Commercial Vehicles (CV) continue to dominate nationwide sales with a 65.2% (73,328 units total YTD) market share with Passenger Cars (PC) cornering the remainder of sales or selling 39,126 vehicle YTD. Growth for CVs remain very strong with a 38.3% growth thus far. Not to be outdone, Passenger Car sales growth is likewise robust with a 34.6% growth for the first 8 months of the year.
Under the CV segment, LCVs remain the segment that shows the best potential for growth, consistently showing the strongest increase in sales with a 45.8% growth this far, selling 47,352 units this far. AUVs likewise showed strength, growing 29.9%, selling 24,184 vehicles to date.
"Overall, vehicle sales for 2010 continue to largely outpace last year's sales results drawing a stark difference in the rise in consumer and business confidence reflected in vehicle purchases" says Ms. Elizabeth H. Lee, CAMPI President. "Rising confidence is further supported by the global recovery from the recent recession. Continued robust sales is seen in the coming months with the Chamber having to revise yet again, our target forecast for the year," she adds.
The revised forecast will be shared in the next few days after further validation by each CAMPI member. "This year is looking to be the year that the local auto industry will surpass the highest sales ever attained in 1996 of over 162,000 units," said Lee.
Further, sales generated from the successful flagship CAMPI 3rd Philippine International Motor Show held last August 19-22, 2010 at the World Trade Center, will be felt in the coming months. The CAMPI 3rd PIMS drew in visitors in excess of 70,000 with exhibits from each auto brand participant drawing praises from both the public and business sectors for a truly international-caliber motor show.
Factors that contribute to the continued robust auto sales in the coming months include the sustained strong growth forecast for OFW remittances, aggressive financing packages, continuous improvement in credit access for businesses, general consumer and business confidence and a plethora of new models for buyers to choose from.