Auto Industry Extends Growth to Four Months
The Philippine market, generally characterized by a greater share of Commercial Vehicle sales continues to remain strong. CVs continue to dominate the local market covering 66% of total vehicle sales nationwide. CV sales YTD registered a robust 16.2% growth with a strong month on month sales of 7.4% increase for April sales vs. March. Increase in CV sales is attributed to a sustained growth in the LCV segment which comprise of Pickup trucks, vans, and compact SUVs.
The increase CV sales is attributed to the shift of consumer's preference to diesel-fed models brought about by the increase in fuel price. It is forecasted that sales will continue to grow in the coming months.
Passenger car sales for the month of April declined slightly in April but overall, PCs still generated a growth as well of 12.1% for the year so far. Auto players continue to support sales with dealer incentives promos to the benefit of buyers. Fleet accounts also factored in the sales for the month of April. The industry outlook continues to be positive for the year.