Philippines Light Electric Vehicle Market Segmentation, 2022
By Type of Two/Three Wheeler EV (E-Trikes and E-Motorcycles)
The revenue generated from the sales of e-trikes contributed to the majority share of XX% in 2022 out of the overall revenue generated by the 2/3W light electric vehicle industry. Governments’ 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)
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)
Revenue generated from the sales of HEV models contributed to the majority share of XX% 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)
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 of XX% 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)
Philippines had the fifth largest nickel reserves in the world, serving as the world’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 of XX% 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)
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.
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By Four-Wheeler EV Brands (Toyota, Lexus, Nissan and BYD):
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 of XX% 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):
Revenue generated through sales of electric vehicles in the National Capital Region accounted for the highest share of XX% out of the overall revenue generated by LEV market in Philippines followed by Mindanao region.
Competitive Landscape in Philippines Light Electric Vehicle Market, 2022
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.
Key Segments Covered in Philippines Light Electric Vehicles Industry:-
By Type of Two/Three Wheeler EV
By Type of Four-Wheeler EV
Light Commercial Vehicle
By Type of Four-Wheeler EV Technology
By Price of Four-Wheeler EV
Less than PHP 2,000,000
More than 4,000,000
By Type of Four-Wheeler EV Battery
Nickel Metal Hydride Battery
Nickel Manganese and Cobalt Battery
By Four-Wheeler EV Battery Capacity
Less than 2 kWh
More than 40 kWh
By Four-Wheeler EV Brands
National Capital Region
Cordillera Administrative Region
Time Period Captured in the Report:-
Historical Period: 2017-2022
Forecast Period: 2023F-2027F
Philippines Light Electric Vehicle Market Players
For more information on the research report, refer to below link:-
Ankur Gupta, Head Marketing & Communications