The commercial vehicle market over 2 tons gvw continued to decline sharply in the third quarter of 2024, by almost 19% to 43,267 units from an already weak 53,150 sales a year earlier.

The market for commercial vehicles over 2 tons gvw declined by over 17% to 16,517 units in the third quarter of 2024 from strong year-earlier sales of 19,966 units.

Commercial vehicle sales over 2 tons gvw improved by 12% to 34,394 unit in the third quarter of 2024, compared with the same quarter a year earlier when volumes plunged by 27% to 30,664 units.

The Philippine commercial vehicle market over 2 tons gvw was slightly higher year-on-year at 87,448 units in the first nine months of 2024

Sales of commercial vehicles over 2 tons gvw fell by over 12% year-on-year to 255,680 units in the first nine months of 2024.

Sales declined by 15% to 276,272 in the third quarter of 2024.

Vehicle production also saw a rise of 13.8% in the first half of FY 2024-25.

Production saw a more significant decrease of 13.7%, dropping from 37,014 units to 31,938 units.

Production decreased by 8.7%, while exports saw sales improve by 8.6%.

Tractor production decreased by a greater percentage of 9.9%, falling from 33,269 units to 29,985 units.

Medium and heavy rigid truck (7.5t GVW and above) sales slipped by 8% to 108,018 units from 117,351 units in the same period of FY2023.

The market continued its trend of growth in the third quarter of 2024, reporting a 36.1% increase in registrations to 2,367 compared to the same period of the year before, according to statistics published by the Society of Motor Manufacturers and Traders (SMMT).