Philippines: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in the Philippines

The Philippine truck and bus tyre market fell rapidly to $X in 2022, which is down by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a slight reduction. Truck and bus tyre consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Exports of Tyres For Buses Or Lorries

Exports from the Philippines

In 2022, shipments abroad of tyres for buses or lorries increased by X% to X units, rising for the fifth consecutive year after two years of decline. In general, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2015 when exports increased by X%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, truck and bus tyre exports skyrocketed to $X in 2022. Overall, exports saw significant growth. The pace of growth was the most pronounced in 2014 when exports increased by X%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

Taiwan (Chinese) (X units) was the main destination for truck and bus tyre exports from the Philippines, with a X% share of total exports. It was followed by Palau (X units), with less than X% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Taiwan (Chinese) was relatively modest.

In value terms, Palau ($X) emerged as the key foreign market for tyres for buses or lorries exports from the Philippines, comprising less than X% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with less than X% share of total exports.

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

Export Prices by Country

The average truck and bus tyre export price stood at $X per unit in 2022, standing approx. at the previous year. Overall, the export price enjoyed a significant increase. The growth pace was the most rapid in 2013 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Palau ($X per unit), while the average price for exports to Taiwan (Chinese) amounted to $X per unit.

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

Imports of Tyres For Buses Or Lorries

Imports into the Philippines

In 2022, approx. X units of tyres for buses or lorries were imported into the Philippines; shrinking by X% on the previous year's figure. Over the period under review, total imports indicated pronounced growth from 2012 to 2022: its volume 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, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of X%. Imports peaked at X units in 2021, and then declined in the following year.

In value terms, truck and bus tyre imports dropped to $X in 2022. In general, total imports indicated prominent growth from 2012 to 2022: its value 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, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of truck and bus tyre to the Philippines, with a X% share of total imports. Moreover, truck and bus tyre imports from China exceeded the figures recorded by the second-largest supplier, India (X units), threefold. The third position in this ranking was held by Thailand (X units), with a X% share.

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

In value terms, China ($X), Thailand ($X) and India ($X) appeared to be the largest truck and bus tyre suppliers to the Philippines, with a combined X% share of total imports. Indonesia, Japan and Vietnam lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Vietnam, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average truck and bus tyre import price stood at $X per unit in 2022, shrinking by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 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 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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