DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The report 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 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.
Government's public utility vehicle modernization program to replace PUV'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.
- Motor Star
- Terra Motors
- Tojo Motors
For more information about this report visit https://www.researchandmarkets.com/r/4o7fyd
Laura Wood, Senior Press Manager
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