The publication titled â€œPhilippines Light Electric Vehicle Market Outlook to 2027: Driven by government initiative to develop the EV industry and increasing consumer preference towards limiting carbon footprintâ€ 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.

Philippines Light Electric Vehicle Market

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 analystsâ€™ take on the future highlighting the major opportunities.

Â

Philippines Light Electric Vehicle Market Size and Overview:

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. Governmentâ€™s public utility vehicle modernization program to replace PUVâ€™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. 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.

Â

Philippines Light Electric Vehicle Market Segmentation

By Type of Two/Three Wheeler EV (E-Trikes and E-Motorcycles):Â The revenue generated from the sales of e-trikes contributed to the majority share in 2022 out of the overall revenue generated by the 2/3W light electric vehicle industry. Governmentsâ€™ public utility vehicle modernization program to replace fuel operated trikes by e-trikes served as a major determinant for the higher revenue contribution to the 2/3W LEV market.

By Type of Four-Wheeler EV (Passenger Car and Light Commercial Vehicle):Â Revenue generated from the sales of electric passenger vehicles dominated the light electric four-wheeler market in Philippines in 2022 out of the overall revenue generated by four-wheeler LEV industry. International players such as Toyota, Lexus and Nissan among others were the major brands selling electric 4W models as of 2022. Electric light commercial vehicles have not been able to establish its presence in the Filipino market attributed to its higher prices.

By Type of Four-Wheeler EV Technology (HEV, PHEV and BEV):Â Revenue generated from the sales of HEV models contributed to the majority share to the overall four-wheeler LEV market in 2022. The familiarity to ICE vehicles and higher upfront cost of BEV models served as a major challenge for the lower preference towards PHEV and BEV vehicles.

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):Â Cost of electric vehicles serve as a major parameter impacting consumers buying decision. In 2022, electric four wheeler vehicles costing between PHP 2-4 million contributed to the highest revenue share out of the overall revenue generated by four-wheeler LEV market. Since, electric passenger vehicles have higher upfront cost compared to ICE vehicles, only the wealthier class in Philippines prefers purchasing electric operated passenger vehicles.

By Type of Four-Wheeler EV Battery (Nickel Metal Hydride, Lithium-Ion and Nickel Cobalt & Manganese):Â Philippines had the fifth largest nickel reserves in the world, serving as the worldâ€™s largest nickel ore supplier as of 2022. Most of the electric four-wheeler models offered by Toyota and Lexus in Philippines utilized nickel metal hydride battery. Revenue generated from sales of EV four-wheeler models utilizing nickel metal hydride battery accounted for the majority share out of the overall revenue generated by four-wheeler LEV market in 2022.

By Four-Wheeler EV Battery Capacity (Less than 2 kWh, 2-20 kWh, 20-40 kWh and More than 40 kWh):Â Revenue generated through sales of electric four-wheelers having battery capacity less than 2 kWh contributed to the majority share to the overall four-wheeler LEV market in 2022. Hybrid vehicles in Philippines were popular among consumers as of 2022, which have lower battery capacity as compared to fully operated electric models, as hybrid vehicles generally avails fuel as their main source of medium.

By Four-Wheeler EV Brands (Toyota, Lexus, Nissan and BYD):Â Lack of domestic manufacturers serve as a major challenge for the Philippines LEV four-wheeler market as the industry is concentrated among few major international brands such as Toyota, Lexus, Nissan and BYD. Toyota and Lexus dominated the four-wheeler LEV market in Philippines, cumulatively contributing to the majority share out of the overall revenue generated by the electric 4W LEV industry in 2022.

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):Â Revenue generated through sales of electric vehicles in the National Capital Region accounted for the highest share out of the overall revenue generated by LEV market in Philippines followed by Mindanao region.

Â

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.

Â

Philippines Light Electric Vehicle Industry Future Outlook and Projections

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 consumerâ€™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.

Â

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, Porterâ€™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 Partsâ€™ 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