Philippines: Non-Propelled Vehicle Market 2024

Non-Propelled Vehicle Market Size in the Philippines

The Philippine non-propelled vehicle market declined to $X in 2022, with a decrease of 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). Overall, the total consumption indicated moderate 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. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Non-Propelled Vehicle Exports

Exports from the Philippines

In 2022, shipments abroad of vehicles not mechanically propelled was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Overall, exports showed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, non-propelled vehicle exports surged to $X in 2022. In general, exports enjoyed a perceptible increase. The pace of growth was the most pronounced in 2017 when exports increased by X%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria (X units) was the main destination for non-propelled vehicle exports from the Philippines, accounting for a X% share of total exports. Moreover, non-propelled vehicle exports to Nigeria exceeded the volume sent to the second major destination, the United States (X units), threefold. 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 to Nigeria was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Japan (X% per year).

In value terms, the United States ($X) emerged as the key foreign market for vehicles not mechanically propelled exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by South Korea ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and Japan (X% per year).

Export Prices by Country

In 2022, the average non-propelled vehicle export price amounted to $X per unit, dropping by X% against the previous year. Overall, the export price recorded a abrupt downturn. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

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

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Non-Propelled Vehicle Imports

Imports into the Philippines

In 2022, after two years of growth, there was decline in purchases abroad of vehicles not mechanically propelled, when their volume decreased by X% to X units. Overall, imports, however, recorded a moderate expansion. The pace of growth appeared the most rapid in 2016 with an increase of X%. Imports peaked at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, non-propelled vehicle imports rose sharply to $X in 2022. In general, imports, however, recorded resilient growth. The growth pace was the most rapid in 2018 with an increase of X%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of non-propelled vehicle to the Philippines, with a X% share of total imports. Moreover, non-propelled vehicle imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), sixfold. The third position in this ranking was held by Malaysia (X units), with a X% share.

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

In value terms, China ($X) constituted the largest supplier of vehicles not mechanically propelled to the Philippines, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by Malaysia, with a X% share.

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

Import Prices by Country

The average non-propelled vehicle import price stood at $X per unit in 2022, increasing by X% against the previous year. Overall, the import price enjoyed a resilient expansion. The growth pace was the most rapid in 2018 when the average import price increased by X% against the previous year. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

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 Japan ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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