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Philippine Light Truck Industry Market
Dublin, January 30, 2024 (GLOBE NEWSWIRE) — The Philippines Light Truck Industry Research Report 2023-2032 has been added to the ResearchAndMarkets. com offering.
In 2021, the Philippines’ Department of Trade and Industry (DTI) enacted an Auto Import Safeguards Act for the domestic automotive sector. DTI Secretary Ramon Lopez announced that the country will begin applying a customs tariff of PHP 70,000 ($1,460) to passenger cars and PHP 110,000 ($2,262) to light commercial vehicles.
Cars coming from Thailand, the United States, Japan and Europe are also subject to this rule. Cars from certain countries, such as the People’s Republic of China, South Korea, Malaysia, and some Indonesian countries, are exempt from this rule. On August 6, 2021, the safeguard duty on imported cars was suspended. The DTI’s resolution to lift safeguard restrictions on imported cars will go a long way in helping the industry recover as imported cars make up the vast majority of cars sold in the Philippines. Sales continued to recover after the embargo was lifted and mobility increased in the Philippines. Additionally, automobile sales have recovered from the effect of automobile tax increases in the country. According to the analysis, sales of the Philippine automobile industry increased by 31. 3% in 2022, with a total of approximately 350,000 units sold. The highest growth rates were recorded for light advertising mobile vehicles and Asian purpose mobile vehicles (AUVs). By 2023, total automobile sales in the Philippines are expected to reach 400,000 units. From 2018 to 2022, according to the analysis, annual pickup truck sales in the Philippines show a downward trend and then expansion, with a CAGR of -4. 3. % from 2018 to 2022. Affected by COVID-19, the Philippine pickup truck market suffered a setback in 2020 with a sharp drop of 40. 5% to 90,000 units. With the slow lifting of the embargo, the economy is beginning to recover. Annual pickup truck sales in the Philippines in 2022 will be around 130,000 units, a year-on-year increase of 25. 3%. The e-commerce market in the Philippines is in a rapid growth phase with the increasing number of smartphone users. and the slow formation of online spending habits among consumers, boosting the logistics sector and generating growing demand for light trucks in the Philippine market. Investors from China and Japan, among others, have committed to building or expanding existing logistics services in Southern Luzon, Philippines; The rise of e-commerce (73. 9 million users as of 2021) along with the popularity of the Internet has increased the demand for advertising shipping warehouses in the country. As an archipelagic and import-oriented country, heavily dependent on the sea, light trucks are widely used in ports and airports in the Philippines. With the immediate development of logistics infrastructure through the government and the expansion of the e-commerce market, the Philippine logistics sector and the small package delivery center market have enough room for long-term expansion, and the demand for light trucks will continue to grow. The analyst expects the Philippines’ pickup truck sales volume to reach 286,000 units in 2032 and the CAGR to be 8. 2% between 2023 and 2032. The Philippines has been a leader in pickup truck growth since the 1970s, and the country has been a leader. in gentle progression since the 1980s.
Topics Covered
Overview of the Light Truck Industry in the Philippines
Economic and Political Environment of the Pickup in the Philippines
What is the effect of COVID-19 on the pickup truck industry in the Philippines?
Philippines Light Truck Industry Market Size, 2023-2032
Analysis of the Key Players in the Philippine Light Truck Industry
Key Drivers and Market Opportunities in the Light Truck Industry in the Philippines
What are the major drivers, challenges, and opportunities for the pickup truck industry in the Philippines in the 2023-2032 forecast era?
Who are the key in the Philippines light truck market and what are their competitive advantages?
What are the expected earnings of the Philippines light truck industry market in the forecast era 2023-2032?
What methods have the key market players followed to increase their market share in the industry?
Which market segment of the Philippine light truck industry is expected to dominate the market until 2032?
What are the main hurdles facing the pickup truck in the Philippines?
Key Attributes
Report Attribute
Details
Number of pages
60
Forecast Period
2023-2032
Estimated Market Value in 2023
140. 66K units
Expected market to 2032
285. 9K units
Compound Annual Growth Rate
8,2%
Regions Covered
China
List of chapters
1. Overview of the Philippines1.1 Geographical Situation 1.2 Demographic Structure of the Philippines 1.3 Economic Situation in the Philippines 1.4 Philippine Minimum Wage 2013-2022 1.5 Impact of COVID-19 on the Light Truck Industry in the Philippines 2. Operation of the Light Truck Industry in the Philippines 2018-20222.1 Status of Light Truck Production in the Philippines (Pickups, Vans, Minivans, etc.) 2.2 Light Truck Sales in the Philippines 2.3 Import and Export of Light Trucks in the Philippines 2.4 Development of Electric Light Trucks in the Philippines 3. Light Truck Policy Environment in the Philippines: 3.1 Driver’s License Requirements (Are They Different from Passenger Cars) 3.2 Licensing Fees 4. Market Competition in the Philippine Light Truck Industry4.1 Barriers to Entry in the Philippine Light Truck Industry 4.1.1 Brand Barriers 4.1.2 Quality Barriers 4.1.3 Capital Barriers 4.2 Competitive Structure of the Light Truck Industry in the Philippines 4.2.1 Bargaining Power of Light Truck Suppliers 4.2.2 Consumer Bargaining Power 4.2.3 Competition in the Light Truck Industry in the Philippines 4.2.4 Potential Entrants in the Light Truck Industry 4.2.5 Alternatives to Light Trucks 5. Analysis of Major Light Truck Manufacturers in the Philippines5.1 Ford 5.1.1 Overview of Ford Enterprises 5.1.2 Ford Operations 5.2 Toyota5.3 Nissan5.4 Mitsubishi5.5 Mazda5.6 Isuzu5.7 HMP6. Philippines Light Truck Industry Outlook, 2023-20326.1 Analysis of Factors for the Development of the Light Truck Industry in the Philippines 6.1.1 Drivers and Growth Opportunities for the Light Truck Industry in the Philippines 6.1.2 Threats and Challenges Facing the Light Truck Industry in the Philippines 6.2 Supply Forecast for Light Truck Industry in the Philippines 6.3 Light Truck Market Demand Forecast in the Philippines 6.4 Import and Export Forecasts for the Light Truck Industry in the Philippines 6.5 Revenue Forecasts for the Light Truck Industry in the Philippines
For more information on this report, https://www. researchandmarkets. com/r/4dhujs
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Philippine Light Truck Industry Market