Philippines Electric Vehicle Market Estimated to Reach USD 20.57 Billion During 2025-2033 | Exhibit a 19.73% CAGR

The latest report by IMARC Group, "Philippines Electric Vehicle Market Size, Share, Trends and Forecast by Component, Charging Type, Propulsion Type, Vehicle Type, and Region, 2025-2033," provides an in-depth analysis of the Philippines electric vehicle market. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry. The Philippines electric vehicle market size reached USD 3.40 billion in 2024 and is projected to grow to USD 20.57 billion by 2033, exhibiting a robust growth rate of 19.73% during the forecast period.
Report Attributes and Key Statistics:

• Base Year: 2024

• Forecast Years: 2025-2033

• Historical Years: 2019-2024

• Market Size in 2024: USD 3.40 Billion

• Market Forecast in 2033: USD 20.57 Billion

• Growth Rate (2025-2033): 19.73%

Philippines Electric Vehicle Market Overview:

The Philippines electric vehicle market is experiencing robust growth driven by comprehensive government incentive framework with Executive Order No. 12 extending zero-tariff policy on EVs, e-motorcycles, e-bicycles, hybrid units, and components until 2028 confirmed May 2024, newly registered electric vehicles surpassing 10,000 units in first half of 2024 exceeding entire previous year total confirmed February 2025 by Electric Vehicle Association of the Philippines, and expanding public charging infrastructure guided by Department of Energy long-term targets. Electric Vehicle Incentive Strategy (EVIS) providing holistic support across infrastructure, investment, and local assembly competence. Streamlined registration procedures and priority processing benefits for EV owners enhancing adoption. Growing environmental awareness and sustainable mobility campaigns positioning electric vehicles as strategic priority transforming transportation landscape and addressing climate change commitments.

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Philippines Electric Vehicle Market Trends:

Philippines electric vehicle market trends include comprehensive incentive framework with Executive Order No. 12 extending zero-tariff policy on EVs, e-motorcycles, e-bicycles, hybrid units, and associated parts until 2028 confirmed May 2024 enhancing affordability and market accessibility. Newly registered electric vehicles surpassing 10,000 units first half 2024 exceeding entire previous year total confirmed February 2025 by Electric Vehicle Association of the Philippines demonstrating accelerating consumer confidence. Public charging station expansion guided by Department of Energy long-term targets ensuring greater accessibility across key regions. Philippine Electric Vehicle Summit enhancing information sharing and policy discussion between regulators, manufacturers, and mobility stakeholders. Electric Vehicle Incentive Strategy (EVIS) designed to offer holistic support across infrastructure, investment, and local assembly competence. Battery electric vehicles (BEV) gaining prominence with improved range and performance. Multi-stakeholder partnerships promoting awareness and sustainable mobility adoption. Luzon region leading deployment with highest urban concentration and infrastructure readiness.

Philippines Electric Vehicle Market Drivers:

Philippines electric vehicle market drivers include Executive Order No. 12 extending zero-tariff policy on EVs and components until 2028 confirmed May 2024 reducing vehicle costs and enhancing affordability. Electric Vehicle Association of the Philippines confirmed February 2025 that newly registered EVs surpassed 10,000 units first half 2024 exceeding entire previous year demonstrating rapid adoption acceleration. Department of Energy charging infrastructure expansion targets ensuring accessibility across regions supporting practical adoption. Electric Vehicle Incentive Strategy (EVIS) providing comprehensive support for infrastructure development, investment facilitation, and local assembly capabilities. Streamlined registration procedures and priority processing benefits for EV owners reducing administrative barriers. Growing environmental awareness and government climate change commitments driving low-emission transportation demand. Rising fuel prices increasing total cost of ownership advantages for electric vehicles. Urban air quality concerns in Metro Manila and major cities accelerating clean mobility policies. Philippine Electric Vehicle Summit facilitating multi-stakeholder coordination and policy alignment. Consumer education campaigns promoting sustainable mobility benefits and dispelling range anxiety concerns.

Market Challenges:

• High Initial Costs limiting widespread consumer adoption despite zero-tariff policy benefits

• Limited Charging Infrastructure particularly in provincial and rural areas restricting range confidence

• Grid Capacity Constraints requiring substantial power infrastructure upgrades for widespread deployment

• Import Dependency for vehicles and components creating supply chain vulnerabilities

• Consumer Awareness Gaps regarding EV benefits, maintenance requirements, and total ownership costs

• Financing Accessibility restricting affordable payment options for middle-income buyers

• Technical Expertise Shortages limiting qualified service and maintenance personnel availability

• Battery Disposal Concerns requiring proper end-of-life management and recycling infrastructure

Market Opportunities:

• Public Transport Electrification converting jeepneys, buses, and tricycles to electric propulsion systems

• Two-Wheeler Segment developing affordable e-motorcycles and e-bicycles for mass market adoption

• Fleet Operations supplying commercial delivery services and ride-hailing platforms with EVs

• Charging Infrastructure Development establishing comprehensive networks in urban and provincial areas

• Local Manufacturing building domestic assembly and component production capabilities reducing imports

