The Philippines automotive industry is the 9th biggest in the region of Asia Pacific. This country has sold 273.4 thousand vehicles in 2019 only. Most of them are from the foreign brands. Before entering the market, learn more about the evolution of automotive in the Philippines.
The vehicles in the country are dominated by the Japanese automobile companies, just like the other countries in ASEAN region. The country’s automobile production is covered under the Motor Vehicle development Program that is implemented by the Philippines Board of Investments.
Development of Micro mobility in Philippines
The market value of Philippines micro mobility in 2020 stood at USD 1.9 million. And it is predicted to reach USD 13,899 million by the year of 2030. The pandemic has positive impacts for the micromibility market in the country.
Owing to this pandemic, people prefer the micro mobility over the conventional shared mobility since this micro mobility allows people in the country to maintain physical distance. For example, when the orders to stay ay home were lifted in Manila, people began walking or cycling to work,
They chose walking or cycling instead of using various public transportations like buses since walking and cycling help them protect themselves from the virus that might be carried by other people who are using the public transportations.
Evolution of Automotive in The Philippines
The category of e-mopeds contributed the highest Philippines revenue to the micro mobility market in the last few years. This category is going to exhibit the faster growth in the upcoming years because of the e-moped sharing services’ economical nature.
The dockless category also dominated the micro mobility market in the Philippines during the past years. And this category is predicted to grow faster in the upcoming years as well, especially in the segment of sharing systems.
Dockless sharing system is about to be adopted by the players of the market because of the rising customers preference for this system over the docked one. This is mainly because the vehicles that are deployed through such systems can be dropped off and picked up anywhere.
Factors That Drive the Evolution of The Philippines Automotive
The first factor that affects Philippines’ automotive development is the rising demand to decrease the pollution. With the use of automobiles that are fuelled by fossil powered fuel extensively, the levels of air pollution are raining and cause a sharp rise in the lung diseases prevalence.
Micro mobility is going to reduce the requirement for the ownership of personal vehicles, this sector is going to increase the adoption and is expected to reduce the vehicles number on the roads of the country and also reduce the air pollution at once.
Evolution of automotive in the Philippines is affected by various factors. The development of micro mobility in Philippines is getting better since the prices of the electric vehicle batteries started falling. Some market players have started adopting electric vehicles.
Understanding what the citizens of the country need allows you to understand what kind of vehicles they want the most. Micro mobility, for example, is needed by the Philippines’ people since they want something to solve the problem of air pollution. Read and enter the market successfully.