The Philippine automotive industry has shown robust growth in 2024, with monthly vehicle sales climbing steadily compared to previous years. By June, the industry had already posted impressive numbers, setting the stage for a potentially record-breaking year. In this article, we’ll review the available monthly sales data, compare it with trends in Indonesia and Malaysia, highlight the top-performing brands, and provide an outlook for the rest of 2024.

January to June 2024: A Strong Start for the Philippines

The first half of 2024 saw a notable increase in vehicle sales across the Philippines, with monthly figures reflecting a consistent demand for cars. Here’s a look at the sales numbers from January to June 2024:

1. January: 34,060 units
2. March: 34,474 units
3. April: 37,314 units
4. May: 40,271 units
5. June: 39,088 units

By mid-year, the Philippine market recorded 226,279 units, reflecting an 11.8% increase over the same period in 2023. This growth trend underscores the strength of the automotive sector as it recovers and expands, with each month surpassing sales targets set by industry analysts.

Regional Comparison: How the Philippines Stacks Up Against Indonesia and Malaysia

Comparing sales in the Philippines with Indonesia and Malaysia reveals an interesting regional snapshot. In Indonesia, the largest market in Southeast Asia, automotive sales reached 482,000 units by mid-2024, marking a 15% increase year-over-year, supported by robust demand for family vehicles and the rise of electric vehicles (EVs). Malaysia also saw a strong performance with 352,000 units sold, largely driven by local favourites like Perodua and Proton, along with a 12% growth in year-over-year sales.

The Philippines, while slightly smaller in volume than Indonesia and Malaysia, still shows remarkable potential with its 226,279 units sold by June 2024, a figure that aligns with growth projections made by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI). As the Philippines targets the 500,000-unit mark by the end of 2024, the steady growth positions it as a rising star in the ASEAN automotive market.

Top 3 Brands Fueling Growth in the Philippines

As of 2024, three automotive brands have led the surge in sales and contributed significantly to the growth of the Philippine market:

1. Toyota: Dominating the Philippine market with 45% market share, Toyota has sold approximately 101,000 units in the first half of 2024. Models like the Toyota Vios and Toyota Innova are especially popular, noted for their durability and high resale value.
2. Mitsubishi: With a solid 16% market share, Mitsubishi sold around 36,000 units in the Philippines, with top models like the Mitsubishi Mirage and Xpander contributing to its success. The brand’s focus on affordability and reliability continues to resonate with Filipino consumers.
3. Nissan: Capturing 10% market share with about 22,000 units sold, Nissan has seen increased interest due to its commitment to innovation and EV models, particularly the Nissan Leaf, which has gained popularity among eco-conscious buyers.

These brands collectively account for over 70% of total vehicle sales in the Philippines, illustrating their significant influence on market dynamics and consumer preferences.

Future Outlook for the Philippine Automotive Market

While monthly sales figures for February, July, August, October, and November remain unreported, the Philippine automotive industry is on track to potentially hit or exceed the 500,000-unit mark by the end of 2024. With increasing economic stability, new model releases, and effective financing offers, the industry shows strong potential for continued growth. CAMPI projects continued demand for mid-size SUVs and compact cars as rising incomes and urbanisation drive consumer demand.

Conclusion

The Philippine automotive market continues to thrive in 2024, with top brands like Toyota, Mitsubishi, and Nissan leading the way. At Mobee Philippines, we’re committed to supporting buyers and sellers by providing a trusted platform for safe and efficient vehicle transactions. As we track these trends, Mobee aims to make the process of buying and selling cars seamless for Filipinos across the country.

Stay tuned for further monthly updates as we continue to monitor the market's progress and the factors shaping the automotive industry in the Philippines.