Supply Chain Report: Automotive sales surge 79% in February

According to the latest report from the Supply Chain Report, the Philippines experienced a significant surge in automotive sales, reaching a staggering 79% increase in February compared to the same period last year.

This notable increase in sales was attributed to several factors, including the easing of quarantine restrictions, the gradual reopening of businesses, and the growing consumer confidence in the economy’s recovery from the challenges posed by the pandemic.

The report indicates that a total of 29,562 units were sold in February 2024, compared to the 16,503 units sold during the same month in 2023. This surge in sales was observed across various vehicle segments, including passenger cars, commercial vehicles, and light commercial vehicles.

Industry experts suggest that this surge in automotive sales reflects the pent-up demand for vehicles as consumers seek to replace aging units or acquire new ones to support their mobility needs amid the ongoing transition towards the new normal.

Despite the challenges posed by global supply chain disruptions and rising fuel prices, the automotive industry remains resilient, with manufacturers and dealers adapting to the evolving market conditions to meet consumer demand.

As the country continues its path towards economic recovery, the automotive sector is expected to play a crucial role in driving growth and contributing to the overall development of the economy.

The Supply Chain Report will continue to monitor and provide updates on the latest trends and developments in the automotive industry, offering valuable insights for stakeholders and decision-makers across the supply chain.