motor vehicles were assembled in ASEAN at the end of September, up 30.4% from 2.49 million units in the same period last year.
In terms of motor vehicle sales, the Philippines sold 248,154 units in the first nine months of the year, up 29.5 percent year-on-year, the third-highest growth for the period.
Malaysia recorded the strongest sales growth at the end of September with 62%, followed by Vietnam with 57% growth.
Similarly, Thailand and Indonesia recorded an increase in auto sales of 29% and 21% respectively.
In contrast, Singapore and Myanmar saw motor vehicle sales decline, with the biggest drop being 31%. Motor vehicle sales in ASEAN increased 33% to 2.54 million units from January to September.
AAF data also showed motorcycle and scooter production in the Philippines up 4.2 per cent to 666,342 units.
Malaysia and Thailand both saw increases in motorcycle and scooter production, with the former increasing the most at 55%.
Motorcycles and scooters assembled in ASEAN increased by nearly 18 percent to 2.6 million units.
The Philippines saw sales of motorcycles and scooters increase 12% during the period to 1.168 million units. Malaysia recorded the highest increase in sales of motorbikes and scooters with nearly 54%.
Thailand and Singapore also saw sales of motorcycles and scooters increase by 13% and 4.4%, respectively.
The total number of motorbikes and scooters sold in ASEAN at the end of September increased by nearly 18% to 3.04 million units.