The light electric vehicle market in Philippines is expected to record a positive CAGR of ~117% on the basis of revenue in between 2017 and 2022: Ken Research

Economic Growth in Philippines

Steady economic growth in Philippines serve as a catalyst for the increasing adoption of EVs in the country. Even though, the share of electric passenger cars was comparatively lower than that of e-tricycles and electric two wheelers in 2022 but in coming years, the demand for EV will witness massive surge supported by strong economic growth coupled with increasing domestic investment and rising per capita disposable income. GDP per capita in Philippines expanded with a CAGR of 3.2% in between 2017 and 2021.

Nickel Mining

Majority of EVs use lithium-ion batteries as of 2022, relying on a combination of minerals such as copper, nickel, lithium, manganese and cobalt. Therefore, the greater adaptability of EVs in will serve as a major determinant for the growth in demand for these minerals in coming years.  Philippines had the fifth largest nickel reserves in the world, serving as the world’s largest nickel ore supplier as of 2022. 370,000 metric tons of nickel was mined in Philippines in 2021, contributing significantly to country’s overall mining sector and economic growth. Therefore, the enhancement of the country’s nickel mining sector will result in improved export prospect of the mineral from Philippines, ultimately contributing to the surging global electric vehicle production.

Reduction in Import Duty

In 2022, Department of Trade and Industry (DTI) announced the proposal for scrapping of import duty on electric vehicles to accelerate the country’s shift in adapting to environmental friendly transportation ecosystem. The proposal if implemented, will contribute in bringing down the cost for this mode of transportation that will encourage more people to avail e-vehicles than those run by fuel products in coming years, assisting the country in limiting carbon emissions. The proposal aims to adjust the tariff rate from 30% to 0% in order to populate the market with e-vehicles. The electric vehicles imported from ASEAN region already enjoys a zero-percent tariff rate as of 2022.

Installation of Charging Stations

As of 2018, there were only 19 charging stations installed in Philippines, mostly concentrated in the mainland of Luzon. Government’s push through their EVIDA legislation to install more charging stations at public locations such as parking spaces, will drive the demand for EVs in coming years.

Improvements in Battery Technology

Improvement in battery technology contributes in increasing the range and longevity of EVs. EVs that can cover more miles between charges are more practical for those with longer commutes. Coupled with that, advancement in technology will make two-wheeler EVs more affordable, positively impacting the furure demand for EVs.

Introduction of New EV Models

In the initial years of EV inception, there were an extremely limited number of makes and models to choose from, many of which could be cost prohibitive. As EVs become more common, many more styles and models of vehicles will become available, appealing to the wants and needs of a wider array of consumers.

The publication titled Philippines Light Electric Vehicle Market Outlook to 2027: Driven by government initiative to develop the EV industry and increasing consumer preference towards limiting carbon footprint provides a comprehensive analysis of the light electric vehicle industry by analyzing historical statistics and corresponding developments in the LEV market. The report covers various aspects including market size of two/three-wheeler, four-wheeler and consolidated LEV industry on the basis of revenue, average price & volume. Further the report covers insights on LEV market overview, ecosystem, operating model, different stages in LEV manufacturing process, value chain analysis, GDP per capita, urbanization rate, trends and developments, Porter 5 Forces Analysis, government initiatives and regulations, growth drivers, impact of COVID-19, risk factors governing the future outlook of industry, consumer demographics & preferences, and demand analysis on the basis of TAM, SAM and SOM. Insights on competitive landscape of two/three wheeler and four-wheeler brands have been covered in the report along with cross comparison between major players operating in the ecosystem on the basis of operational and financial parameters such as year of establishment, technology type, model, price, number of electric vehicles sold, market share on the basis of volume, EV range, battery type, battery capacity, company overview, geographical presence, dealerships, recent developments, business model, strengths, pain points, USP, collaboration, revenue streams, product portfolio, average price, operations, recent developments, revenue, sales, operating profit and global sales figure.

philippines-lev-market

The report focuses on Philippines Light Electric Vehicle Market segmentation By Type of Two/Three-Wheeler EV (E-Trikes and E-Motorcycles); By Type of Four-Wheeler EV (Passenger Car and Light Commercial Vehicle); By Type of Four-Wheeler EV Technology (HEV, PHEV and BEV); By Price of Four-Wheeler EV (Less than PHP 2,000,000, PHP 2,000,000-4,000,000 and More than PHP 4,000,000); By Type of Four-Wheeler EV Battery (Nickel Metal Hydride Battery, Lithium-Ion Battery, Nickel Manganese and Cobalt Battery); By Four-Wheeler EV Battery Capacity (Less than 2 kWh, 2-20 kWh, 20-40 kWh and More than 40 kWh); By Four-Wheeler EV Brands (Toyota, Lexus, Nissan and BYD) and By Region (Ilocos, Central Luzon, National Capital Region, Western Visayas, Central Visayas, Eastern Visayas, Mimaropa, Mindanao Region, Caraga, Bikol Region, Caragan Valley and Cordillera Administrative Region). Philippines LEV Market report concludes with projections for the future of the industry on the basis of revenue volume & average price, industry speaks and analysts’ take on the future highlighting the major opportunities.

Key Segments Covered in Philippines Light Electric Vehicles Industry:-

By Type of Two/Three Wheeler EV

E-Trikes

E-Motorcycles

By Type of Four-Wheeler EV

Passenger Car

Light Commercial Vehicle

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By Type of Four-Wheeler EV Technology

HEV

PHEV

BEV

By Price of Four-Wheeler EV

Less than PHP 2,000,000

PHP 2,000,000-4,000,000

More than 4,000,000

By Type of Four-Wheeler EV Battery

Nickel Metal Hydride Battery

Lithium-Ion Battery

Nickel Manganese and Cobalt Battery

By Four-Wheeler EV Battery Capacity

Less than 2 kWh

2-20 kWh

20-40 kWh

More than 40 kWh

By Four-Wheeler EV Brands

Toyota

Lexus

Nissan

BYD

By Region

Ilocos

Central Luzon

National Capital Region

Western Visayas

Central Visayas

Eastern Visayas

Mimaropa

Mindanao Region

Caraga

Bikol Region

Caragan Valley

Cordillera Administrative Region

Time Period Captured in the Report:-

Historical Period: 2017-2022

Forecast Period: 2023F-2027F

Philippines Light Electric Vehicle Market Players

Electric Two-Wheelers

NWOW

Inokim

Maeving

KYMCO

Motor Star

Electric Three-Wheelers

Bemac

Terra Motors

Tojo Motors

SunE

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Electric Four-Wheelers

Toyota

Nissan

BYD

Lexus

BMW

Audi

Porsche

Jaguar

Key Topics Covered in the Report:-

Overview of Light Electric Vehicle Industry

Ecosystem of Light Electric Vehicle Industry

Value Chain Analysis of Light Electric Vehicle Industry

Operating Model of Light Electric Vehicle Industry

Market Size of Light Electric Vehicle Industry by Revenue, Volume, and Average Price

Market Segmentation of Light Electric Vehicle Industry (By Type of Two/Three Wheeler EV, By Type of Four-Wheeler EV, By Type of Four-Wheeler EV Technology, By Price of Four-Wheeler EV, By Type of Four-Wheeler EV Battery, By Four-Wheeler EV Battery Capacity, By Four-Wheeler EV Brands and By Region)

Issues and Challenges in Electric Vehicles Market

Trends and Developments, Porter’s Five Forces Analysis, Growth Drivers, Government Regulations and Initiatives

Impact of COVID-19

Consumer Demographics and Consumer Preferences

Demand Drivers of LEV Market

Demand Analysis on the basis of TAM, SAM and SOM

Product Analysis of Major Four-Wheeler EV Brands (Toyota, Nissan, Lexus and BYD)

Competitive Landscape of the Four-Wheeler and Two/Three Wheeler Light Electric Vehicle Industry

Cross Comparison of Major Four-Wheeler LEV Players on the basis of Operational Parameters (Year of Establishment, Technology Type, Model, Price, Number of Electric Vehicles Sold, Market Share on the basis of Volume, EV Range, Battery Type, and Battery Capacity)

Cross Comparison of Major Four-Wheeler LEV Players on the basis of Financial Parameters (Revenue for 2021, Total Sales for 2021, Auto Parts’ Exports for 2021, Procurement from Suppliers for 2021, Global Sales Volume for 2021, Revenue for 2021, Global Operating Profit for 2021, Global Revenue for 2021 and Net Profit Margin for 2021)

Company Profiles of Major Four-Wheeler LEV Players (Company Overview, Geographical Presence, Dealerships, Recent Developments, Business Model, Strengths, Pain Points, USP, Collaboration, Revenue Streams, Product Portfolio, Average Price, Operations and Recent developments)

Company Profiles of Major Two/Three-Wheeler LEV Players (Company Overview, Operations, Strenghts, Recent developments, Product Portfolio, Business Strategies and Pain Points)

Future Market Size of Light Electric Vehicle Industry by Revenue, Volume, and Average Price

Future Market Segmentation of Light Electric Vehicle Industry

Analyst Recommendations

Industry Speaks

For more information on the research report, refer to below link:-

Philippines Light Electric Vehicle Market

Related Reports:-

Malaysia Electric Vehicle Market Outlook to 2026: Driven by government initiatives along with the need to curb vehicular emissions, and increasing charging infrastructure

UAE Electric Vehicle Charging Equipment Market Outlook To 2026: Driven By Government Support And Incentives With The Increasing Focus To Achieve Green And Sustainable Economy

India Electric Three Wheeler Market Outlook to 2025- By Wheeler Type (Passenger, Goods, Personal), By Vehicle Category (Transport and Non-Transport), Registration by Region (North, East, West, South) and Registration by State

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