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Local vehicle sales climb by 42% when they start in 2023.

The Truck Manufacturers Association (TMA) and the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) announced on Monday that their combined vehicle sales at the beginning of the year grew by 42.1 percent to 29,499 units.

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In comparison to the 20,765 units sold in January 2022, this equates to an increase of 8,734 units.

“The auto sector is off to a solid start this year with the double-digit sales rise of 42.1 percent reported in January, coming from a year-over-year robust growth performance in 2022,” CAMPI president Rommel Gutierrez said in a statement.

Both passenger car sales and sales of commercial vehicles increased by double digits in January.

In comparison to the 5,784 units sold in January 2022, the passenger car segment sold 7,506 units last month, a 29.8% increase.

Additionally, sales of commercial vehicles increased by 46.8% year over year to 21,993 units from 14,981 units.

Last month, sales of light commercial vehicles peaked at 16,757 units, followed by those of Asian utility vehicles at 4,587 units.

The preceding month saw the sale of 370 units of light trucks, 235 units of trucks and buses in categories IV and V, and 44 units of buses.

“The domestic consumer market’s sustained growth is expected to underpin the auto industry’s continued demand-side expansion. On the other hand, the industry is aware of the supply-side challenge(s) as a significant consideration because they may impede industry growth “explained Gutierrez

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