Philippines: Non-Propelled Vehicle Market 2024

Non-Propelled Vehicle Market Size in the Philippines

In 2021, the Philippine non-propelled vehicle market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption enjoyed a resilient increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Non-Propelled Vehicle Exports

Exports from the Philippines

Non-propelled vehicle exports from the Philippines shrank rapidly to X units in 2021, which is down by -20% against the year before. Over the period under review, exports saw a abrupt decline. The pace of growth appeared the most rapid in 2017 when exports increased by 1,212% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, non-propelled vehicle exports reduced remarkably to $X in 2021. Overall, exports recorded a abrupt shrinkage. The growth pace was the most rapid in 2017 when exports increased by 1,627% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X units) was the main destination for non-propelled vehicle exports from the Philippines, with a 70% share of total exports. Moreover, non-propelled vehicle exports to Japan exceeded the volume sent to the second major destination, Malaysia (X units), fivefold. The third position in this ranking was taken by Papua New Guinea (X units), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan amounted to +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+88.1% per year) and Papua New Guinea (+21.5% per year).

In value terms, the largest markets for non-propelled vehicle exported from the Philippines were Japan ($X), Malaysia ($X) and Papua New Guinea ($X), with a combined 91% share of total exports.

Among the main countries of destination, Malaysia, with a CAGR of +36.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average non-propelled vehicle export price amounted to $X per unit, shrinking by -10.6% against the previous year. In general, the export price, however, saw a noticeable expansion. The pace of growth was the most pronounced in 2015 an increase of 273%. As a result, the export price attained the peak level of $X per unit. From 2016 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Japan ($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 Thailand (+19.9%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Propelled Vehicle Imports

Imports into the Philippines

After three years of decline, purchases abroad of vehicles not mechanically propelled increased by 173% to X units in 2021. Overall, imports showed a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, non-propelled vehicle imports dropped to $X in 2021. Over the period under review, imports showed resilient growth. The growth pace was the most rapid in 2018 when imports increased by 57%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest non-propelled vehicle supplier to the Philippines, accounting for a 68% share of total imports. Moreover, non-propelled vehicle imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+77.4% per year) and Taiwan (Chinese) (-13.6% per year).

In value terms, China ($X) constituted the largest supplier of non-propelled vehicle to the Philippines, comprising 78% of total imports. The second position in the ranking was held by Germany ($X), with a 5.4% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +12.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+25.5% per year) and Taiwan (Chinese) (-3.4% per year).

Import Prices by Country

In 2021, the average non-propelled vehicle import price amounted to $X per unit, shrinking by -67.7% against the previous year. In general, the import price recorded a pronounced decline. The most prominent rate of growth was recorded in 2018 an increase of 116% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Taiwan (Chinese) ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+11.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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