Despite the challenges of heavy traffic congestion in Metro Manila, the local automotive market continues to thrive, with a notable surge in vehicle sales for May 2024. The combined data from key industry associations indicate a robust performance across both passenger and commercial vehicle segments.
In May alone, local vehicle assemblers achieved sales of 40,271 units, marking a 7.9 percent increase from the previous month and a 5.5 percent rise from the same period last year. This growth can be attributed to the steady improvements in the global supply chain for automotive parts, which have facilitated better inventory management and faster delivery times.
Industry experts highlight that the combination of improved supply conditions, strong consumer demand, enhanced financing options, and aggressive sales promotions have significantly contributed to this upward trend. These factors have created a conducive environment for both buyers and sellers, driving the market’s expansion.
From January to May 2024, total vehicle sales reached 187,191 units, representing a 12.7 percent increase compared to the same period in 2023. This growth is reflected across all segments, with passenger cars seeing a 17.6 percent rise in sales to 49,247 units. Meanwhile, commercial vehicles recorded an 11 percent increase, with 137,944 units sold during the first five months of the year.
This steady performance underscores the resilience and adaptability of the local automotive sector in navigating supply chain challenges and responding to market demands.
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