THE electric vehicle (EV) industry is likely to exceed projections in terms of vehicle adoption in the next five to 10 years, the Electric Vehicle Association of the Philippines (EVAP) said.
In an appearance on ANC’s Market Edge program, EVAP President Edmund A. Araga said new EV companies entering the market as well as expansion by current entrants will drive the expansion.
“My projection is that, in five to 10 years, the proliferation in the number of EVs on the road would be (larger) than expected,” Mr. Araga said.
“He expects the EV industry to be at par with those of neighboring countries,” he added.
In the first quarter, Mr. Araga said that the EV industry booked a 15% year-on-year increase in sales to 2,536 units.
Citing a report from the Land Transportation Office Operations Division, he said that the number of EVs registered last year was 15,300.
However, Mr. Araga said adoption remains hindered by mistrust of new technology and the difficulty of shipping units in.
He said the mistrust was reflected in the popularity of hybrid vehicles, which combine battery power with internal combustion engines.
He said motorists consider hybrids an entry point into the market, “to better understand the benefits of using EVs,” he said.
He added that it remains difficult to ship EVs into the country.
“There are a lot of lined up orders… that (dealers) have to address,” he said.
He said that EVAP has asked the Bureau of Customs to streamline the EV shipment process, saying EVs need to enter the country with the same ease as internal combustion engine vehicles. — Justine Irish D. Tabile