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%.

Commercial vehicle sales in Singapore amounted to 6,287 units in the first nine months of 2024, compared with 7,434 units in the whole of 2023, according to the latest government registration data.

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).

The market for heavy goods vehicles (HGVs, i.e., trucks >6t) continued to slow down in the third quarter of 2024, declining by 6% compared with the same period of the year before, according to statistics published by the Society of Motor Manufacturers and Traders (SMMT).

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