Philippines: Market for Wiring sets used in vehicles, aircraft or ships 2023

Market Size for Wiring sets used in vehicles, aircraft or ships in the Philippines

The Philippine market for wiring sets used in vehicles, aircraft or ships rose remarkably to $X in 2021, surging by 7.8% against the previous year. In general, consumption saw resilient growth. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Production of Wiring sets used in vehicles, aircraft or ships in the Philippines

In value terms, production of wiring sets used in vehicles, aircraft or ships rose sharply to $X in 2021 estimated in export price. Over the period under review, production showed a pronounced expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 488% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production of growth remained at a somewhat lower figure.

Exports of Wiring sets used in vehicles, aircraft or ships

Exports from the Philippines

In 2021, exports of wiring sets used in vehicles, aircraft or ships from the Philippines rose rapidly to X tons, with an increase of 11% on 2020. In general, total exports indicated a measured expansion from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -24.0% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 30% against the previous year. Over the period under review, the exports of attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of wiring sets used in vehicles, aircraft or ships soared to $X in 2021. The total export value increased at an average annual rate of +5.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when exports increased by 39%. As a result, the exports reached the peak of $X; afterwards, it flattened through to 2021.

Exports by Country

Japan (X tons) was the main destination for exports of wiring sets used in vehicles, aircraft or ships from the Philippines, with a 54% share of total exports. Moreover, exports of wiring sets used in vehicles, aircraft or ships to Japan exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was taken by South Korea (X tons), with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.1% per year) and South Korea (+79.1% per year).

In value terms, Japan ($X) remains the key foreign market for wiring sets used in vehicles, aircraft or ships exports from the Philippines, comprising 51% of total exports. The second position in the ranking was held by the United States ($X), with a 25% share of total exports. It was followed by Canada, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+4.4% per year) and Canada (-5.7% per year).

Export Prices by Country

In 2021, the average export price for wiring sets used in vehicles, aircraft or ships amounted to $X per ton, rising by 9.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2019 an increase of 23%. The export price peaked in 2021 and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2021, the highest price was recorded for prices to Canada ($X per ton) and Thailand ($X per ton), while the average price for exports to Mexico ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Wiring sets used in vehicles, aircraft or ships

Imports into the Philippines

In 2021, imports of wiring sets used in vehicles, aircraft or ships into the Philippines soared to X tons, increasing by 30% on the previous year's figure. In general, imports showed a remarkable increase. The pace of growth was the most pronounced in 2016 with an increase of 79% against the previous year. Imports peaked in 2021 and are likely to continue growth in years to come.

In value terms, imports of wiring sets used in vehicles, aircraft or ships surged to $X in 2021. Over the period under review, imports continue to indicate strong growth. The growth pace was the most rapid in 2016 when imports increased by 73%. Over the period under review, imports of attained the maximum in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, South Korea (X tons) constituted the largest wiring sets used in vehicles, aircraft or ships supplier to the Philippines, with a 60% share of total imports. Moreover, imports of wiring sets used in vehicles, aircraft or ships from South Korea exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fivefold. The third position in this ranking was held by Japan (X tons), with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea amounted to +36.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+22.4% per year) and Japan (+10.6% per year).

In value terms, South Korea ($X) constituted the largest supplier of wiring sets used in vehicles, aircraft or ships to the Philippines, comprising 48% of total imports. The second position in the ranking was taken by Thailand ($X), with a 12% share of total imports. It was followed by Japan, with a 9.5% share.

From 2012 to 2021, the average annual growth rate of value from South Korea amounted to +39.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+19.1% per year) and Japan (+6.7% per year).

Import Prices by Country

The average import price for wiring sets used in vehicles, aircraft or ships stood at $X per ton in 2021, leveling off at the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2015 an increase of 35%. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+16.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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