Philippine auto sales have slowed down during the second quarter of 2018 as the market faces economic headwinds brought about by a weaker Peso increasing car prices as well as fuel prices and basic goods.
The Philippine automotive industry sold a total of 94,416 units; based on the latest figures consolidated from distributor groups AVID (Association of Vehicle Importers and Distributors), CAMPI (Chamber of Automotive Manufacturers of the Philippines) and TMA (Truck Manufacturers Association). The figure represented a 2.72% decline against the previous quarter's 97,054 units; and a 12.24% decrease compared to the same period last year.
Commercial vehicles continued to take the larger chunk of sales for Q2 of 2018, gaining 1.5% to 62,177 units. However, passenger car sales registered a decline of 9.98% at 32,239 units.
Still dominating the market is Toyota which sold 34,440 units increasing its market share to 40.98%, Mitsubishi Motors remained 2nd with a lower share of 14.78% as it sold 13,952 units. Registering a significant 28.63% growth was Nissan which sold 7,439 units to take the 3rd spot for the quarter with a 7.88% market share. Hyundai slid down to 4th with 7,226 units and a 7.65% share. Ford slides down to 5th position with 6,060 units (6.42%); Honda sold 5,837 units for 6.18%; Suzuki sold 4,538 units (4.81%); and Isuzu rounded up the Top 8 with 4,115 (4.36%).
In summary, the first half of the year performed was down by 12.24%, selling 191,470 units compared to the same period last year (218,170 units).
Consumer prioritization has been shifting as price increases brought about by the weaker Peso continue to affect the country. Despite the declines, the market still averages up when combined with significant gains brought about by advanced purchases in 2017.
Both CAMPI and AVID remain optimistic that auto sales will regain momentum. Automakers are nonetheless cautious.
"Despite the headwinds, we remain optimistic that our sales will recover in the coming months, and hopefully attain a sustained growth by the end of the year," said Atty. Rommel Gutierrez, CAMPI president.
"First semester AVID sales reached 43,138 units sold as the consumers are still adjusting to new income and new commodity price levels. Nevertheless, we see this as a transitionary period and may soon normalize as both supply and demand factors stabilize," said Ms. Ma. Fe Perez-Agudo, AVID president.
With 191,470 units sold for the first half of 2018, commercial vehicles continue to take a significant share of the market with 64.46% and passenger car sales took the remaining 35.54%.
Top 10 players in the market are:
1. Toyota Motor Philippines - 73,136 units (38.2%)
2. Mitsubishi Motors - 33,506 units (17.5%)
3. Hyundai - 15,957 units (7.96%)
4. Nissan - 13,222 units (6.91%)
5. Ford - 12,508 units (6.42%)
6. Honda Cars - 12,017 units (6.28%)
7. Suzuki - 9,455 units (4.94%)
8. Isuzu - 7,910 units (4.13%)
9. Foton - 2,208 (1.15%)
10. Chevrolet - 1,917 (1%)