Surge in auto sales bolsters parts, car care market – Malaya
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The automotive parts and car care products sectors anticipate further growth following the surge in new vehicle sales.
The industry has more than 250 businesses that produce and import up to 330 types of parts and components made of metals, rubber, plastic, and other composite materials.
These companies supply items for original equipment manufacturers (OEMs) and independent aftermarket (IAM) or the parts replacement market in the country.
Rungphech Chitanuwat, general manager in the Philippines of Informa Markets, organizer of the inaugural Auto Parts & Vehicles Expo (APVE), said the vehicle parts sector in the country is very promising along with the robustly growing vehicle sales.
Automotive sales in the Philippines grew by a whopping 21.9 percent in 2023 to a record of 429,807 units. That exceeded the industry’s annual sales target of 423,000 and even outpaced the pre-pandemic sales levels. Passenger vehicles accounted for 25.4 percent of the actual annual sales figure, while the rest (74.6 percent) is comprised of commercial vehicles.
APVE also covers suppliers and spare parts for the growing electric vehicle (EV) sector in the country. Through Republic Act 11697 or the Electric Vehicle Industry Development Act , sales of electric vehicles continue to pick up along with the faster EV adoption, encouraging public sector support, and democratizing costs.
Chitanuwat said APVE will run from June 5 to 7 at the World Trade Expo Manila as a platform for local and international suppliers to convene for trading, networking, and exchange of ideas and innovations about automotive parts, accessories, maintenance equipment, and tools.
The event will gather up to 4,000 prospective buyers and sellers from Southeast Asia. Hundreds of regional and international exhibitors are showcasing the latest products and solutions in the evolving auto parts sector.
“APVE is also relevant to several related industries like mining, construction, logistics, transportation, and agriculture,” Chitanuwat said.
