Vehicle Sales in the Philippines Up by 30% in the First Quarter of the Year
The automobile industry is off to a good start as passenger vehicles drive growth in sales for the first quarter of 2023. Here’s how businesses can take advantage of this growth.
Driving a good year ahead, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) reported vehicle sales of 97,284 units from January to March alone—signaling a strong start for the automobile industry here in the country.
According to a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc (CAMPI) and the Truck Manufacturers Association (TMA), while “commercial vehicles accounted for the majority of the sales,” it was actually passenger vehicles that drove the growth.
In fact, the majority of the vehicles sold during the first quarter of 2023 were light commercial vehicles, Asian utility vehicles, and light trucks. The report also adds that the following brands are the top sellers for the first three months of the year:
Vehicle Sales in the First Quarter of 2023, in Numbers
A closer look at the numbers shows the aforementioned 97,284 vehicle sales from January to March, versus the sale of 74,754 units in the same period last year. This signified a 30% increase in vehicle sales in the Philippines in the first quarter of 2023.
Meanwhile, passenger car sales went up by 35.1% year-on-year, while sales of commercial vehicles increased by 28.5%. In terms of number of units sold, the Philippine Foreign Business Briefing notes that “Passenger car sales went up to 24,753 units between January and March 2023 compared to 18,323 units in the same period in 2022, while commercial vehicle sales increased to 72,531 units from 56,431 units.”
Business Opportunities in the Automotive Industry
While the increase in vehicle sales is undoubtedly good news for the companies who manufacture them, this is also a good sign or indicator for those looking to venture into vehicle-related businesses.
That being said, aspiring entrepreneurs can explore related business opportunities in order to take advantage of increased vehicular sales. Examples include car maintenance services, retail of car accessories, and even neighborhood car wash stations and vehicle customizations, among others.