How to Take Advantage of the Booming Automotive Industry
The automotive industry sales rose by 31.3%—surpassing the industry’s target in 2022. Here's how auto entrepreneurs can leverage this good news.
The Chamber of Automotive Manufacturers Inc. (CAMPI) and the Truck Manufacturers Association (TMA) released a report, which stated that their 2022 total sales increased by 31.3%. Compared to the 2021 sales of 268,488 automobiles, the automotive industry posted a sales increase to 352,596—exceeding last year’s target of 336,000 units.
Out of all the automobiles, the commercial vehicle segment brought in the highest growth. It posted a growth of 45.6%—selling 266,699 units in 2022 compared to 183,228 units last 2021. Because of these impressive figures, CAMPI president, Rommel Gutierrez, is confident that the automotive industry has recovered from the aftermath of the pandemic.
“The continued expansion of the economy, [and] creation of new jobs and opportunities is just as important as ensuring that no pandemic disruption occurs anew this year. Nonetheless, the industry will continue to capitalize on the growing market demand for new motor vehicles,” Gutierrez said via Philippine News Agency.
Furthermore, the report also noted the big automotive brands that dominated the Philippine market. With a whopping market share of 49%, Toyota remained the most widely used vehicle by Filipinos. Next is another Japanese brand, Mitsubishi, standing at 15% market share.
What's more, CAMPI announced yet another milestone for the industry—a 42% growth this 2023. "The double-digit sales growth of 42.1% recorded in January, coming from a year-on-year robust growth performance in 2022, is a good development momentum for the auto industry as we start the year," Gutierrez said proudly.
Even with a few months in, the 2023 figures show promise. And given how the numbers are running, the automotive industry is definitely in the fast lane. So, with the Philippine automotive market hungry for more vehicular demand, here are some opportunities auto entrepreneurs should look out for.
Electric Vehicles on the Rise
Last January, President Marcos Jr. signed Executive Order (EO) 12, which promotes having more electric vehicles (EVs) in the country. Because of EO 12, 30% of import duties on EVs and charging infrastructures have been removed for five years.
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