The forecasted import value of trucks to the Philippines shows a consistent upward trend from 2024 to 2028, starting from 2.3571 Billion USD in 2024 and increasing to 2.8169 Billion USD by 2028. Based on the data, the year-on-year percentage variation from 2024 to 2028 illustrates a steady growth rate, with imports rising each year. Compared to the previous years leading to 2023, this forecast represents a continued growth trajectory, indicating a robust demand for imported trucks.
Key variations observed from 2023 to 2024 show an increase of 5.02%. Considering the compound annual growth rate (CAGR) over the last five years, the average annual growth rate appears strong and positive.
Future trends to watch for include potential impacts of infrastructure projects initiated by the government, changes in import tariffs and trade policies, shifts in global automotive supply chains, and economic growth within the commercial transportation sector in the Philippines. Monitoring these factors will be essential for understanding the evolving dynamics of the truck import market.