From just 214 units in 2019, the number of electric vehicles sold in the Philippines rose by over 8,600 percent in 2024. Increasing demand for electric vehicles (EV), alongside government incentives for importers and distributors, fueled the market's growth. The market is projected to reach USD 20. 57 Billion by 2034, exhibiting a growth rate (CAGR) of 19. The market is gaining momentum, supported by growing environmental awareness, improving charging. Per EVAP and the DOE, actual sales of 4-wheeled EVs almost tripled in 2024 to 3,880 units from 1,028 units sold in 2023—a 277. Of the three categories of EVs, battery electric vehicles (BEVs) accounted for about 75 percent (3,083 units), while hybrid electric vehicles (HEVs). The Philippines Electric Vehicle (EV) Market is witnessing rapid growth as the nation accelerates its transition toward cleaner, more sustainable mobility solutions.
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