Philippines: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in the Philippines

In 2021, the Philippine passenger car tyre market decreased by -0.6% to $X, falling for the second year in a row after three years of growth. The market value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2019; afterwards, it flattened through to 2021.

Passenger Car Tyre Production in the Philippines

In value terms, passenger car tyre production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 31% against the previous year. Over the period under review, production hit record highs at $X in 2019; afterwards, it flattened through to 2021.

Passenger Car Tyre Exports

Exports from the Philippines

In 2021, shipments abroad of tyres for motor cars was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 213%. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car tyre exports soared to $X in 2021. Over the period under review, exports posted a modest expansion. The most prominent rate of growth was recorded in 2014 with an increase of 312% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for passenger car tyre exports from the Philippines, accounting for a 58% share of total exports. Moreover, passenger car tyre exports to the United States exceeded the volume sent to the second major destination, Germany (X units), more than tenfold. Japan (X units) ranked third in terms of total exports with a 3.3% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +15.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-1.8% per year) and Japan (+5.6% per year).

In value terms, the United States ($X) remains the key foreign market for tyres for motor cars exports from the Philippines, comprising 57% of total exports. The second position in the ranking was taken by Germany ($X), with a 4.2% share of total exports. It was followed by Japan, with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +12.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-0.3% per year) and Japan (+5.2% per year).

Export Prices by Country

In 2021, the average passenger car tyre export price amounted to $X per unit, with a decrease of -6% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average export price increased by 31% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2015 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Finland ($X per unit), while the average price for exports to Malaysia ($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 Finland (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Tyre Imports

Imports into the Philippines

After four years of decline, purchases abroad of tyres for motor cars increased by 77% to X units in 2021. Overall, imports posted a prominent increase. Over the period under review, imports reached the maximum at X units in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, passenger car tyre imports surged to $X in 2021. In general, total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -4.7% against 2017 indices. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of passenger car tyre to the Philippines, with a 49% share of total imports. Moreover, passenger car tyre imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), twofold. Indonesia (X units) ranked third in terms of total imports with an 18% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +18.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+10.5% per year) and Indonesia (+9.1% per year).

In value terms, the largest passenger car tyre suppliers to the Philippines were Thailand ($X), China ($X) and Indonesia ($X), together accounting for 77% of total imports.

China, with a CAGR of +20.4%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average passenger car tyre import price amounted to $X per unit, reducing by -3.1% against the previous year. Over the period under review, the import price continues to indicate a perceptible descent. The most prominent rate of growth was recorded in 2018 an increase of 44% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per unit), while the price for China ($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 (+1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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