Philippines: Market for Boards, Consoles, Equipped With Electrical Switching Apparatus For A Voltage Exceeding 1000 V 2024

Market Size for Boards, Consoles, Equipped With Electrical Switching Apparatus For A Voltage Exceeding 1000 V in the Philippines

The Philippine electrical board and console market surged to $X in 2022, rising by X% against the previous year. Over the period under review, consumption enjoyed a buoyant increase. Electrical board and console consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Boards, Consoles, Equipped With Electrical Switching Apparatus For A Voltage Exceeding X V in the Philippines

In value terms, electrical board and console production surged to $X in 2022 estimated in export price. Overall, production enjoyed resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

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Exports of Boards, Consoles, Equipped With Electrical Switching Apparatus For A Voltage Exceeding 1000 V

Exports from the Philippines

In 2022, shipments abroad of boards, consoles, equipped with electrical switching apparatus for a voltage exceeding X v increased by X% to X units, rising for the sixth year in a row after two years of decline. In general, exports enjoyed significant growth. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, electrical board and console exports amounted to $X in 2022. Overall, exports recorded a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X units), South Korea (X units) and Thailand (X units) were the main destinations of electrical board and console exports from the Philippines, together comprising X% of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electrical board and console exported from the Philippines were the United States ($X), South Korea ($X) and Thailand ($X), together accounting for X% of total exports.

Thailand, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average electrical board and console export price stood at $X per unit in 2022, dropping by X% against the previous year. Overall, the export price recorded a deep reduction. The pace of growth appeared the most rapid in 2013 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United States ($X per unit) and South Korea ($X per unit), while the average price for exports to Portugal ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Boards, Consoles, Equipped With Electrical Switching Apparatus For A Voltage Exceeding 1000 V

Imports into the Philippines

In 2022, overseas purchases of boards, consoles, equipped with electrical switching apparatus for a voltage exceeding X v were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, electrical board and console imports expanded to $X in 2022. In general, imports posted prominent growth. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest electrical board and console supplier to the Philippines, with a X% share of total imports. Moreover, electrical board and console imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), sevenfold. The third position in this ranking was held by Japan (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Japan (X% per year).

In value terms, China ($X) constituted the largest supplier of boards, consoles, equipped with electrical switching apparatus for a voltage exceeding X v to the Philippines, comprising X% of total imports. The second position in the ranking was taken by Italy ($X), with an X% share of total imports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Japan (X% per year).

Import Prices by Country

The average electrical board and console import price stood at $X per unit in 2022, shrinking by X% against the previous year. Over the period under review, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, electrical board and console import price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then fell modestly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Malaysia ($X per unit) and Germany ($X per unit), while the price for Singapore ($X per unit) and Turkey ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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