In 2023, the import of parts of domestic appliances with electric motors to the Philippines stood at 1.212 million kilograms. The forecasts for 2024 through 2028 show a steady increase from 1.2604 million kilograms to 1.4536 million kilograms.
Year-on-year variations indicate an increase of approximately 3.95% for 2025, 3.72% for 2026, 3.52% for 2027, and 3.34% for 2028. The compound annual growth rate (CAGR) over the five-year forecast period is approximately 3.51%, depicting a consistent upward trend.
Future trends to watch for:
• Potential advancements in technology leading to more efficient electric motors.
• Changes in government policies affecting import tariffs and duties.
• Economic factors influencing consumer purchasing power and demand for domestic appliances.
• Shifts in global supply chain dynamics that could impact sourcing and cost structures.
