GURUGRAM, India, Sept. 12, 2022 /PRNewswire/ —
Economic Growth in Philippines
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. GDP per capita in Philippines expanded with a CAGR of 3.2% in between 2017 and 2021.
Nickel Mining
Majority of EVs use lithium-ion batteries as of 2022, relying on a combination of minerals such as copper, nickel, lithium, manganese and cobalt. Therefore, the greater adaptability of EVs in will serve as a major determinant for the growth in demand for these minerals in coming years. Philippines had the fifth largest nickel reserves in the world, serving as the world’s largest nickel ore supplier as of 2022. 370,000 metric tons of nickel was mined in Philippines in 2021, contributing significantly to country’s overall mining sector and economic growth. Therefore, the enhancement of the country’s nickel mining sector will result in improved export prospect of the mineral from Philippines, ultimately contributing to the surging global electric vehicle production.
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Reduction in Import Duty
In 2022, Department of Trade and Industry (DTI) announced the proposal for scrapping of import duty on electric vehicles to accelerate the country’s shift in adapting to environmental friendly transportation ecosystem. The proposal if implemented, will contribute in bringing down the cost for this mode of transportation that will encourage more people to avail e-vehicles than those run by fuel products in coming years, assisting the country in limiting carbon emissions. The proposal aims to adjust the tariff rate from 30% to 0% in order to populate the market with e-vehicles. The electric vehicles imported from ASEAN region already enjoys a zero-percent tariff rate as of 2022.
Installation of Charging Stations
As of 2018, there were only 19 charging stations installed in Philippines, mostly concentrated in the mainland of Luzon. Government’s push through their EVIDA legislation to install more charging stations at public locations such as parking spaces, will drive the demand for EVs in coming years.
Improvements in Battery Technology
Improvement in battery technology contributes in increasing the range and longevity of EVs. EVs that can cover more miles between charges are more practical for those with longer commutes. Coupled with that, advancement in technology will make two-wheeler EVs more affordable, positively impacting the furure demand for EVs.
Introduction of New EV Models
In the initial years of EV inception, there were an extremely limited number of makes and models to choose from, many of which could be cost prohibitive. As EVs become more common, many more styles and models of vehicles will become available, appealing to the wants and needs of a wider array of consumers.
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
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
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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
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 Outlook
Related Reports:-
The electric vehicle market in Malaysia recorded a negative growth on the basis of revenue in between 2016 and 2021. The slowdown in growth is attributed to the lack of domestic manufacturers in the ecosystem, resulting in imports of these vehicles which ultimately, shoots up the price of EVs. Coupled with that, the advent of COVID-19 also impacted the EV market due to consumer’s financial constraints and job losses. The electric vehicle market in Malaysia is heavily dependent on international manufacturers as national brands such as Proton and Perodua have not been able to establish its presence in the EV market as of 2021. However, consumers increasing awareness on environmental hazards along with favorable government initiatives such as income tax and sales tax exemptions for purchasing EVs will contribute in the growth of EV four-wheeler market in coming years. Malaysia wants to encourage people to adopt electric vehicles and other fuel-efficient vehicles. The electric vehicle market in Malaysia will witness rapid transformation with the advancement of solid-state battery technology which increases the efficiency of the battery performance. The Malaysian electric vehicle market is still in its early phases of development. The Malaysian government’s EV rules and the continued introduction of new models contribute to the country’s EV market growth.
UAE is the second largest automotive market in the Gulf Cooperation Council (GCC) after Saudi Arabia owing to the growing population and high disposable income. The demand for vehicles in the country mainly originates from the construction, infrastructure, logistics, tourism, and public transport sectors have turned the emirate into a major exporter and re-exporter of vehicles. The transportation sector is one of the most significant contributors to CO2 emissions in UAE, second to the industrial sector. Incentives offered by the government, banks, and car dealers, has also led to the growth in the UAE’s imports of EVs and increased environmental awareness among citizens. The Battery Electric Vehicles sales grew at a CAGR of ~49% during 2017 and 2021.
Indonesia is the fourth largest country in the world, with a population of nearly 250 million people. With fast economic growth and rapid urbanization in Indonesia, it is projected that more people will acquire a personal vehicle for mobility. The transportation sector is one of the most significant contributors to CO2 emissions in Indonesia, second to the industrial sector. In 2019, Presidential Regulation Number 55 Year 2019 regarding the Acceleration Program for Battery Electric Vehicles for Road Transportation was enacted. This regulation acts as the legal umbrella for Indonesian electric vehicle development and creates a domino effect for several ministries to start electric vehicle (EV) projects in Indonesia. The Battery Electric Vehicles sales grew at a CAGR of 719% during 2017 and 2021.
India, the world’s 6th largest economy by nominal GDP and the 3rd largest by PPP, is characterized as a middle-income developing market economy. 2- and 3- Wheelers that account for close to 50% share dominate the Indian urban mobility modal share. EVs are slowly gaining traction with less than 2% of vehicles deployed as EVs in India. The charging infrastructure in India is currently quite under-developed with as many as 26 EVs per charger available in the country, compared to only 8 in China and 17 in the US. There are ~300 community charging stations in India, of which 22 were fast-charging points in 202. However, India EV Charging Equipment Market gained significant momentum after the implementation of the FAME India scheme. The Department of Heavy Industry (DHI) also planned to incentivize 1,000+ charging stations with 6,000+ chargers, which is the major growth driver for the market. Lack of Space, Infrastructure, and Manpower for Setting-Up along with High Initial Cost of Charging Equipment and Installation are the major challenges in India EV Charging Equipment Market.
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