Philippines: Loudspeaker Market 2024

Loudspeaker Market Size in the Philippines

The Philippine loudspeaker market skyrocketed to $X in 2022, picking up by 20% against the previous year. In general, consumption showed notable growth. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Loudspeaker Production in the Philippines

In value terms, loudspeaker production surged to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 195% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Loudspeaker Exports

Exports from the Philippines

In 2022, shipments abroad of loudspeakers increased by 23% to X units, rising for the second year in a row after three years of decline. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 3,594% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, loudspeaker exports soared to $X in 2022. In general, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 662% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for loudspeaker exports from the Philippines, with a 46% share of total exports. Moreover, loudspeaker exports to the United States exceeded the volume sent to the second major destination, Japan (X units), twofold. China (X units) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +30.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+55.2% per year) and China (+107.2% per year).

In value terms, the United States ($X) remains the key foreign market for loudspeakers exports from the Philippines, comprising 43% of total exports. The second position in the ranking was held by Japan ($X), with a 15% share of total exports. It was followed by China, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +29.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+57.0% per year) and China (+65.3% per year).

Export Prices by Country

In 2022, the average loudspeaker export price amounted to $X per unit, increasing by 18% against the previous year. Overall, the export price saw a mild expansion. The growth pace was the most rapid in 2020 an increase of 552% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Turkey ($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 Malaysia (+95.6%), while the prices for the other major destinations experienced more modest paces of growth.

Loudspeaker Imports

Imports into the Philippines

In 2022, supplies from abroad of loudspeakers was finally on the rise to reach X units after three years of decline. Overall, imports recorded a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of 159%. Imports peaked at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, loudspeaker imports surged to $X in 2022. In general, imports showed a prominent expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 63%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest loudspeaker supplier to the Philippines, with a 81% share of total imports. Moreover, loudspeaker imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), ninefold. The third position in this ranking was held by Vietnam (X units), with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +13.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+22.3% per year) and Vietnam (+74.2% per year).

In value terms, China ($X) constituted the largest supplier of loudspeakers to the Philippines, comprising 74% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 9.1% share of total imports. It was followed by Hong Kong SAR, with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+54.2% per year) and Hong Kong SAR (+14.9% per year).

Import Prices by Country

In 2022, the average loudspeaker import price amounted to $X per unit, increasing by 6.5% against the previous year. In general, the import price recorded a modest expansion. The pace of growth was the most pronounced in 2019 when the average import price increased by 60% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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