Philippines Electric Three-Wheeler Market - Size, Share, Analysis and Forecast to 2024

The Philippines electric three-wheeler market is predicted to grow at 9.8% CAGR during the forecast period, in terms of its fleet size. The Philippines market is still unexplored with few thousand units of electric three-wheelers on road in the country in 2017; however, the market is anticipated to grow in the coming years due to the ongoing public-private initiatives and favorable government policies in place.

Based on the product, the market is categorized into passenger vehicles and load carriers. The Philippines electric three-wheelers fleet size mainly constitutes of passenger vehicles due to the increasing demand for a sustainable mode of intracity transport.

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On the basis of motor power, the market is segmented into1,500 W. Of all, 1,000-1,500 W powered three-wheelers hold the largest share in the Philippines market. The highest share of the 1,000-1,500 W powered three-wheelers in the market is due to the optimum performance and cost of the vehicle at this power.

The Philippines electric three-wheelers market is growing due to the initiatives were taken by the government and non-government organizations. The government in France is relying on public-private partnerships to develop and grow the electric vehicles industry in the country, which is directly supporting the growth of the electric three-wheelers market in the country.

The Electric Vehicle Association of the Philippines (EVAP) has optimistic view for the growth of the electric vehicles sales in the Philippines owing to the support for these vehicles under Tax Reform for Acceleration and Inclusion (TRAIN) Law. Under the TRAIN Law, electric vehicles are exempted from higher excise tax, thus creating traction for investments to help and sustain electric mobility in the country. The government is not only eyeing for the expansion of electric vehicles sales in the major metropolitan cities but to the countryside. The government and non-government organizations are anticipating active participation from the local auto industry to flourish the electric vehicle industry in the country.

The Electric Vehicle Association of the Philippines (EVAP) plans for a national development program for electric vehicles that is anchored on the existing Motor Vehicle Development Program for the automotive industry. As per the association, this is to be implemented in four (4) phases of within a ten-year period.

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The Department of Energy in the Philippines is actively collaborating with the Department of Transport for the implementation of Public Utility Vehicle modernization program that is aimed to transform the Philippines’ public transport to cleaner and efficient mode of transportation. Such initiatives are expected to create a huge demand for electric three-wheelers in the country.

The report offers competitive insight of the players offering electric three-wheelers, OEMs or components manufacturers for these vehicles. Product and services, recent developments and financial highlights for the players operating in the Philippines electric three-wheelers market.

Source: VynZ Research

Skincare Devices Market: Global Industry Analysis and Opportunity Assessment 2018-2024

Industry Overview

Skincare devices are used for the diagnosis and treatment of skin ailments. Global skincare devices market was valued at USD 8.2 billion in 2017. Different types of diagnostic and treatment devices contributed to the skincare devices market size. The market has witnessed high demand for diagnostic devices for skin diseases over the last few years due to the increasing awareness regarding the diagnosis of skin ailments.

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Market Segmentation

1)    Insight by Type

This segment is divided into innumerable subdivision. However, following are the major dominant ones:

·                     Diagnostic Devices

o   Biopsy devices

o   Dermatoscopes

o   Image-guided systems

·                     Treatment Devices

o   Electrosurgical devices

o   Light-based devices

o   Laser-based devices

o   Cryotherapy devices

o   Microdermabrasion

o   Others

Of all these diagnostic devices image-guided systems market witnessed the highest growth worldwide, which is due to the technological advancements and miniaturization of these devices. Of all these devices laser devices market is growing at the highest CAGR and expected to maintain the highest demand in skin care devices market during the forecast period.

2)     Insight by Distribution Channel

Following are the two distribution channels for skin care devices in the report:

·                     Direct Channels

·                     Indirect Channels

Skincare devices are more sold through indirect channels as compared to direct channels, however, with the increasing internet penetration market players are leveraging the benefits of direct channels also.

3)     Insight by Application

Different applications of skin care devices are:

·                     Disease Diagnosis and Treatment

·                     Hair Removal

·                     Skin Rejuvenation

·                     Cellulite Reduction

·                     Body Contouring and Skin Tightening

·                     Others

Aging population and increasing awareness among the people to look young has led to the highest growth in body contouring and skin tightening devices market at 10.5% CAGR during 2014-2017.

4)     Insight by End User

Different end users of skin care devices are:

·                     Dermatology Clinics

·                     Hospitals

·                     Spas and Calons

·                     Others

Skincare devices were mostly sold to dermatology clinics and hospitals, however, their demand in salons and spas is increasing rapidly due to miniaturization of these devices and reducing costs.

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Industry Dynamics

1)    Growth Drivers

Factors that have been acting as the driving factors for the growth of this industry are:

i.                     Increasing cases of skin ailments

ii.                   Advancements in technology

iii.                 Increasing healthcare expenditure

iv.                 Growth in disposable income

v.                   Increasing usage of home use devices

2)    Challenges

The major challenges faced by the key players in this industry are:

i.                     High cost of equipment

ii.                   Side effects associated with these devices

 3)    Industry Ecosystem

Globally industry players are leveraging market growth through usage of e-commerce. Consumers can easily access these devices through online channels of distribution. Home-use skincare devices and hand-held devices have seen the maximum growth in demand through e-commerce. In the coming years also, industry players are anticipated to investing the direct marketing and sales of their products.

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Geographic Overview

• Asia Pacific — Japan, China, India, Australia, South Korea, and Rest of Asia-Pacific
• North America — US, Canada, and Mexico
• Europe — UK, Germany, France, Italy, Spain, and Rest of Europe
• Rest of the World – Brazil, South Africa, Saudi Arabia, U.A.E., and Others

Geographically, North America is the largest skincare devices market as the region is home to large number of industry players and also has the highest healthcare expenditure globally. Moreover, high disposable income in the region lead to high out of pocket expenditure by consumers in North America especially in the U.S. According to the World Bank, the GNI per capita in the U.S. was $48,880 in 2010 and increased to $58,700 in 2016.

Competitive Insight

The Key players in Global Skincare Devices market are: Michelson Diagnostic Ltd., Merz Pharma GmbH & Co. KGaA,  Lumenis Ltd., Alma Lasers Ltd., PhotoMedex Inc., Hologic Inc., Valeant Pharmaceuticals International Inc., Galderma SA, Beijing Toplaser Technology Co Ltd. And Panasonic Corporation.

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