• Battery Technology developing energy storage solutions and second-life applications

• Renewable Integration combining solar power with EV charging infrastructure for sustainability

• Government Procurement supplying electric vehicles for public sector fleets and agencies

Browse the full report with TOC and List of Figures: https://www.imarcgroup.com/philippines-electric-vehicle-market

Philippines Electric Vehicle Market Segmentation:

By Component:

• Battery Cells and Packs

• On-Board Charger

• Fuel Stack

By Charging Type:

• Slow Charging

• Fast Charging

By Propulsion Type:

• Battery Electric Vehicle (BEV)

• Fuel Cell Electric Vehicle (FCEV)

• Plug-in Hybrid Electric Vehicle (PHEV)

• Hybrid Electric Vehicle (HEV)

By Vehicle Type:

• Passenger Vehicles

• Commercial Vehicles

• Others

By Regional Distribution:

• Luzon

• Visayas

• Mindanao

Philippines Electric Vehicle Market News:

October 2025: The Philippines electric vehicle market gained remarkable momentum, with EVs accounting for about 6% of total car sales. Supported by tax incentives, charging infrastructure development, and green mobility policies, this surge positioned the country as one of Southeast Asia's fastest-emerging hubs for electric and eco-friendly transportation innovation.

August 2025: The Department of Energy expanded its list of recognized electric vehicles, reaffirming the Philippines' strong push toward transport electrification. This update marked a pivotal step in encouraging manufacturers, investors, and consumers to adopt sustainable mobility solutions, accelerating the nation's shift toward cleaner, more energy-efficient transportation systems.

February 2025: Electric Vehicle Association of the Philippines confirmed newly registered electric vehicles surpassed 10,000 units within first half of previous year exceeding total for entire previous year demonstrating accelerating consumer confidence and significant shift in automotive landscape with steady alignment of vehicle availability, infrastructure readiness, and supportive regulation.

Ongoing: Department of Energy implementing long-term targets for public charging station expansion ensuring greater accessibility across key regions complemented by educational efforts promoting sustainable mobility benefits and reinforcing public engagement with clean energy transport solutions.

Key Highlights of the Report:

• Market analysis projecting growth from USD 3.40 billion (2024) to USD 20.57 billion (2033) with 19.73% CAGR

• Executive Order No. 12 extending zero-tariff policy on EVs and components until 2028 confirmed May 2024

• Newly registered EVs surpassing 10,000 units first half 2024 confirmed February 2025

• Electric Vehicle Incentive Strategy (EVIS) providing holistic infrastructure and investment support

• Department of Energy charging infrastructure expansion targets enhancing regional accessibility

• Battery electric vehicles (BEV) dominating propulsion type segment with growing consumer preference

• Luzon region leading regional distribution with highest infrastructure deployment and urban concentration

Frequently Asked Questions (FAQs):

Q1: What are the primary factors driving Philippines electric vehicle market growth to USD 20.57 billion by 2033?

A1: The market is driven by Executive Order No. 12 extending zero-tariff policy on EVs, e-motorcycles, e-bicycles, hybrid units, and components until 2028 confirmed May 2024 reducing vehicle costs, newly registered electric vehicles surpassing 10,000 units first half 2024 exceeding entire previous year confirmed February 2025 by Electric Vehicle Association of the Philippines demonstrating rapid adoption, and Department of Energy charging infrastructure expansion targets ensuring regional accessibility. Electric Vehicle Incentive Strategy (EVIS) providing comprehensive support for infrastructure, investment, and local assembly capabilities, streamlined registration procedures with priority processing benefits, and growing environmental awareness with climate change commitments contribute to the 19.73% growth rate.

Q2: How are government incentives and infrastructure development transforming the Philippines electric vehicle landscape?

A2: Executive Order No. 12 confirmed May 2024 extends zero-tariff policy on electric vehicles and components until 2028 enhancing affordability and market accessibility with streamlined registration procedures and priority processing benefits. Department of Energy long-term charging infrastructure targets ensure greater accessibility across key regions supporting practical adoption. Electric Vehicle Incentive Strategy (EVIS) offers holistic support across infrastructure development, investment facilitation, and local assembly competence. Philippine Electric Vehicle Summit enhances multi-stakeholder coordination between regulators, manufacturers, and mobility stakeholders. These developments position government support and infrastructure readiness as fundamental transformation drivers supporting sustainable mobility transition and environmental objectives.

Q3: What opportunities exist for electric vehicle stakeholders in emerging Philippines market segments?

A3: Stakeholders can capitalize on public transport electrification converting jeepneys, buses, and tricycles to electric propulsion addressing urban mobility needs, two-wheeler segment developing affordable e-motorcycles and e-bicycles for mass market adoption, and fleet operations supplying commercial delivery services and ride-hailing platforms. Charging infrastructure development establishing comprehensive networks in urban and provincial areas, local manufacturing building domestic assembly and component production capabilities reducing import dependency, and battery technology developing energy storage solutions represent significant opportunities alongside renewable integration combining solar power with EV charging and government procurement supplying electric vehicles for public sector fleets supporting national sustainability and energy independence objectives.

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