Philippines: Trailer And Semi-Trailer Market 2024

Trailer And Semi-Trailer Market Size in the Philippines

The Philippine trailer and semi-trailer market contracted modestly to $X in 2022, almost unchanged from the previous year. Over the period under review, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.2% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Trailer And Semi-Trailer Production in the Philippines

In value terms, trailer and semi-trailer production rose slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.5% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 29%. Trailer and semi-trailer production peaked at $X in 2020; afterwards, it flattened through to 2022.

Trailer And Semi-Trailer Exports

Exports from the Philippines

In 2022, shipments abroad of cargo trailers and semi-trailers increased by 275% to X units for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2013 when exports increased by 15,702% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, trailer and semi-trailer exports shrank to $X in 2022. Overall, exports, however, saw a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 930%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Netherlands (X units), New Zealand (X units) and Hong Kong SAR (X units) were the main destinations of trailer and semi-trailer exports from the Philippines.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +24.1%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), New Zealand ($X) and Hong Kong SAR ($X) were the largest markets for trailer and semi-trailer exported from the Philippines worldwide.

In terms of the main countries of destination, the Netherlands, with a CAGR of +41.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average trailer and semi-trailer export price amounted to $X per unit, dropping by -77.3% against the previous year. In general, the export price, however, showed tangible growth. The growth pace was the most rapid in 2014 when the average export price increased by 25,853%. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then fell significantly in the following year.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the country with the highest price was New Zealand ($X per unit), while the average price for exports to Hong Kong SAR ($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 Singapore (+68.6%), while the prices for the other major destinations experienced mixed trend patterns.

Trailer And Semi-Trailer Imports

Imports into the Philippines

In 2022, approx. X units of cargo trailers and semi-trailers were imported into the Philippines; waning by -46.6% on 2021. Overall, imports saw a pronounced setback. The growth pace was the most rapid in 2015 when imports increased by 96%. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, trailer and semi-trailer imports fell dramatically to $X in 2022. Over the period under review, imports, however, showed temperate growth. The most prominent rate of growth was recorded in 2015 with an increase of 59% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), Japan (X units) and Germany (X units) were the main suppliers of trailer and semi-trailer imports to the Philippines, with a combined 82% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +18.0%), while imports for the other leaders experienced mixed trend patterns.

In value terms, China ($X) constituted the largest supplier of cargo trailers and semi-trailers to the Philippines, comprising 51% of total imports. The second position in the ranking was taken by Japan ($X), with an 18% share of total imports. It was followed by Germany, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +23.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.9% per year) and Germany (-3.4% per year).

Import Prices by Country

In 2022, the average trailer and semi-trailer import price amounted to $X per unit, growing by 37% against the previous year. Over the period under review, the import price showed a resilient expansion. The most prominent rate of growth was recorded in 2018 an increase of 87%. The import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for South Korea ($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 United States (+18.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform