The Philippine car market is expected to hit 300,000 units sales in 2015, surpassing this year’s target of 250,000 units.
Isuzu Philippines Corp. expected the rapidly increasing automotive sales to continue next year, supported by the increased purchasing power of the Filipinos especially by the growing middle class in an economy that is also rising steadily. The country is perceived as the next automotive growth area in the Association of Southeast Asian Nations.
“At the rate we’re going, we can even surpass the re-forecasted 250,000 units target for the year 2014 although growth last month was a little slower,” said by Art Balmadrid Isuzu Philippines’ senior vice president.
Based on official documents Vehicle sales grew 27.6 percent in the first eight months from 116,617 units to 148,803 units a year ago.
Total sales reached 212,281 units in 2013, up from 184,248 units in 2012 from members of the Chamber of Automotive Manufacturers of the Philippines Inc., Truck Manufacturers Association Inc. and Association of Vehicle Importers and Distributors Inc.
According to combined data from the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association, July had the highest vehicle sales this year, during which 20,730 units or 32 percent more year-on-year were sold.
The sales slowed in August as many buyers, distinctively Filipino-Chinese businessmen, view August as a “ghost month.” But as the holiday season approaches The Philippine car market expects sales to elevate in the fourth quarter.
Toyota Motor Philippines remained the industry leader with 48.8-percent share of the market in August.