The Philippines’ 2024 Automobile Sales by Segment

Automobile sales in the Philippines increased by 5.9% from the previous year to 467,252 units in 2024. The total sales of the top seven brands increased steadily by 5.8% year-on-year to 413,353 units. In the passenger car sector, the A segment reached a record high for the first time in six years, and MPV sales reached a historic high level for the first time in seven years. On the other hand, SUVs slightly declined. Since interest rates have remained in the 6% range since mid-2023, the highest level since the bankruptcy of Lehman Brothers, sales of relatively cheap models have been strong.