Rising Fuel Cost
Rising fuel cost in Philippines in 2022 due to supply constraints and higher foreign exchange rate amidst global tension between Russia and Ukraine, contributes in consumers shifting preference towards availing electric vehicles compared to the conventional ICE vehicles. As Philippines is heavily dependent on imports for its as oil/fuel consumption, higher foreign exchange rate results in increasing fuel costs making it financially taxing for consumers to avail fuel operated vehicles.
Competitive Landscape in Philippines Light Electric Vehicle Industry
The market is concentrated among few major international players for the four-wheeler LEV segment such as Nissan, BYD, and Toyota among others. Lack of domestic manufacturers makes the market moderately competitive. For the two and three-wheeler LEV segment, the market is highly competitive with both domestic and international manufacturers competing in the ecosystem. Some of the major players operating in the two/three wheeler LEV ecosystem includes NWOW, Tojo Motors and Bemac among others. Players in the LEV market compete on the basis of price, type of battery used in EV, battery capacity, charging time, range in distance, charging cost. LEV brands and manufacturers also faces high threat of substitution due to the huge upfront cost for EVs, making it suitable for consumers to opt for lesser priced ICE vehicles.
Economic Growth in Philippines
Steady economic growth in Philippines served 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.
Low Maintenance Cost
The internal combustion engine (ICE)-powered vehicles and motorcycles feature a complicated setup including spark plugs, air & oil filters, timing belts and gearbox among others. Electric vehicles, on the other hand, feature a simple internal layout with fluids, tires, and brake pads. Thus, calling for a lower maintenance cost compared to ICE vehicles, which was preferred by the consumers especially e-scooter users. Coupled with that, running cost of a BEV on an average is 10 times cheaper since utilization of fuel is negligible over a vehicle’s lifespan.
Increasing Awareness on Environmental Impacts
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 contributed 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.
The publication titled “Philippines Light Electric Vehicle Market Outlook to 2027: Driven by government initiative to develop the EV industry and increasing consumer preference towards limiting carbon footprint” provides a comprehensive analysis of the light electric vehicle industry by analyzing historical statistics and corresponding developments in the LEV market. The report covers various aspects including market size of two/three-wheeler, four-wheeler and consolidated LEV industry on the basis of revenue, average price & volume. Further the report covers insights on LEV market overview, ecosystem, operating model, different stages in LEV manufacturing process, value chain analysis, GDP per capita, urbanization rate, trends and developments, Porter 5 Forces Analysis, government initiatives and regulations, growth drivers, impact of COVID-19, risk factors governing the future outlook of industry, consumer demographics & preferences, and demand analysis on the basis of TAM, SAM and SOM. Insights on competitive landscape of two/three wheeler and four-wheeler brands have been covered in the report along with cross comparison between major players operating in the ecosystem on the basis of operational and financial parameters such as year of establishment, technology type, model, price, number of electric vehicles sold, market share on the basis of volume, EV range, battery type, battery capacity, company overview, geographical presence, dealerships, recent developments, business model, strengths, pain points, USP, collaboration, revenue streams, product portfolio, average price, operations, recent developments, revenue, sales, operating profit and global sales figure.
The report focuses on Philippines Light Electric Vehicle Market segmentation By Type of Two/Three-Wheeler EV (E-Trikes and E-Motorcycles); By Type of Four-Wheeler EV (Passenger Car and Light Commercial Vehicle); By Type of Four-Wheeler EV Technology (HEV, PHEV and BEV); By Price of Four-Wheeler EV (Less than PHP 2,000,000, PHP 2,000,000-4,000,000 and More than PHP 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 and More than 40 kWh); By Four-Wheeler EV Brands (Toyota, Lexus, Nissan and BYD) and By Region (Ilocos, Central Luzon, National Capital Region, Western Visayas, Central Visayas, Eastern Visayas, Mimaropa, Mindanao Region, Caraga, Bikol Region, Caragan Valley and Cordillera Administrative Region). Philippines LEV Market report concludes with projections for the future of the industry on the basis of revenue volume & average price, industry speaks and analysts’ take on the future highlighting the major opportunities.
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
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By Type of Four-Wheeler EV Technology
HEV
PHEV
BEV
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
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Electric Four-Wheelers
Toyota
Nissan
BYD
Lexus
BMW
Audi
Porsche
Jaguar
Key Topics Covered in the Report:-
Overview of Light Electric Vehicle Industry
Ecosystem of Light Electric Vehicle Industry
Value Chain Analysis of Light Electric Vehicle Industry
Operating Model of Light Electric Vehicle Industry
Market Size of Light Electric Vehicle Industry by Revenue, Volume, and Average Price
Market Segmentation of Light Electric Vehicle Industry (By Type of Two/Three Wheeler EV, By Type of Four-Wheeler EV, By Type of Four-Wheeler EV Technology, By Price of Four-Wheeler EV, By Type of Four-Wheeler EV Battery, By Four-Wheeler EV Battery Capacity, By Four-Wheeler EV Brands and By Region)
Issues and Challenges in Electric Vehicles Market
Trends and Developments, Porter’s Five Forces Analysis, Growth Drivers, Government Regulations and Initiatives
Impact of COVID-19
Consumer Demographics and Consumer Preferences
Demand Drivers of LEV Market
Demand Analysis on the basis of TAM, SAM and SOM
Product Analysis of Major Four-Wheeler EV Brands (Toyota, Nissan, Lexus and BYD)
Competitive Landscape of the Four-Wheeler and Two/Three Wheeler Light Electric Vehicle Industry
Cross Comparison of Major Four-Wheeler LEV Players on the basis of Operational Parameters (Year of Establishment, Technology Type, Model, Price, Number of Electric Vehicles Sold, Market Share on the basis of Volume, EV Range, Battery Type, and Battery Capacity)
Cross Comparison of Major Four-Wheeler LEV Players on the basis of Financial Parameters (Revenue for 2021, Total Sales for 2021, Auto Parts’ Exports for 2021, Procurement from Suppliers for 2021, Global Sales Volume for 2021, Revenue for 2021, Global Operating Profit for 2021, Global Revenue for 2021 and Net Profit Margin for 2021)
Company Profiles of Major Four-Wheeler LEV Players (Company Overview, Geographical Presence, Dealerships, Recent Developments, Business Model, Strengths, Pain Points, USP, Collaboration, Revenue Streams, Product Portfolio, Average Price, Operations and Recent developments)
Company Profiles of Major Two/Three-Wheeler LEV Players (Company Overview, Operations, Strenghts, Recent developments, Product Portfolio, Business Strategies and Pain Points)
Future Market Size of Light Electric Vehicle Industry by Revenue, Volume, and Average Price
Future Market Segmentation of Light Electric Vehicle Industry
Analyst Recommendations
Industry Speaks
For more information on the research report, refer to below link:-
Philippines Light Electric Vehicle Market
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