Brent Co / AutoIndustriya.com | July 17, 2018 16:59
Consumer buying behavior slows down auto sales in June by 4%
Economic headwinds slowed down auto sales according to the latest consolidated report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA). Reports to-date showed a 4% decline in June 2018 with 29,395 units sold, compared to the previous month's 30,620 unit sales total.
Sales were in the red for most segments, as the industry reported an overall decline of 21.57% compared to the previous year's 37,479 unit total.
The Commercial Vehicle segment continues to pull the market at a difficult pace with a 1.7% advance as the Passenger Car segment reflected a stark 16.4% decline.
Passenger car (PC) sales totaled 7,766 units, covering 26.42% of the market. Commercial vehicles (CV) still covered most of the market at 21,584 units or 73.58% of the market.
“This decline was largely due to consumers’ prioritization of buying basic goods and services as buying big ticket items like motor vehicles is less favorable at this time due to rising inflation, which increased to 5.2% this June 2018. This is a typical consumer’s behavior pattern when economic condition is a bit gloomy due to less favorable economic indicators.” said Atty. Rommel Guttierez, president of CAMPI.
Light Commercial Vehicles (LCV) led the CV subsegments, comprising 70.33% of CV sales with 15,179 units sold; 0.6% more than last month's 15,095 total. The AUV/MPV segment on the other hand sold 5,061 units, up 9.9% from 4,606. Truck and bus sales were mostly red, light truck sales slowed down by 7.1%, selling a total of 706 units compared to previous month's 760 unit total. Category 4 Heavy Duty Truck and Bus sales totaled 445 units (-8.2%) compared to last month's 485 units. Category 5 Heavy Duty Truck and Bus sold 193 units, (-29.3%) compared to last month's 273 units.
Sales performance were mostly positive for most brands. The top 3 advancers*: Mitsubishi (MMPC) sales went up by 90.5%; Isuzu (IPC) increased sales by 51.2%; Nissan (NPI) increased by 26.1%. Top three decliners* were Kia (CAC) with a huge 30.3% drop; Volkswagen (ACEI) sales also dropped by 30.1%; Toyota (TMP) rounded up the top three decliners with a 21% downtrend.
*only brands selling more than 100 units per month were included.
The top five performing manufacturers for the month of June are:
1. Toyota – 11,403 units (38.85% market share)
2. Mitsubishi – 6,616 units (22.54% market share)
3. Nissan – 2,751 units (9.37% market share)
4. Ford – 2,114 units (7.20% market share)
5. Honda – 2,060 units (7.02% market share)
Toyota Motor Philippines Corporation continues its commanding lead of the market with 42.6-percent. Mitsubishi Motors Philippines Corporation follows in second with 19.55-percent. Nissan improves on its third position standing with 7.72-percent. Ford remains in fourth with 7.3-percent and Honda Cars Philippines, Inc. rounds up the top five with 7.01-percent.