Philippines: Special Vehicle Body Market 2024

Special Vehicle Body Market Size in the Philippines

The Philippine special vehicle body market declined significantly to $X in 2022, with a decrease of X% 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, however, enjoyed a buoyant increase. Special vehicle body consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Special Vehicle Body Exports

Exports from the Philippines

In 2022, after two years of decline, there was significant growth in overseas shipments of bodies for special purpose motor vehicles, when their volume increased by X% to X units. Over the period under review, exports, however, saw a sharp downturn. The most prominent rate of growth was recorded in 2017 with an increase of X%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, special vehicle body exports shrank notably to $X in 2022. In general, exports, however, saw a precipitous decline. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X units) and Indonesia (X units) were the main destinations of special vehicle body exports from the Philippines.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of X%).

In value terms, Japan ($X) remains the key foreign market for bodies for special purpose motor vehicles exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled X%.

Export Prices by Country

In 2022, the average special vehicle body export price amounted to $X per unit, falling by X% against the previous year. In general, the export price, however, saw resilient growth. The pace of growth appeared the most rapid in 2020 an increase of X%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat 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 Indonesia totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%).

Special Vehicle Body Imports

Imports into the Philippines

Special vehicle body imports into the Philippines contracted markedly to X units in 2022, dropping by X% against the previous year's figure. In general, imports, however, saw a modest increase. The growth pace was the most rapid in 2015 with an increase of X%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, special vehicle body imports contracted rapidly to $X in 2022. Over the period under review, imports, however, saw a perceptible expansion. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of special vehicle body to the Philippines, accounting for a X% share of total imports. Moreover, special vehicle body imports from Japan exceeded the figures recorded by the second-largest supplier, South Korea (X units), fivefold. China (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and China (X% per year).

In value terms, Japan ($X) constituted the largest supplier of bodies for special purpose motor vehicles to the Philippines, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Japan totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and South Korea (X% per year).

Import Prices by Country

The average special vehicle body import price stood at $X per unit in 2022, approximately mirroring the previous year. Over the period under review, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, special vehicle body import price increased by X% against 2016 indices. The growth pace was the most rapid in 2020 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per unit), while the price for Singapore ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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