The Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association are expecting another record-breaking year this 2024, banking on the positive economic outlook of the government and other economic think tanks for the Philippines.

In a joint statement on Wednesday, the said groups stated that there is a 21.9 percent growth in total sales at 429,807 units for this year, well above the revised 2023 sales forecast of 423,000 units announced by CAMPI in August 2023.

“2023 was a very strong year for the industry and we are very excited about 2024. Positive economic outlook, new model introductions, and the electrification trend are expected to contribute to record-breaking sales this year,” said CAMPI president Atty. Rommel Gutierrez.

The statement said passenger cars accounted for 24 percent of total sales at 109,264 units from January to December 2023.

On the other hand, commercial vehicles accounted for 76 percent of total sales at 320,543 units.

The sales of light commercial vehicles, mainly pickup and sports utility vehicles, accounted for 79 percent of commercial vehicle sales at 248,148 units.

CAMPI also attributed the performance to sustained consumer demand, easier access to credit, and improved supply conditions across all brands.

Records from the groups said the end-of-year deals pushed sales in December at 39,153 units, which is 5.1 percent higher compared to the same period last year.

Last month, Gutierrez already hinted at breaching pre-pandemic sales and full industry recovery in 2023.

Toyota Motor Philippines Corp. remains the market leader in the country with 46.5 percent market share, followed by Mitsubishi Motors Philippines Corp. with 18.2 percent, Ford Group Philippines with 7.3 percent, Nissan Philippines Inc. with 6.3 percent, and Suzuki Philippines Inc. with 4.3 percent.