Philippines Electric Vehicle Market to 2032

Overview

The Philippines Electric Vehicle Market is expected to reach a 15,097.44 USD Billion by 2032 and is projected to grow at a CAGR of 30.20% from 2025 to 2032.

Revenue, 2024 (USD Billion)

3,425.64

Forecast, 2032 (USD Billion)

15,097.44

CAGR, 2024 - 2032

30.20%

Report Coverage

Philippines

Philippines Electric Vehicle Market 2018-2032 USD Billion

Philippines Electric Vehicle Market, Key Findings (2025-2032)

Market Growth and Projections:

Market Size (2024): 3,425.64 USD Billion
Projected Market Size (2032): 15,097.44 USD Billion
CAGR (2025-2032): 30.20%

Key Findings of Philippines Electric Vehicle Market

The Philippines Electric Vehicle Market was valued at 3,425.64 USD Billion in 2024.
The Philippines Electric Vehicle Market is likely to grow at a CAGR of 30.20% during the forecast period of 2024 to 2032.
In 2024, the Largest segment Normal Charging in Charging Station Type Segment accounted for the largest share of the market with a revenue of 2,205.21 USD Billion
The fastest growing segment Hybrid Electric Vehicle(HEVs) in Propulsion Type Segment grew Fastest with a CAGR of 32.81% during the forecast period from 2024 to 2032.

Philippines Electric Vehicle Market Scope

Philippines Electric Vehicle Market Segmentation & Scope

Component

Others
Infotainment System
On-board Charger
Battery Cells & Packs

Propulsion Type

Fuel Cell Electric Vehicle(FCEVs)
Hybrid Electric Vehicle(HEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Battery Electric Vehicle (BEV)

Vehicle Type

Commercial Vehicles
Two Wheelers
Passenger Cars

Power Train

Combined Hybrid
Parallel Hybrid
Series Hybrid

Class

Luxury
Mid-Priced

Charging Station Type

Super Charging
Normal Charging

Philippines Electric Vehicle Market Data Coverage Insights

Study Period	2024-2032
Base Year	2021
Unit	Revenue in USD Billion
Market Value in 2024	3,425.64 USD Billion
Market Value in 2032	15,097.44 USD Billion
CAGR (2025-2032)	30.20%
Historic Data	2016-2023
Market Segments Covered	Component,Propulsion Type,Vehicle Type,Power Train,Class,Charging Station Type

Regional Insights:

Leading Market (2024-2032): Philippines, leading in terms of revenue 3,425.64 USD Billion in 2024
- Key Country: Philippines, leading in terms of revenue with value of 3,425.64 USD Billion in 2024.

Segments and Scope

Philippines Electric Vehicle Market to 2032, By Component
- Battery Cells & Packs is the largest segment in Philippines Electric Vehicle Market to 2032 with a revenue of 1,692.93 USD Billion in the year 2024.
- Battery Cells & Packs is the Fastest growing segment in Philippines Electric Vehicle Market to 2032 with a Growth rate of 31.47 % in forecast period 2025-2032.
Philippines Electric Vehicle Market to 2032, By Propulsion Type
- Battery Electric Vehicle (BEV) is the largest segment in Philippines Electric Vehicle Market to 2032 with a revenue of 1,759.92 USD Billion in the year 2024.
- Hybrid Electric Vehicle(HEVs) is the Fastest growing segment in Philippines Electric Vehicle Market to 2032 with a Growth rate of 30.48 % in forecast period 2025-2032.
Philippines Electric Vehicle Market to 2032, By Vehicle Type
- Passenger Cars is the largest segment in Philippines Electric Vehicle Market to 2032 with a revenue of 1,745.66 USD Billion in the year 2024.
- Passenger Cars is the Fastest growing segment in Philippines Electric Vehicle Market to 2032 with a Growth rate of 31.11 % in forecast period 2025-2032.
Philippines Electric Vehicle Market to 2032, By Power Train
- Series Hybrid is the largest segment in Philippines Electric Vehicle Market to 2032 with a revenue of 1,645.12 USD Billion in the year 2024.
- Combined Hybrid is the Fastest growing segment in Philippines Electric Vehicle Market to 2032 with a Growth rate of 28.57 % in forecast period 2025-2032.
Philippines Electric Vehicle Market to 2032, By Class
- Mid-Priced is the largest segment in Philippines Electric Vehicle Market to 2032 with a revenue of 2,146.37 USD Billion in the year 2024.
- Mid-Priced is the Fastest growing segment in Philippines Electric Vehicle Market to 2032 with a Growth rate of 30.65 % in forecast period 2025-2032.
Philippines Electric Vehicle Market to 2032, By Charging Station Type
- Normal Charging is the largest segment in Philippines Electric Vehicle Market to 2032 with a revenue of 2,205.21 USD Billion in the year 2024.
- Normal Charging is the Fastest growing segment in Philippines Electric Vehicle Market to 2032 with a Growth rate of 30.93 % in forecast period 2025-2032.

Philippines Electric Vehicle Market Company Share Analysis

Company Name
Ford Motor Company
Tesla
General Motors
Nissan Motor Co., Ltd.
TOYOTA MOTOR CORPORATION

Philippines Electric Vehicle Market Geographical Sales Distribution, 2018-2032 USD Billion

Philippines Electric Vehicle Market Company Profiling

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Frequently Asked Questions

What are the primary segments covered in the Philippines Electric Vehicle Market?

The Philippines Electric Vehicle Market is segmented based on Segmentation Component,Propulsion Type,Vehicle Type,Power Train,Class,Charging Station Type.

What is the current market size of the Philippines Electric Vehicle Market?

Philippines Electric Vehicle Market was valued at USD 3,425.64(Revenue in USD Billion) in 2021.

What is the expected growth rate of the Philippines Electric Vehicle Market?

Philippines Electric Vehicle Market is projected to grow at a CAGR of 30.20% during the forecast period of 2024 to 2032.

Which is the dominating segment in the Philippines Electric Vehicle Market?

The Normal Charging segment is expected to dominate the Philippines Electric Vehicle Market, holding a largest market share of 2,205.21 USD Billion in 2024