Toyota Motor Philippines (TMP) continues to dominate the market as it registered a 50 percent market share in February 2022 with more than 12,000 units sold. This contributed to the local automotive industry having a 17 percent increase in new car sales as compared to January 2022.
Based on the joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA), the local market yielded 24,304 units sold last month, which is better than the 20,765 units sold in January.
CAMPI president Rommel Gutierrez said that the sales growth from January to February 2022 can be attributed to improved consumer confidence.
“The February 2022 sales have regained a double-digit growth amid the improved consumer confidence as the country has shifted to ‘low-risk’ for Covid-19 classification, according to the government report –a welcome development for the industry,” Gutierrez said.
Gutierrez added that CAMPI is targeting to sell 336,000 units in 2022, which is a 17 percent increase from the actual volume last year.
“As the economy reopens, the safety and health of the public is paramount to prevent another wave of virus infections and cause disruption anew to the recovery of the industry, which targets to sell 336,000 units this year,” Gutierrez noted.
The Passenger Car (PC) segment posted 5,914 units sold in February 2022, which is 2.3 percent higher than January. The Commercial Vehicle (CV) segment, on the other hand, ended February with a notable 22.8 percent increase as it recorded 18,390 units sold.
TMP leads the pack as it secured a 50.4 percent market share in February 2022 with 12,243 units sold. Coming in at second is Mitsubishi Motors Philippines Corp. (MMPC) with a 14.4 percent market share while Nissan Motor Philippines (NMP) posted 7.2 percent.
From January to February 2022, TMP has taken a 49 percent market share of new vehicle sales as per CAMPI and TMA. MMPC and Nissan currently hold 14.3 percent, and 7.9 percent, respectively.
Meanwhile, CAMPI and TMA noted that the industry’s sales declined by 7.3 percent when year-on-year performance is taken into account. The Philippine automotive industry posted 26,230 units in the same month (February) last year as per CAMPI and TMA.
PC sales in February 2021 amounted to 7,899 units, translating to a 25 percent drop in comparison to February 2022 sales. CV sales went on a different route as numbers went up from 18,331 in February 2021 to 18,390 in February 2022.
For the January to February period, CAMPI and TMA said that total vehicle sales went down by 9.2 percent to 45,069 units as compared to last year’s performance. PC sales decreased by 23 percent with 11,698 units sold as of February 2022 while CV sales plunged three percent to 33,371 units.
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