Philippines: Market for Diesel Engines (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Diesel Engines (Other Than For Motor Vehicles And Aircraft) in the Philippines

The Philippine market for diesel engines (other than for motor vehicles and aircraft) soared to $X in 2022, jumping by 26% 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 continues to indicate a buoyant expansion. Consumption of peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Exports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Exports from the Philippines

In 2022, approx. X units of diesel engines (other than for motor vehicles and aircraft) were exported from the Philippines; which is down by -16.6% on the previous year's figure. Over the period under review, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 10,575% against the previous year. Over the period under review, the exports of attained the maximum at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, exports of diesel engines (other than for motor vehicles and aircraft) soared to $X in 2022. In general, exports, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2017 when exports increased by 724%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

South Africa (X units), Indonesia (X units) and Thailand (X units) were the main destinations of exports of diesel engines (other than for motor vehicles and aircraft) from the Philippines, together accounting for 88% of total exports.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of +113.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), South Africa ($X) and Thailand ($X) appeared to be the largest markets for diesel engines (other than for motor vehicles and aircraft) exported from the Philippines worldwide, with a combined 79% share of total exports.

South Africa, with a CAGR of +119.5%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for diesel engines (other than for motor vehicles and aircraft) stood at $X per unit in 2022, growing by 492% against the previous year. In general, the export price, however, saw a abrupt setback. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the average price for exports to Japan ($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 Thailand (+4.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Imports into the Philippines

In 2022, the amount of diesel engines (other than for motor vehicles and aircraft) imported into the Philippines surged to X units, picking up by 56% against 2021. In general, imports enjoyed a strong increase. The growth pace was the most rapid in 2019 with an increase of 117% against the previous year. Imports peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of diesel engines (other than for motor vehicles and aircraft) expanded to $X in 2022. Over the period under review, imports saw a buoyant expansion. The growth pace was the most rapid in 2016 with an increase of 159%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of diesel engines (other than for motor vehicles and aircraft) to the Philippines, accounting for a 73% share of total imports. Moreover, imports of diesel engines (other than for motor vehicles and aircraft) from Japan exceeded the figures recorded by the second-largest supplier, China (X units), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan totaled +22.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-1.8% per year) and Indonesia (+5.6% per year).

In value terms, Japan ($X) constituted the largest supplier of diesel engines (other than for motor vehicles and aircraft) to the Philippines, comprising 63% of total imports. The second position in the ranking was held by China ($X), with an 18% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Japan totaled +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.3% per year) and Indonesia (+2.0% per year).

Import Prices by Country

The average import price for diesel engines (other than for motor vehicles and aircraft) stood at $X per unit in 2022, declining by -34.5% against the previous year. In general, the import price showed a pronounced decrease. The pace of growth was the most pronounced in 2016 when the average import price increased by 117%. As a result, import price attained the peak level of $X per unit. From 2017 to 2022, the average import prices failed to regain momentum.

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 Indonesia ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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