Philippines: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in the Philippines

The Philippine market for tyres for agriculture, forestry, construction, industry and other off the road vehicles expanded rapidly to $X in 2022, rising by 5.8% 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, consumption saw a moderate increase. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from the Philippines

In 2022, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from the Philippines declined significantly to X units, dropping by -95.2% compared with 2021. Over the period under review, exports continue to indicate a significant decrease. The growth pace was the most rapid in 2019 with an increase of 356% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles fell markedly to $X in 2022. In general, exports showed a precipitous curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 365%. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the maximum at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X units) was the main destination for exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from the Philippines, accounting for a 78% share of total exports. Moreover, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to the United Arab Emirates exceeded the volume sent to the second major destination, Japan (X units), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+55.2% per year) and Papua New Guinea (-45.5% per year).

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates totaled +22.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+17.9% per year) and Papua New Guinea (-45.6% per year).

Export Prices by Country

The average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, rising by 188% against the previous year. Overall, the export price showed a resilient expansion. The growth pace was the most rapid in 2014 an increase of 515%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2016; however, from 2017 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 Japan ($X per unit), while the average price for exports to Papua New Guinea ($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 New Zealand (+28.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into the Philippines

In 2022, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles into the Philippines skyrocketed to X units, picking up by 21% against 2021. Overall, imports saw prominent growth. The growth pace was the most rapid in 2018 with an increase of 113%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles declined to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 51% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of agricultural, construction and industrial machinery tyre to the Philippines, with a 73% share of total imports. Moreover, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sevenfold. India (X units) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +13.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.9% per year) and India (+5.2% per year).

In value terms, Japan ($X), China ($X) and India ($X) were the largest agricultural, construction and industrial machinery tyre suppliers to the Philippines, together comprising 90% of total imports. Thailand, South Korea and Sri Lanka lagged somewhat behind, together accounting for a further 3.9%.

Sri Lanka, with a CAGR of +12.9%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, falling by -24.8% against the previous year. Over the period under review, the import price saw a deep contraction. The pace of growth was the most pronounced in 2020 when the average import price increased by 80% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+3.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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