Car sales in the Philippines stay on an optimistic course after the industry posted 0.38% growth for the second quarter of 2019.
The Philippine automotive industry sold a total of 97,744 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 0.38% increase against the previous quarter's 97,375 units; and a 3.52% uptick compared to the same period last year.
Commercial vehicles continued to take the larger chunk of sales for Q2 of 2019, gaining 2.88% to 67,330 units. However, passenger car sales registered a decline of 4.76% at 30,414 units.
Still dominating the market is Toyota which sold 39,774 units increasing its market share to 40.69%, Mitsubishi Motors remained 2nd, increasing its share to 15.31% with 14,964 units. Nissan slowed down a bit as it sold 9,821 units to remain in 3rd spot for the quarter with a 10.05% market share. Hyundai remains in 4th with 7,705 units and a 7.88% share. Suzuki finds itself in 5th with 6,005 units sold (6.14%). Ford slid down to 6th position with 5,667 units (5.8%); Honda dropped down 3,525 units for 3.61%; and Isuzu rounded up the Top 8 with 3,396 (3.47%).
In summary, the first half of the year performed better by 1.87%, selling 195,057 units compared to the same period last year (191,470 units).
Both CAMPI and AVID remain optimistic that auto sales will remain stable with higher sales in the coming months
"We remain very optimistic that the local auto industry is already on a path of steady growth after we conclude the first half of the year on a positive note," said Atty. Rommel Gutierrez, CAMPI president.
" Despite headwinds that include an economic slowdown in the first quarter of 2019, AVID posted a third straight month of positive growth to finish the second quarter strong . We believe that this slowdown is temporary since the Philippines is now on a higher growth path and is a leading economy in the ASEAN. Given these, we will continue to introduce exciting models and innovative services to give consumers more value for their money," said Ms. Ma. Fe Perez-Agudo, AVID president.
With 195,057 units sold for the first half of 2019, commercial vehicles continue to take a significant share of the market with 67.52% and passenger car sales took the remaining 22.48%.
Top 10 players in the market are:
- Toyota Motor Philippines - 73,126 units (37.49%)
- Mitsubishi Motors – 30,577 units (15.68%)
- Nissan – 21,060 units (10.8%)
- Hyundai – 17,654 units (9.05%)
- Ford – 11,227 units (5.76%)
- Suzuki – 10,817 units (5.55%)
- Honda - 9,928 units (5.02%)
- Isuzu – 6,827 units (3.5%)
- Kia - 2,396 (1.23%)
- Foton – 2,247 (1.15%)
In the premium segment, BMW continues to dominate the market followed by Mercedes-Benz and Lexus.