Philippines: Market for Drive-Axles with Differential and Non-Driving Axles 2024

Market Size for Drive-Axles with Differential and Non-Driving Axles in the Philippines

The Philippine driving and non-driving axle market totaled $X in 2021, almost unchanged from the previous year. Over the period under review, the total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -3.1% against 2019 indices. Driving and non-driving axle consumption peaked at $X in 2019; afterwards, it flattened through to 2021.

Production of Drive-Axles with Differential and Non-Driving Axles in the Philippines

In value terms, driving and non-driving axle production amounted to $X in 2021 estimated in export price. Over the period under review, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.0% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 34% against the previous year. Over the period under review, production hit record highs at $X in 2019; afterwards, it flattened through to 2021.

Exports of Drive-Axles with Differential and Non-Driving Axles

Exports from the Philippines

In 2021, overseas shipments of drive-axles with differential and non-driving axles were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports posted significant growth. The pace of growth was the most pronounced in 2013 when exports increased by 834,990% against the previous year. The exports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, driving and non-driving axle exports skyrocketed to $X in 2021. Overall, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 935,633% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Thailand (X tons) was the main destination for driving and non-driving axle exports from the Philippines, with a 91% share of total exports. Moreover, driving and non-driving axle exports to Thailand exceeded the volume sent to the second major destination, Indonesia (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Thailand stood at +55.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+6.0% per year) and Taiwan (Chinese) (-65.7% per year).

In value terms, Thailand ($X) remains the key foreign market for driving and non-driving axle exports from the Philippines, comprising 91% of total exports. The second position in the ranking was held by Indonesia ($X), with a 7.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Thailand amounted to +59.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+4.0% per year) and Taiwan (Chinese) (-64.9% per year).

Export Prices by Country

The average driving and non-driving axle export price stood at $X per ton in 2021, rising by 5.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.5%. The growth pace was the most rapid in 2014 an increase of 22% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2021, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+2.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Drive-Axles with Differential and Non-Driving Axles

Imports into the Philippines

In 2021, supplies from abroad of drive-axles with differential and non-driving axles was finally on the rise to reach X tons after three years of decline. In general, imports, however, saw a deep setback. The growth pace was the most rapid in 2017 when imports increased by 30%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, driving and non-driving axle imports soared to $X in 2021. Over the period under review, imports, however, showed a abrupt decrease. The pace of growth was the most pronounced in 2019 when imports increased by 38% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of driving and non-driving axle to the Philippines, with a 61% share of total imports. Moreover, driving and non-driving axle imports from Japan exceeded the figures recorded by the second-largest supplier, South Korea (X tons), fivefold. The third position in this ranking was held by Thailand (X tons), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled -21.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-7.9% per year) and Thailand (+36.9% per year).

In value terms, Japan ($X) constituted the largest supplier of driving and non-driving axle to the Philippines, comprising 60% of total imports. The second position in the ranking was held by South Korea ($X), with a 12% share of total imports. It was followed by Thailand, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Japan stood at -10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+22.3% per year) and Thailand (+48.4% per year).

Import Prices by Country

The average driving and non-driving axle import price stood at $X per ton in 2021, declining by -2% against the previous year. In general, the import price, however, saw a prominent increase. The most prominent rate of growth was recorded in 2019 when the average import price increased by 528% against the previous year. The import price peaked at $X per ton in 2020, and then shrank in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Japan ($X per ton) and China ($X per ton), while the price for Thailand ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+34.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :