The import of gas turbine-powered automobiles to the Philippines is set to progressively increase from 2024 to 2028, reaching 69.946 million kilograms by 2028. In 2023, the import volume stood at a significantly lower level, marking a notable upward trend.
Year-on-year, the import volume is forecasted to rise steadily by approximately 1.9% to 2.0% each year from 2024 to 2028. Over the last two years, the import volumes have shown consistent growth, indicating a positive trajectory.
The five-year compound annual growth rate (CAGR) suggests an average annual increase of around 1.8%, reflecting a stable market expansion.
Future trends to watch for include advances in gas turbine technology which may further drive demand, regulatory changes influencing automotive imports, and shifts in consumer preferences towards sustainable vehicle options. Keeping an eye on these factors will be crucial in understanding the long-term prospects for this market.
