Expo offers auto trade network

The inaugural Auto Parts and Vehicles Expo Philippines yesterday provided a timely platform for local and international suppliers to convene for trading, networking, and exchange of ideas and innovations about automotive parts, accessories, maintenance equipment, and tools.

During its opening at the World Trade Center in Pasay City, Rungphech “Rose” Chitanuwat, general manager in the Philippines of Informa Markets, the organizer of the trade event, said the inaugural edition of the three-day sectoral event from 5 to 7 June 2024 gathers up to 4,000 prospective buyers and sellers from across the country and Southeast Asia.

“The first-ever APVE Philippines is designed to be a game-changing platform aimed at congregating industry leaders, buyers, sellers, and representatives from the government to unlock emerging and potential growth opportunities in the auto parts sector,” Rungphech “Rose” Chitanuwat, general manager in the Philippines of Informa Markets, the organizer of the trade event, said.

“As we have mentioned previously, APVE is also relevant to several related industries like mining, construction, logistics, transportation, and agriculture. Just like in other nations across the region, the auto parts sector in the country is very promising as it is bolstered along with robustly growing vehicle sales,” she added.

Vital for other industries

The expo is in time for the record-high sales of vehicles in the Philippines in 2023, which will make the sectors for automotive parts and car care products logically set to rev up further.

Overall automotive sales in the Philippines grew by a whopping 21.9 percent in 2023, accounting for a record-high purchase of 429,807 units.

The said number exceeded the industry’s annual sales target of 423,000 and even outpaced the pre-pandemic sales levels.

Passenger vehicles, on the other hand, accounted for 25.4 percent of the actual annual sales figure, while the rest (74.6 percent) is comprised of commercial vehicles.

The local automotive parts sector covers more than 250 businesses that produce and import up to 330 types of parts and components (made of metals, rubber, plastic, and other composite materials).

Those companies supply items for original equipment manufacturers and independent aftermarket or the parts replacement market in the country.

APVE also covers suppliers and spare parts for the growing electric vehicle sector in the country.

Through Republic Act 11697 or the Electric Vehicle Industry Development Act, sales of electric vehicles continue to pick up along with the faster EV adoption, encouraging public sector support, and democratizing costs.