Government’s public utility modernization initiative coupled with rising fuel cost contributed in the growth of LEV market in Philippines: Ken Research



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.

philippines-lev-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 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

Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg4ODY4

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

Related Reports:-

Malaysia Electric Vehicle Market Outlook to 2026: Driven by government initiatives along with the need to curb vehicular emissions, and increasing charging infrastructure

UAE Electric Vehicle Charging Equipment Market Outlook To 2026: Driven By Government Support And Incentives With The Increasing Focus To Achieve Green And Sustainable Economy

India Electric Three Wheeler Market Outlook to 2025- By Wheeler Type (Passenger, Goods, Personal), By Vehicle Category (Transport and Non-Transport), Registration by Region (North, East, West, South) and Registration by State

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249



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