Philippines: Passenger Car Market 2024

Passenger Car Market Size in the Philippines

The Philippine passenger car market dropped remarkably to $X in 2021, shrinking by -25% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Passenger Car Production in the Philippines

In value terms, passenger car production reduced markedly to $X in 2021 estimated in export price. Over the period under review, production showed a noticeable contraction. The pace of growth appeared the most rapid in 2020 with an increase of 169%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Passenger Car Exports

Exports from the Philippines

Passenger car exports from the Philippines declined rapidly to X units in 2021, shrinking by -25.7% against the previous year's figure. Over the period under review, exports saw a dramatic decline. The most prominent rate of growth was recorded in 2013 with an increase of 598% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, passenger car exports skyrocketed to $X in 2021. Overall, exports showed a sharp reduction. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Thailand (X units) was the main destination for passenger car exports from the Philippines, with a 95% share of total exports. Moreover, passenger car exports to Thailand exceeded the volume sent to the second major destination, the United States (X units), eightfold. The third position in this ranking was held by the United Arab Emirates (X units), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Thailand amounted to -17.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+23.1% per year) and the United Arab Emirates (+55.5% per year).

In value terms, the largest markets for passenger car exported from the Philippines were Thailand ($X), China ($X) and the United Arab Emirates ($X), together comprising 64% of total exports. Djibouti, Indonesia, the Dominican Republic, the United States, Japan, Pakistan, Latvia and Congo lagged somewhat behind, together accounting for a further 27%.

Djibouti, with a CAGR of +994.0%, saw the highest growth rate of 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 passenger car export price stood at $X per unit in 2021, rising by 333% against the previous year. In general, the export price saw a significant increase. The pace of growth appeared the most rapid in 2015 an increase of 4,866% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Congo ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Djibouti (+241.8%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into the Philippines

In 2021, purchases abroad of passenger cars was finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. In general, imports, however, recorded a abrupt contraction. The pace of growth was the most pronounced in 2017 with an increase of 181%. As a result, imports reached the peak of X units. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, passenger car imports soared to $X in 2021. Over the period under review, imports continue to indicate a measured expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 70%. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Indonesia (X units), Thailand (X units) and China (X units) were the main suppliers of passenger car imports to the Philippines, with a combined 69% share of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +26.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to the Philippines were Indonesia ($X), Thailand ($X) and China ($X), with a combined 83% share of total imports.

In terms of the main suppliers, China, with a CAGR of +59.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, waning by -6.1% against the previous year. Over the period under review, the import price, however, continues to indicate resilient growth. The pace of growth appeared the most rapid in 2020 an increase of 185% against the previous year. As a result, import price reached the peak level of $X per unit, and then declined in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+26.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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