Philippines: Tow-Behind Air Compressor Market 2024

Tow-Behind Air Compressor Market Size in the Philippines

The Philippine tow-behind air compressor market skyrocketed to $X in 2022, with an increase of 20% against the previous year. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Tow-Behind Air Compressor Production in the Philippines

In value terms, tow-behind air compressor production soared to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 95%. Tow-behind air compressor production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Tow-Behind Air Compressor Exports

Exports from the Philippines

In 2022, after three years of growth, there was significant decline in shipments abroad of air compressors mounted on a wheeled chassis for towing, when their volume decreased by -47.2% to X units. In general, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 29,529%. Over the period under review, the exports reached the peak figure at X units in 2021, and then contracted dramatically in the following year.

In value terms, tow-behind air compressor exports surged to $X in 2022. Over the period under review, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2019 when exports increased by 55,209%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Singapore (X units) was the main destination for tow-behind air compressor exports from the Philippines, with a 73% share of total exports. Moreover, tow-behind air compressor exports to Singapore exceeded the volume sent to the second major destination, the United States (X units), fivefold. The third position in this ranking was held by China (X units), with a 6.8% share.

From 2012 to 2022, the average annual growth rate of volume to Singapore amounted to +75.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+79.1% per year) and China (+122.5% per year).

In value terms, China ($X), the United States ($X) and Singapore ($X) appeared to be the largest markets for tow-behind air compressor exported from the Philippines worldwide, together comprising 78% of total exports.

In terms of the main countries of destination, China, with a CAGR of +335.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tow-behind air compressor export price stood at $X per unit in 2022, jumping by 118% against the previous year. In general, the export price, however, continues to indicate a abrupt decrease. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Singapore ($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 Germany (+286.7%), while the prices for the other major destinations experienced more modest paces of growth.

Tow-Behind Air Compressor Imports

Imports into the Philippines

Tow-behind air compressor imports into the Philippines shrank markedly to X units in 2022, which is down by -29.4% against the previous year's figure. In general, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 191%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, tow-behind air compressor imports contracted dramatically to $X in 2022. Over the period under review, imports, however, continue to indicate a notable increase. The pace of growth appeared the most rapid in 2015 with an increase of 98% against the previous year. Imports peaked at $X in 2021, and then dropped notably in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of tow-behind air compressor to the Philippines, with a 74% share of total imports. Moreover, tow-behind air compressor imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sevenfold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +34.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+13.0% per year) and Taiwan (Chinese) (+15.8% per year).

In value terms, the largest tow-behind air compressor suppliers to the Philippines were China ($X), Japan ($X) and Belgium ($X), with a combined 77% share of total imports.

Among the main suppliers, Japan, with a CAGR of +7.8%, recorded the highest growth rate of 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

In 2022, the average tow-behind air compressor import price amounted to $X per unit, rising by 15% against the previous year. Overall, the import price, however, saw a deep reduction. The growth pace was the most rapid in 2021 when the average import price increased by 38%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+91.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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