In the Philippines, the import of motor vehicles for the transport of persons is projected to see consistent growth from 2024 to 2028. The values in Billion US Dollars are as follows: $5.2594 in 2024, $5.4797 in 2025, $5.6956 in 2026, $5.9072 in 2027, and $6.1145 in 2028. This forecasted data suggests a steady year-on-year increase in imports.
To understand the trend, consider the year-on-year percentage variations:
- 2024 to 2025: 4.18%
- 2025 to 2026: 3.94%
- 2026 to 2027: 3.71%
- 2027 to 2028: 3.51%
The compound annual growth rate (CAGR) from 2024 to 2028 stands at approximately 3.83% annually. This indicates a healthy and stable increase in demand for motor vehicles for transporting persons in the Philippines.
Future trends to watch for:
- Economic stability and growth in the Philippines, which may drive higher demand for personal vehicles.
- Technological advancements and shifts towards electric vehicles, which could impact import types and volumes.
- Government policies on vehicle import duties, emissions regulations, and incentives for green vehicles.
- Potential influence of global automotive supply chains and international trade relations on import volumes.