THE Philippine automotive industry ended 2016 on a high note, with a 24.6 percent increase in the number of vehicles sold compared to the previous year, as sustained economic growth and various events and promotions continued to drive consumer demand.
In a joint report released on Tuesday, the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) said their members sold a total of 359,572 units in 2016, up from the 288,609 units registered in 2015.
“We are very glad that we were able to surpass the target this year. Successful introductions of new models complemented by various events and promotions enabled us to meet the increasing customers’ demands in an expanding Philippine market,” Campi President Rommel Gutierrez said.
The figure exceeds the group’s target for the year of 329,300 units and is certain to meet the 2016 combined target with other industry players of 370,000 units, the report said.
For the Passenger Car (PC) segment, the report said 133,188 units were sold during the year, an increase of 14.4 percent from the 2015 total sales of 116,381 units, while the Commercial Vehicles (CV) segment posted total sales of 226,384 units, representing a 31.4-percent increase from the 172,228 units sold in 2015.
The report said Toyota Motor Philippines Corp. retained its lead with a 44.14-percent share of the market.
Mitsubishi Motor Philippines Corp. captured 17.08 percent market share while Ford Motor Co. registered 9.37 percent, Isuzu Philippines Corp. had a 7.61-percent market share, and Honda Cars Philippines Inc. had 6.45 percent market share.