Feb Auto Sales Bucks Trend, 2010 Grows 36.6%
Auto industry looking good this year of the tiger
The auto industry charges ahead with even stronger growth for the first two months with an overall 36.6% growth so far, selling a total of 24,336 units. The singular month of February also bucked the traditional expected lower month sales typical of the first 2 months of the year - with a growth of 39.3% for the month alone vs. the same month last year, selling 12,573 units this Feb 2010.
Commercial vehicles continue to dominate with 65.6% market share selling 15,976 units with passenger cars cornering 34.4% share selling 8,360 units year to date. CVs grew by 41.5% while PCs grew by 28%. Light commercial vehicles prove to be the strongest bet as the segment to watch out for with a whopping 47.4% growth selling 10,439 units so far, backed by robust sales of the popular vans, pick up trucks, and compact wagons. Even full-size SUVs took part in the growth with most luxury brands registering significant growth as well.
"We are thankful and are hopeful that the strong sales will continue in the coming months. Strong car sales reflects a stronger economy with the bulk of the volume coming from CVs particularly the AUVs and LCVs (vans, pick up trucks)- most of which have dual purpose utility that functions as both for family and business use. This trend is forecasted to remain strong and will continue to support vehicle sales in the coming months. " says Ms. Elizabeth Lee, CAMPI President.
"Further, confidence is getting stronger with entrepreneurs' increased aggressiveness in expanding their businesses. Funds typically sourced from stronger than expected OFW remittances are now being put to better use - through investments - as Filipinos get more educated and exposed to various instruments that yield a higher return for their hard earned money. Increased business activity comes with it the increase in vehicle sales." says Ms. Lee. "This being an election year, helps as well. But without the strong fundamentals that include a healthy financing environment, vehicle sales may not be as robust. The fundamentals must be strong as well." says Ms. Lee.
The auto industry is looking good this year of the Tiger with buyers looking forward to more new models to be launched and introduced in the market. The upcoming CAMPI's PIMS3 (Philippine International Motor Show) in August gives buyers more exciting things to look forward to from the auto industry.
Passenger cars grew 28% in Feb 2010 vs the same month last year selling 8,360 units. Feb sales also added an additional 16.8% growth in sales vs. the previous month. Stronger sales are seen in the coming months with new models expected to further boost sales.
Commercial vehicles continue to dominate nationwide sales with a 65.6% share of the market. CVs grew by 41.5% year to date selling 15,976 units overall. Strong AUV and LCV sales will continue to be the backbone of this segment which is expected to grow in the coming months.
Automatic utility vehicles sales continues on a growth path with a 36.8% increase in sales year to date. Sales forecasts continue to remain strong. Aggressive promotions help boost sales in this segment as well.
Light commercial vehicles sales remain solid and is expected to be the segment to watch out for in terms of growth. It's performance has been consistent and continues to growth from strength to strength with a whopping 47.4% growth selling 10,439 units year to date. LCVs comprise of the popular vans, pick up trucks, compact wagons and full size SUVs.