Industry Overview
The Philippines Electric Three-wheeler Market is predicted to grow at 10.8% CAGR during the forecast period, in terms of its fleet size. The Philippines market is still unexplored with a few thousand units of electric three-wheelers on the road in the country in 2019; however, the market is anticipated to grow in the coming years due to the ongoing public-private initiatives and favorable government policies in place.
Market Segmentation
Insight by Product
Based on product, the electric three-wheeler market is segmented into e-rickshaws, e-autos, and others. E-rickshaws are the most preferred three-wheeler category. E-rickshaws are the typical three-wheelers with a top speed of around 25km/hr. These are alternatives to conventional pull rickshaws with pedals and auto rickshaws. A typical e-rickshaw carries 4+1 or 3 passengers at a time.
Insight by Type
Based on type, the market is categorized into passenger vehicles and load carriers. The Philippine's electric three-wheelers fleet size mainly constitutes passenger vehicles due to the increasing demand for a sustainable mode of intracity transport.
Insight by Motor Power
Based on motor power, the market is segmented into 1,500 W. Of all, 1,000-1,500 W powered three-wheelers hold the largest share in the Philippines market. The highest share of the 1,000-1,500 W powered three-wheelers in the market is due to the optimum performance and cost of the vehicle at this power.
Philippines Electric Three-wheeler Market Report Coverage
Report Metric
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Details
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Historical Period
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2018 - 2023
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Base Year Considered
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2024
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Forecast Period
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2025 - 2030
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Market Size in 2023
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U.S.D. XX Billion
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Revenue Forecast in 2030
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U.S.D. XX Billion
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Growth Rate
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10.8%
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Segments Covered in the Report
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By Product,By Type,By Motor Power
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Report Scope
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Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
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Regions Covered in the Report
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Philippines
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Industry Dynamics
The Philippines electric three-wheelers market is growing due to the initiatives taken by the government and non-government organizations. The government in the Philippines is relying on public-private partnerships to develop and grow the electric vehicles industry in the country, which is directly supporting the growth of the electric three-wheeler market in the country.
The Electric Vehicle Association of the Philippines (EVAP) has an optimistic view of the growth of electric vehicle sales in the Philippines owing to the support for these vehicles under Tax Reform for Acceleration and Inclusion (TRAIN) Law. Under the TRAIN Law, electric vehicles are exempted from higher excise tax, thus creating traction for investments to help sustain electric mobility in the country. The government is not only eyeing the expansion of electric vehicle sales in the major metropolitan cities but to the countryside. The government and non-government organizations are anticipating active participation from the local auto industry to flourish the electric vehicle industry in the country.
The Electric Vehicle Association of the Philippines (EVAP) plans for a national development program for electric vehicles that is anchored on the existing Motor Vehicle Development Program for the automotive industry. As per the association, this is to be implemented in four (4) phases within ten years.
The Department of Energy in the Philippines is actively collaborating with the Department of Transport for the implementation of a Public Utility Vehicle modernization program that is aimed at transforming the Philippines’ public transport into a cleaner and more efficient mode of transportation. Such initiatives are expected to create a huge demand for electric three-wheelers in the country.
Competitive Insight
The report offers competitive insight into the players offering electric three-wheelers, OEMs, or components manufacturers for these vehicles. Product and services, recent developments, and financial highlights for the players operating in the Philippines electric three-wheelers market.
BYD is the world leader in new energy vehicles with presence in over 70 countries. BYD has become a leading player in commercial vehicle solutions, electronics, renewable energy, and rail transit, with over 30 industrial parks across 6 continents.
Dongfeng Motor Corporation Ltd. is a Chinese state-owned automobile manufacturer headquartered in Wuhan, Hubei. Dongfeng main business covers commercial vehicles, passenger vehicles, NEVs, auto assemblies, parts and components, machines and equipment.
Some of the key players of Philippines Electric Three Wheeler Market are Primegreen Power & Technology, BEMAC Corporation, WM Motor, BYD, Dongfeng Motor Corporation
Recent Developments by Key Players
BEMAC Corporation has acquired the shares in the Switch Engineering Oy, headquartered in Vaasa, Finland, hereinafter referred to as “The Switch” and its subsidiaries.
Piaggio Vehicles Pvt Ltd (PVPL) which is a 100 % Indian subsidiary of the Italian Piaggio Group and India’s leading manufacturer of small commercial vehicles as well as pioneers in 3-wheeler electric mobility entered their Apé Electrik vehicles in the Philippines. The electric 3-wheeler vehicles will be manufactured in PVPL’s plant in Baramati (Maharashtra) and exported to the Philippines. The company will be deploying the Apé E-City and Apé E-Xtra vehicles equipped with SUN Mobility’s advanced battery-swapping technology.
The Philippines Electric Three-wheeler Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- Product
- Type
- Passenger Vehicle
- Load Carrier
- Motor Power
- <1,000W
- 1,000-1,500W
- >1,500W
PRIMARY RESEARCH INTERVIEWS - BREAKDOWN