THE Philippine auto industry continued to show brisk growth in April as vehicle sales grew 18 percent to 21,259 units from 18,015 units in the same month last year, the Chamber of Automobile Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) said in a report released on Monday.
For the first four months of the year, total sales reached 84,141 units, up 21 percent from the 69,737 vehicles sold in the same period last year.
Sales of Passenger Cars (PC) posted more than a 24-percent increase from 6,697 units in April 2014 to 8,331 units last month, while commercial vehicle (CV) sales grew 14 percent from 11,318 units last year to 12,928 units in April this year.
The report also noted a strong increase in the share of the passenger car segment during the first four months. Last year, total PCs sold from January to April reached 24,824 units, or almost 36 percent of the total. For the current year, PC sales rose to 33,382 units, or almost 40 percent of the entire volume sold since January.
“This continuing increase in passenger car sales is an indication that the country has entered the motorization stage. This is also consistent with economists’ projection that consumer spending growth will remain strong as per capita income hopefully reaches $3,000 in 2015,” Campi president Rommel Gutierrez explained.
Month-on-month, however, April vehicle sales actually declined by 10 percent across all product segments compared to the 23,557 units sold in March.
Gutierrez explained that this slight dip was due to the shorter number of working days in April as well as general seasonality.
“The industry remains confident that sales will pick up in the coming months,” he said.
Leading the performers was Toyota Motors Philippines Corp. with 44.3 percent market share, followed by Mitsubishi Motors Philippines with 19.2 percent. Ford Group Philippines was in third place with an 8.2-percent share, while Isuzu Philippines Corp. was fourth with a 7.6 percent share. Rounding up the fifth spot was Honda Cars Philippines with a 6.3 percent share of the market.