Philippines Vehicle Sales Exceeds Sales Forecast in 2023

Sales of local vehicle assemblers in 2023 reached 429,807 units in 2023, according to the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA). This surpassed the target sales of 423,000 units for 2023, according to the CAMPI and TMA’s joint report.

Related: 2023: India Again Beats Japan in Global Car Sales

CAMPI and TMA also reported that their vehicle sales grew 21.9% in 2023, from 352,596 units sold in 2022. CAMPI president Rommel Gutierrez said:

“2023 was a very strong year for the industry and we are very excited about 2024. Positive economic outlook, new model introductions, and the electrification trend are expected to contribute to record-breaking sales this year.”

The full-year sales of passenger cars increased to 109,264 units in 2023, which is 27.2% higher than the 85,897 units sold in 2022. Similarly, commercial vehicle sales grew 20.2% to 320,543 units last year from 266,699 vehicles in 2022.

Related: Russia Car Sales Increased by 69% in 2023

Market leaders in the Philippine automotive market for 2023 were Toyota, with 46.5% share; followed by Mitsubishi, with 18.2%; Ford, with 7.3%; Nissan, with 6.3%; and Suzuki, with 4.3%.

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