Car sales in the Philippines rose by nearly 20% in October, marking the 10th consecutive month of growth for the local industry. The sector aims to surpass pre-pandemic sales levels by the end of the year.
The increase is attributed to aggressive marketing efforts, improved supply chains, and strong consumer demand. Monthly sales have been growing in the double digits since January, with the exception of September, when growth slowed to 9.5%.
Year-to-date vehicle sales in the Philippines have reached 352,971 units, a 25.9% increase from the same period last year. The industry is targeting a 20% growth in sales for 2023, aiming to sell a total of 423,000 units.
Japanese brands continue to dominate the Philippine car market, with Toyota Motor Philippines Corp. holding a 45.96% share.
Source: PhilNews24 | November 24, 2023
