The Chamber of Automotive Manufacturers of the Philippines Inc. or CAMPI and the Truck Manufacturers Association or TMA are expecting vehicle sales of 423,000 by the year's end, as automotive sales continue to surge, proving that the industry is on the verge of full recovery for 2023 from the devastation of the COVID-19 pandemic.

Citing its joint report, CAMPI and TMA said automotive sales posted a year-on-year growth of 18.6 percent, selling 38,128 units in October 2023 from 32,146 units in October 2022.

According to CAMPI president Rommel Gutierrez, vehicle sales were sustained by aggressive marketing activities and supply improvement across all brands.

"Consumer appetite is high, and sales are driven by continued pent-up demand, which is also supported by easier access to credit," he said.

On the other hand, passenger car sales registered month-on-month growth of 5.5 percent with 10,087 units sold, while commercial vehicle sales slightly declined by 3.5 percent at 28,041 units.

However, total vehicle sales for year-to-date October 2023 are 25.9 percent higher at 352,971 units compared to 280,300 units during the same period in 2022.

"The industry is on track to full recovery to pre-pandemic levels. "We already achieved 83 percent of our 2023 forecast in October. With sustained demand, we are confident that we can achieve 423,000 units sales by year-end."

With the said figures, Toyota Motor Philippines Corporation continues to dominate the automotive market with 46 percent market share, followed by Mitsubishi Motors Philippines Corporation with 18.5 percent; Ford Motor Company Philippines Inc. with 7.4 percent; Nissan Philippines Inc. with 6.3 percent; and Suzuki Philippines Inc. with 4.3 percent.

It can be recalled that during the onset of the pandemic in 2020, the Philippine auto industry dropped 40.26 percent in terms of sales due to the economic downturn.

The global contagion has sent the Philippine auto industry into a nosedive as auto sales registered only 248,171 units.