PHILIPPINES ELECTRIC CAR MARKET
KEY FINDINGS
- The Philippines government is aiming to increase the share of EVs in total PARC to 15% by 2030 from 1% at present. To achieve this feat, initiatives like import duty exemption for EV components, lower excise duty, free parking have been taken by the government
- Popular Battery electric vehicles like Hyundai Kona, BYD E6, Hyundai Ioniq are priced between 2-2.5 Million Philippines Peso ($36k-$45k USD)
- Chinese OEMs like BYD and Chery are aggressively eying the local market and have launched new vehicles at competitive prices
- Shell, Solarius, and UniOil have diversified from oil to EV charging services but more private participation is needed in fast charging segment to increase off take of BEVs
- The Electric Vehicle Industry Development Act (EVIDA), a new law that was passed in 2023 that provides various incentives and benefits for EV users will be amjor growth driver for EV adoption in Philippines
INTRODUCTION
With rising energy costs and growing concerns about climate change, more corporations in the Philippines are racing to get electric cars (EVs) on the road.
EVs are touted as one of the more efficient methods toward carbon neutrality and, in the long run, an escape route from soaring oil prices when compared to typical automobiles that use internal combustion engines.
PHILIPPINES ELECTRIC CAR MARKET SIZE AND FORECAST
The Philippines Electric Car Market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2023 to 2030.
NEW PRODUCT LAUNCH
In the Philippines, Nissan unveiled the Nissan LEAF, its flagship full-battery electric vehicle (EV). Nissan is bringing its first fully electric vehicle to the United States. Although hybrid automobiles have been introduced in the Philippines in the past, mass market EVs have been scarce.
The LEAF will be offered at three Nissan dealerships: Nissan Mantrade Makati, Nissan Otis, and Nissan Cebu South, according to Nissan. Charging stations for the LEAF will be available at these dealerships. On a full charge, the LEAF’s 40-kWh lithium-ion battery provides a range of up to 311 kilometres.
The all-electric BMW iX vehicle is now available in the Philippines. In a stunning and commanding fashion, the BMW iX is a head-turner. The iX’s design isn’t subtle, and it’s keen to convey that it’s not your average BMW.
The iX’s stunning “Kidney Lung” grille, which can be found on most BMWs these days, is flanked by sharp LED headlights and incorporates blue highlights below to emphasise its environmentally conscious nature. The combination of an aluminium space frame and carbon-fiber-reinforced plastic (CFRP) in the top, sides, and rear results in a mix that boosts rigidity while reducing weight.
The new BMW 2 Series Coupe is now available, and the SMC Asia Car Distributors Corporation-owned BMW Philippines is happy to announce that it has a starting price of only P3,690,000. The BMW iX, which will be the brand’s first all-electric vehicle for the Philippines, joined the coupe.
The RSA Motors team debuted the coupe initially to great praise and added that the M2 will be based on the moniker. Although BMW Philippines has not provided any additional information, it is reasonable to assume that the performance coupe will eventually arrive in the Philippines.
The only version of the 2 series that will be sold will have the M Sport package, which incorporates some aesthetic cues and features from the M3 and M4 vehicles. The new “2” has a two-plus-two seating arrangement despite being a coupe.
Two LED headlights surround the massive kidney grille that dominates the front end. The 2 series has an extended hood, a roofline that slopes, and a small back end that houses the LED taillights. These characteristics flow to the roofline.
Underneath the external upgrades, BMW equipped the 2 series with M aero and M Sport suspension, two performance components. Additionally, run-flat tyres are mounted on alloy wheels that are distinctive to M Sport.
THIS REPORT WILL ANSWER FOLLOWING QUESTIONS
- How many Electric Cars are manufactured per annum in Philippines? Who are the sub-component suppliers in this region?
- Cost breakup of a Philippines Electric Car and key vendor selection criteria
- Where is the Electric Car manufactured? What is the average margin per unit?
- Market share of Philippines Electric Car market manufacturers and their upcoming products
- Cost advantage for OEMs who manufacture Philippines Electric Car in-house
- key predictions for next 5 years in Philippines`Electric Car market
- Average B-2-B Electric Car market price in all segments
- Latest trends in Electric Car market, by every market segment
- The market size (both volume and value) of the Electric Car market in 2023-2030 and every year in between?
- Production breakup of Electric Car market, by suppliers and their OEM relationship
