Philippines Electric Vehicle Market Outlook (2020-2025) | Size, Share, Trends, Growth, Revenue, Analysis, Forecast, industry, Outlook & COVID-19 IMPACT

Philippines Electric Vehicle Market report comprehensively covers the market by vehicle types, charger types, DC charger power ratings, and by-charger end consumers. The Philippines electric vehicle market report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Latest 2023 Development of the Philippines Electric Vehicle Market

Philippines Electric Vehicle Market is projected to grow at an exponential rate. Also, the market has been through several latest developments such as government support for the electric vehicle market along with plans to incentivize the purchase of electric vehicles through tax exemptions. Several car manufacturers have also launched electric vehicles in the Philippines which is helping in increasing the demand for EVs in the country. The increasing awareness about electric vehicles and the need to reduce carbon emissions has been driving the growth of the electric vehicle market in the Philippines. Moreover, the Philippines is investing in the expansion of charging infrastructure, including the installation of public charging stations which makes it easier for consumers to adopt electric vehicles.

The Philippine government is working on developing an electric bus fleet to help reduce emissions and expanding the electric vehicle charging network across the Philippines to make it easier for consumers to adopt electric vehicles. Also, the government is investing in research and development including the development of new technologies and innovations to increase the efficiency and performance of electric vehicles. The initiatives to promote electric vehicles in rural areas, where access to charging infrastructure is limited are increasing the adoption of electric vehicles in these areas.

Philippines Electric Vehicle Market Synopsis

The Philippines continues to develop its electric vehicle (EV) market as industry and government are cooperating to support the electric vehicle (EV) adoption in the Philippines. Moreover, new EV launches by OEMs and the establishment of charging infrastructure are expected to further encourage the growth of the electric vehicle market in the country. Additionally, the 2-wheeler, 3-wheeler, and 4-wheeler electric vehicle market are expected to take a hit amid the Covid-19 pandemic in 2020 while the electric bus market is likely to remain relatively resilient.

According to 6Wresearch, Philippines electric vehicle market size grew at a CAGR of 23.6% during 2020-2025. Under the EV manufacturing roadmap, the Department of Trade and Industry (DTI) has issued incentives such as the removal of tariffs, excise duty exemptions, and VAT exemption for raw materials/parts/capital equipment for EV manufacturing. Further, the Department of Transportation (DOTr) is implementing a Public Utility Vehicle (PUV) Modernization Program, a large-scale transportation initiative that calls for the replacement of ICE jeepneys (public transport) with next-generation vehicles (e-jeepneys).

Market Analysis By Vehicle Types     

2-Wheelers is the largest segment in the Philippines automotive industry. Additionally, the other smaller-scale programs launched by Local Government Units (LGU’s)such as the Department of Energy’s E-Trike Project aims to (1) deploy 100,000 e-trikes nationwide to replace the same number of traditional gasoline-fed tricycles; (2) reduce the transport sector’s annual petroleum consumption by 2.8% (equivalent to 89.2 million litres) per year; and (3) achieve 79% carbon dioxide(CO2) footprint avoidance, and businesses such as resorts on the adoption of EV’s would foster the demand for electric vehicles in the coming years.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 6 Years Market Numbers.
• Estimated Data Starting from 2020 to 2025F.
• Base Year: 2019
• Forecast Data until 2025F.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Philippines Electric Vehicle Market Overview
• Philippines Electric Vehicle Market Outlook
• Philippines Electric Vehicle Market Forecast
• Historical Data and Forecast Philippines Electric Vehicle Market Revenues and Volume for the Period 2019-2025F
• Historical Data and Forecast of Philippines Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2019-2025F
• Historical Data and Forecast of Philippines Electric Vehicle Market Revenues and Volume, By Charger Types, for the Period 2019-2025F
• Historical Data and Forecast of Philippines Electric Vehicle Market Revenues and Volume, By DC Charger Power Ratings, for the Period 2019-2025F
• Historical Data and Forecast of Philippines Electric Vehicle Market Revenues and Volume, By Charger End Consumers, for the Period 2019-2025F
• Market Drivers and Restraints
• Industry Life Cycle
• Porter’s Five Force Analysis
• Impact Analysis of COVID-19
• Market Trends
• Philippines Vehicle Market Revenue Ranking, By Companies
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Vehicle Types

• • Electric 2-Wheeler
  • Electric 3-Wheeler
  • Electric 4-Wheeler
    • Passenger Car
    • Light Commercial Vehicle (Goods Carrier)
  • Electric Bus
  • Electric Truck

By Charger Types

• AC
• DC

By DC Charger Connector Types

• CHAdeMO
• CCS
• Others (including Tesla superchargers and GB/T)

By DC Charger Power Ratings

• 40-80 kW
• 80-120 kW
• 120-200 kW

By Charger End Consumers

• Public
• Private

Frequently Asked Questions About the Market Study:

1. What is the ongoing state of the Philippines Electric Vehicle Market?

The electric vehicle market in the Philippines is still in the development stage with limited options for consumers and a lack of infrastructure for charging. 

2. What are the major challenges for electric vehicle adoption?

The major challenges for electric vehicle adoption in the Philippines include the high cost of electric vehicles compared to traditional gasoline-powered vehicles and a lack of consumer awareness about its benefits.

3. What are the benefits of electric vehicles?

The benefits of electric vehicles include reduced carbon emissions, lower operating costs, and improved air quality. 

4. What steps are being taken to promote the adoption of electric vehicles?

The government has implemented policies to promote the adoption of an electric vehicles such as tax incentives and subsidies for electric vehicles and charging infrastructure.