Philippines' Auto Parts and Supplies Sector Flourishes Amidst Expanding Automotive Industry
The Philippine auto parts industry is growing quickly. This is mostly because the number of cars sold each year is steadily going up, which means more people want to buy aftermarket goods and services.
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| Philippines' Auto Parts and Supplies Sector Flourishes Amidst Expanding Automotive Industry |
At the moment, more than 250 companies in the area make and import up to 330 different kinds of auto parts and components to meet the needs of original equipment manufacturers (OEMs) and the independent aftermarket (IAM).
According to data from the Asia-Pacific Economic Cooperation from 2020, the country's automotive parts business employs around 67,100 people across the country.
The Department of Trade and Industry (DTI) is giving the car parts industry important help to grow. The government wants to strengthen the sector's place as a major player in the auto industry and make the Philippines a regional hub for cars and parts in Asia by building a strong base of domestic suppliers.
The DTI does recognize, however, that local car parts companies face problems, such as not being able to take advantage of economies of scale and having a weak supply base. In response, the department advises that policies be improved and short-term subsidies be given to help the sector run and grow.
Informa Markets to Host First-Ever Auto Parts & Vehicles Expo in the Philippines
Sales of cars in the country have been growing steadily and strongly, which shows that the government is behind them. Campi, the Chamber of Automotive Manufacturers of the Philippines, Inc., thinks that the Philippine auto industry could sell a record 500,000 units in 2024. This would follow 2023's record sales of 429,807 new cars.
The industry also has bright futures ahead thanks to the growing electric car (EV) market in the country. According to the Electric Vehicle Association of the Philippines (EVAP), there are currently about 15,300 EVs in use across the country. By 2030, that number is expected to rise to about 6.6 million units.
The Auto Parts & Vehicles Expo Philippines (APVE) is being put together by Rungphech "Rose" Chitanuwat, who is the General Manager of Informa Markets in the Philippines. "There is a constant demand for automotive parts, whether for newly purchased cars or cars that have been on the roads for some time," he said.
The Auto Parts & Vehicles Expo Philippines will be held for the first time at the World Trade Center Metro Manila in Pasay City from June 5–7, 2024. Inquiries can be sent to Belle Tamayo at Belle.Tamayo@informa.com, or the number to call is +63 2 8581 1932. To set up an exhibition or support an event, email Yves Caisip at Yves.Caisip@informa.com or call +63 2 8581 1919 or +63 923 824 8477.
