Philippines: Ride-On Compaction Equipment Market 2024

Ride-On Compaction Equipment Market Size in the Philippines

After two years of growth, the Philippine ride-on compaction equipment market decreased by X% to $X in 2022. Over the period under review, consumption continues to indicate a strong expansion. Ride-on compaction equipment consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Ride-On Compaction Equipment Production in the Philippines

In value terms, ride-on compaction equipment production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Ride-On Compaction Equipment Exports

Exports from the Philippines

Ride-on compaction equipment exports from the Philippines amounted to X units in 2022, approximately reflecting 2021 figures. In general, exports continue to indicate a sharp reduction. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, ride-on compaction equipment exports stood at $X in 2022. Over the period under review, exports continue to indicate a sharp descent. The pace of growth appeared the most rapid in 2020 when exports increased by X%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico (X units) was the main destination for ride-on compaction equipment exports from the Philippines, accounting for a X% share of total exports. Moreover, ride-on compaction equipment exports to Mexico exceeded the volume sent to the second major destination, Vietnam (X units), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Mexico totaled X%.

From 2012 to 2022, the average annual rate of growth in terms of value to Mexico amounted to X%.

Export Prices by Country

The average ride-on compaction equipment export price stood at $X per unit in 2022, therefore, remained relatively stable against the previous year. In general, the export price continues to indicate significant growth. The pace of growth appeared the most rapid in 2020 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Mexico stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (X%), while the prices for the other major destinations experienced more modest paces of growth.

Ride-On Compaction Equipment Imports

Imports into the Philippines

After two years of growth, supplies from abroad of ride-on compaction equipment decreased by X% to X units in 2022. Overall, imports, however, enjoyed a significant increase. The growth pace was the most rapid in 2018 with an increase of X%. Over the period under review, imports reached the peak figure at X units in 2021, and then shrank modestly in the following year.

In value terms, ride-on compaction equipment imports dropped markedly to $X in 2022. In general, imports, however, posted buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of ride-on compaction equipment to the Philippines, with a X% share of total imports. Moreover, ride-on compaction equipment imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold.

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

In value terms, China ($X) constituted the largest supplier of ride-on compaction equipment to the Philippines, comprising X% of total imports. The second position in the ranking was held by India ($X), with a X% share of total imports.

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: India (X% per year) and Japan (X% per year).

Import Prices by Country

In 2022, the average ride-on compaction equipment import price amounted to $X per unit, shrinking by X% against the previous year. Overall, the import price faced a abrupt downturn. The pace of growth was the most pronounced in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform