Pent-up demand boosts car sales in 2022
THe Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and truck Manufacturers Association (TMA) said its fullyear sales have exceeded the industry forecast for 2022.
Campi and TMA said the industry’s performance last year is “strong evidence” that it has recovered from the pandemic and other external challenges.
A joint report released by the two groups shows new motor vehicle sales in december 2022 reached 37,259 units, a 33.8 percent growth compared with 27,849 units recorded in the same period in 2021.
CAMPI President Rommel gutierrez said the december figure was the “highest monthly performance recorded,” which contributed in achieving its fullyear sales of 352,596 units.
gutierrez said the last time the industry sold 37,000 units was in 2017. Achieving it again, he said, gives the industry “renewed optimism” for the year ahead.
From January to december, Campi-tma data showed that vehicle sales reached 352,596 units, 31.3 percent higher than the 268,488 units sold in the same period in 2021.
“Campi-tma sales alone have exceeded the total industry sales forecast of 336,000 units.”
On a monthly basis, data indicated that car sales rose by 6.3 percent from the 35,037 units sold in November.
gutierrez said “the continued expansion of the economy, creation of new jobs and opportunities is just as important as ensuring that no pandemic disruption occurs anew this year.”
Nonetheless, he added, the industry will continue to “capitalize on the growing market demand for new motor vehicles.”
Among all the vehicle segments, trucks and buses performed poorly in 2022.
In contrast, the light commercial vehicle, commercial vehicle, and Asian utility vehicle segments posted gains last year.
Sales of trucks and buses fell by 21.1 percent to 889 units from the 1,127 units recorded in 2021.
toyota Motor Philippines Corp. led year-to-date sales with 174,106 units, followed by Mitsubishi Motors Philippines Corp. with 53,211 units and Ford Motor Company Phils. Inc. with 24,710 units.
In June 2022, Campi said the automotive industry recovery is “progressing” as new motor vehicle sales returned to an upward growth trajectory on the back of pent-up consumer demand.