Car manufacturers continue to benefit from the growing demand for vehicles, either for commercial or personal use, as sold units reached 109,606 in the first quarter of the year.

Based on a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) released on Monday, the car sales from January to March showed a 12 percent increase from 97,284 units sold from its year-ago level.

CAMPI President Rommel Gutierrez said the automotive industry managed to close the first quarter on a positive note despite a notable 1.6 percent sales decline month-on-month.

"The year-to-date (YTD) sales performance was driven by sustained demand for new vehicles, supported by overall supply improvement. Our first quarter performance keeps us on track to achieve our 2024 target", Gutierrez said.

Gutierrez also pointed out that YTD sales already take up 23 percent of CAMPI's "conservative forecast" of 468,300 units sold in 2024.

As per the report, commercial vehicles maintained their dominance, contributing 81,395 units and accounting for 74 percent of total sales.

Light Commercial Vehicles continued to lead CV sales, with 60,302 units sold, representing 74 percent of total CV sales.

The MPV/AUV sub-segment, on the other hand, delivered a year-over-year growth of 27 percent.

In contrast, passenger cars recorded sales of 28,211 units, representing a 26 percent share of total sales.

Toyota Motor Philippines Corp., a joint venture between Ty Family's GT Capital and Japan's Toyota Motor Corp., maintained its position as the automotive sales leader, securing 45.31 percent of the total market.

Trailing behind Toyota, Mitsubishi Motors Philippines Corp. claimed 19.04 percent of the market share.

Nissan Philippines, Inc. gained a 7.22 percent share, while Ford Group Philippines, and Suzuki Philippines, Inc. captured 6.87 percent and 4.01 percent of the market, respectively.