Philippines: Metal Vehicle Lock Market 2025

Metal Vehicle Lock Market Size in the Philippines

The Philippine metal vehicle lock market plummeted to $X in 2021, declining by -20% 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). Over the period under review, consumption continues to indicate a abrupt descent. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Metal Vehicle Lock Exports

Exports from the Philippines

In 2021, overseas shipments of base metal motor vehicle locks decreased by -80.9% to X tons, falling for the fourth year in a row after three years of growth. Over the period under review, exports recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 478% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, metal vehicle lock exports dropped notably to $X in 2021. Overall, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 916%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for metal vehicle lock exports from the Philippines, with a 87% share of total exports. Moreover, metal vehicle lock exports to the United States exceeded the volume sent to the second major destination, Mexico (X kg), more than tenfold.

From 2015 to 2021, the average annual growth rate of volume to the United States totaled -5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-17.8% per year) and Brazil (-47.7% per year).

In value terms, the United States ($X) remains the key foreign market for base metal motor vehicle locks exports from the Philippines, comprising 85% of total exports. The second position in the ranking was held by Mexico ($X), with an 8% share of total exports.

From 2015 to 2021, the average annual growth rate of value to the United States stood at +25.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+9.0% per year) and Brazil (-29.4% per year).

Export Prices by Country

The average metal vehicle lock export price stood at $X per ton in 2021, rising by 5.3% against the previous year. Over the period under review, the export price recorded a significant increase. The most prominent rate of growth was recorded in 2019 when the average export price increased by 79% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see steady growth in the near future.

Average prices varied noticeably for the major export markets. In 2021, the country with the highest price was Mexico ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2015 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+34.9%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Vehicle Lock Imports

Imports into the Philippines

In 2021, approx. X tons of base metal motor vehicle locks were imported into the Philippines; reducing by -46.4% compared with 2020 figures. Over the period under review, imports showed a deep downturn. The pace of growth was the most pronounced in 2018 when imports increased by 146%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, metal vehicle lock imports shrank sharply to $X in 2021. In general, imports, however, saw moderate growth. The pace of growth appeared the most rapid in 2018 with an increase of 150% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Japan (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of metal vehicle lock imports to the Philippines, with a combined 64% share of total imports. Thailand, Malaysia, South Korea, India, Hong Kong SAR and the Czech Republic lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2021, the biggest increases were recorded for the Czech Republic (with a CAGR of +860.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest metal vehicle lock suppliers to the Philippines were Japan ($X), China ($X) and Taiwan (Chinese) ($X), with a combined 64% share of total imports. These countries were followed by Thailand, Malaysia, South Korea, India, Hong Kong SAR and the Czech Republic, which together accounted for a further 28%.

The Czech Republic, with a CAGR of +839.5%, saw the highest rates of growth with regard to 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 metal vehicle lock import price stood at $X per ton in 2021, picking up by 7.6% against the previous year. In general, the import price saw a strong increase. The most prominent rate of growth was recorded in 2017 when the average import price increased by 121%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Hong Kong SAR ($X per ton) and South Korea ($X per ton), while the price for Thailand ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+28.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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