Auto Industry Continues Double-digit Growth
Posts 14.3% increase year-on-year for same period
The auto industry continues its double digit growth with an increase of 14.3% for the first two months compared to the same period last year. In February, the industry sold a total of 9,472 units. Passenger car sales registered a 3,123 sales volume in February, while Commercial Vehicles sold 6,956 units. Commercial vehicles continue to corner the market with a 67% share growing 12% while the passenger car segment showed strong growth of 19%. Continued growth is still expected in the coming months amidst political noise tempered by relatively stable economic numbers coupled with the strength of the peso.
Passenger car sales increased by 19% for the month of February compared to the same period last year. The robust growth for passenger cars is seen to continue in the coming months. Promotional activities of the dealers and the sales of new models introduced last year are seeing more positive results translated to sales in the first two months of the year as it increased by 5.4% compared to January.
With commercial vehicles continuing to dominate the market with a 68% market share, sales continue to be strong with a double-digit growth of 12.1%, a good start for the largest category in the market. New models introduced last year boosted sales for February with total sale of 6,349 units or 8.6% growth compared to January. We forecast sales to continue to be strong in the coming months. Strong sales of pickup trucks, vans, and c-wagon vehicles sustain the momentum of this segment.
Month-to-date February AUV sales posted an increase of 11.2% mainly caused by availability of stocks and promotional campaigns. Year-to-date sales also increased by 3.5% compared to the same period last year due to the sustained sales of new models.
Sales in the Light Commercial Vehicle segment, comprised of pickups, vans, compact & full-size SUVs., showed an overall growth of 20.8% compared to the same period last year sustained by the sales of new models. The February sales of LCVs posted a 5.6% growth. Sales were supported by robust sales of vans and pickups. 57% of all CV sales come from LCVs.
Light Trucks sales decreased by 15% compared to the same period last year but continued its strong growth in February with 44.6% compared to January due to the delivery of fleet accounts.
Cat IV & V sales for February increased by 20.6% compared to the month of January due to fleet account deliveries.