Philippines Light Electric Vehicle Market Outlook to 2027: Ken Research
Overview Of Philippines Light Electric Vehicle Industry And Market Size
The light electric vehicle market in Philippines recorded a positive CAGR of ~117.6% on the basis of revenue in between 2017 and 2022. The increasing growth is attributed to the surging sales of electric two/three wheeler across Philippines due to rise in delivery and logistics services availing two-wheeler EVs coupled with usage of e-trikes as a form of public transportation medium. Government’s public utility vehicle modernization program to replace PUV’s aged 15 years or older to electric vehicles further contributed to the growth of LEV market. In order to implement the replacement program, the government of Philippines partnered with brands such as Bemac for the delivery of 3,000 electric tricycles in 2019. Rising fuel cost in Philippines due to the global tension between Russian and Ukraine and subsequent supply shortage further, resulted in consumers growing preference in availing electric vehicles.
Although, the four-wheeler EV market recorded a surging growth of 110.9% on the basis of revenue generated in between 2017 and 2022, but the passenger four-wheeler EV segment has not been able to contribute a substantial share on the overall LEV market.
In 2021, the concentration of fine particulate matter (PM 2.5) causing air pollution, reached 58.4 µg/m3 in the megacity of Metro Manila during dry season, which is 11 times more than the prescribed limit set by WHO. The surging threat to the environment positively contributes in enhancing the demand of EVs due to consumers increasing consciousness towards limiting carbon emissions and reducing air pollution. The infrastructural shift towards adoption of EVs will assist the country in its aim for reducing greenhouse emissions by 75% by 2030.
Steady economic growth in Philippines serve as a catalyst for the increasing adoption of EVs in the country. Even though, the share of electric passenger cars was comparatively lower than that of e-tricycles and electric two wheelers in 2022 but in coming years, the demand for EV will witness massive surge supported by strong economic growth coupled with increasing domestic investment and rising per capita disposable income Lack of domestic manufacturers coupled with inefficient charging infrastructure were major challenges faced by the industry as of 2022.
Future outlook of Philippines Light Electric vehicle Market, 2022-2027E
The light electric vehicle market in Philippines is estimated to expand at a CAGR of ~20.4% on the basis of revenue in between 2022 and 2027E. One of the major determinant for the surging growth in coming years is attributed to the favorable government initiative to develop and transform the EV ecosystem in Philippines such as reduction in import duty to 0%. Under the National Energy Policy, various government departments have been tasked to enhance the EV infrastructure in the country. The Department of Energy (DOE) is tasked with promoting EVs and developing charging infrastructure in cooperation with other agencies, while the Energy Regulatory Commission (ERC) is entrusted to regulate the charging rates. EVIDA act launched by the government in 2022 will serve as a major catalyst to accelerate the development, commercialization and utilization of EVs in the country. Coupled with that, the improvement in battery technology will contribute in increasing the range and longevity of EVs, making it popular among consumers. Increasing awareness on environmental impacts and consumer’s consciousness towards limiting carbon footprint will also contribute in increasing the business potential of EV players. The logistics and delivery companies are adopting electric two-wheelers to provide quick and convenient postal and delivery services, along with the thriving e-commerce industry, which is anticipated to offer lucrative growth opportunities to key industry players. EV players especially the two-wheeler brands operating in Philippines should form partnership and collaboration to disrupt the B2B sales of EVs in coming years.
Key Segments Covered in Philippines Light Electric Vehicles Industry:-
By Type of Two/Three Wheeler EV
E-Trikes
E-Motorcycles
By Type of Four-Wheeler EV
Passenger Car
Light Commercial Vehicle
By Type of Four-Wheeler EV Technology
HEV
PHEV
BEV
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By Price of Four-Wheeler EV
Less than PHP 2,000,000
PHP 2,000,000-4,000,000
More than 4,000,000
By Type of Four-Wheeler EV Battery
Nickel Metal Hydride Battery
Lithium-Ion Battery
Nickel Manganese and Cobalt Battery
By Four-Wheeler EV Battery Capacity
Less than 2 kWh
2-20 kWh
20-40 kWh
More than 40 kWh
By Four-Wheeler EV Brands
Toyota
Lexus
Nissan
BYD
By Region
Ilocos
Central Luzon
National Capital Region
Western Visayas
Central Visayas
Eastern Visayas
Mimaropa
Mindanao Region
Caraga
Bikol Region
Caragan Valley
Cordillera Administrative Region
Time Period Captured in the Report:-
Historical Period: 2017-2022
Forecast Period: 2023F-2027F
Philippines Light Electric Vehicle Market Players
Electric Two-Wheelers
NWOW
Inokim
Maeving
KYMCO
Motor Star
Electric Three-Wheelers
Bemac
Terra Motors
Tojo Motors
SunE
Electric Four-Wheelers
Toyota
Nissan
BYD
Lexus
BMW
Audi
Porsche
Jaguar
For more information on the research report, refer to below link:-
Philippines Light Electric Vehicle Market
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