Philippines Full Year 2024: Toyota tightens grip in record market

Renewed for 2024, the Toyota Wigo is up to #5 this year.

Discover 30 years of Philippines Historical Data here.

It’s a record market for new vehicle sales in the Philippines at 475,094 units (+7.5%), eclipsing the previous best of 473,943 reached in 2017. Toyota (+8.9%) tightens its grip on the market even further, improving its share from 44.9% to 45.4%. Mitsubishi (+13.7%) is also solid at 18.8% share, up one percentage point on last year. In contrast Ford (-10.6%) and Nissan (-1.3%) both struggle but hold onto their 2023 ranking at #3 and #4 respectively. MG (+58.8%), Kia (+33%) and Hyundai (+31.7%) post stellar performances below while Suzuki (+10.4%) is a little weaker but still beats the market. BYD (+790.1%) delivers the largest gain in market and surges from #25 to #11. Chinese brands improve vastly this year, with GWM (+213.5%), Jetour (+67.2%), GAC Motor (+65.1%) and Foton (+21.6%) all shooting up.

The Toyota Vios (+14.9%) signs a 6th consecutive annual win with an improved 9.2% share. Like in 2023, it distances the Toyota Hilux (+2.6%), Mitsubishi Mirage G4 (+12.4%) and Mitsubishi Xpander (+16.6%). The Toyota Wigo (+23.4%) jumps up three spots to close out the Top 5. As a result both the Toyota Raize (+3%) and Innova (+5.5%) drop one spot to #6 and #7 respectively. The Toyota Avanza (+30%) and Mitsubishi L300 (+6.3%) climb back into the Top 10.

Previous year: Philippines 2023: Toyota Vios scores 5th straight win in market up 18.6%

Two years ago: Philippines 2022: Toyota places 8 models in Top 10, sales up 26.6%

Full Year 2024 Top 45 All brands and Top 10 models vs. Full Year 2023 figures below.