Philippines Electric Two-Wheeler Market Size, Share, Trends and Forecast by Vehicle Type, Battery Type, Voltage Type, Peak Power, Battery Technology, Motor Placement, and Region, 2026-2034
The Philippines electric two-wheeler market size reached USD 222.0 Million in 2025 . The market is projected to reach USD 572.5 Million by 2034 , exhibiting a growth rate (CAGR) of 10.76% during 2026-2034 . The market is driven by rising fuel costs, government initiatives promoting sustainable mobility, and growing environmental awareness among consumers. Increasing urban congestion encourages the adoption of compact, efficient electric scooters and bikes. Advancements in battery technology, reducing charging time and improving range, further support Philippines electric two-wheeler market share. Additionally, expanding charging infrastructure and affordability of entry-level models make electric two-wheelers attractive for daily commuters, while supportive policies and potential tax incentives boost consumer confidence in transitioning to e-mobility solutions.
PHILIPPINES ELECTRIC TWO-WHEELER MARKET TRENDS:
Government Initiatives and Supportive Policies
A key Philippines electric two-wheeler market trend is the government’s active role in accelerating adoption through green mobility policies. Initiatives such as reduced tariffs on imported e-motorcycles, proposed tax incentives, and regulatory backing for EV infrastructure development are fostering a supportive market environment. The Department of Energy and local government units are also exploring ways to expand charging stations, particularly in urban hubs. These efforts align with the country's commitment to lowering carbon emissions under international climate agreements. Additionally, certain localities are offering perks like free parking or road-use incentives for e-vehicles, making electric two-wheelers more appealing for city commuters. Government-backed campaigns to raise awareness about sustainable transportation amplify these efforts, helping overcome consumer hesitancy and pushing the market toward faster adoption of electric mobility solutions.
Rising Fuel Costs and Cost-Efficiency
One of the strongest drivers for the electric two-wheeler market in the Philippines is the continuous increase in fuel prices, which makes traditional motorcycles and scooters more expensive to operate. As of mid?2024, the country had only 354 electric motorcycles out of roughly 15,300 total EVs, reflecting penetration well under 1%—indicating significant room for growth despite the heavy reliance on fuel-powered vehicles. Electric two-wheelers offer a significantly lower cost-per-kilometer, making them highly appealing to daily commuters and delivery service providers who depend on affordable transportation. This cost-efficiency is especially valuable in urban areas where short trips dominate travel behavior. With electricity prices relatively more stable than gasoline, the long-term savings potential encourages adoption. Many Filipinos also view electric two-wheelers as protection against unpredictable fuel price fluctuations, while the availability of budget-friendly models and low maintenance needs accelerates Philippines electric two-wheeler market growth.
Urbanization and Traffic Congestion
Rapid urbanization in the Philippines, particularly in Metro Manila and other highly populated cities, has led to severe traffic congestion, making efficient and maneuverable vehicles a necessity. Electric two-wheelers provide a practical solution, allowing riders to navigate crowded streets and narrow lanes faster than cars or larger motorcycles. The growing demand for delivery services, fueled by e-commerce and food delivery platforms, further drives the need for compact, low-cost electric scooters and bikes. These vehicles are ideal for frequent stop-and-go trips common in urban logistics. Furthermore, with local governments actively seeking to reduce traffic congestion and pollution, electric two-wheelers are seen as part of the long-term solution for sustainable urban mobility. Their small size, low noise levels, and zero tailpipe emissions make them well-suited for city environments, encouraging adoption among both individual commuters and businesses.
PHILIPPINES ELECTRIC TWO-WHEELER MARKET SEGMENTATION:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2026-2034. Our report has categorized the market based on vehicle type, battery type, voltage type, peak power, battery technology, and motor placement.
Vehicle Type Insights:
Battery Type Insights:
Voltage Type Insights:
Peak Power Insights:
Battery Technology Insights:
Motor Placement Insights:
Regional Insights:
COMPETITIVE LANDSCAPE:
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
KEY QUESTIONS ANSWERED IN THIS REPORT
How has the Philippines electric two-wheeler market performed so far and how will it perform in the coming years?
What is the breakup of the Philippines electric two-wheeler market on the basis of vehicle type?
What is the breakup of the Philippines electric two-wheeler market on the basis of battery type?
What is the breakup of the Philippines electric two-wheeler market on the basis of voltage type?
What is the breakup of the Philippines electric two-wheeler market on the basis of peak power?
What is the breakup of the Philippines electric two-wheeler market on the basis of battery technology?
What is the breakup of the Philippines electric two-wheeler market on the basis of motor placement?
What is the breakup of the Philippines electric two-wheeler market on the basis of region?
What are the various stages in the value chain of the Philippines electric two-wheeler market?
What are the key driving factors and challenges in the Philippines electric two-wheeler market?
What is the structure of the Philippines electric two-wheeler market and who are the key players?
What is the degree of competition in the Philippines electric two-wheeler market?
PHILIPPINES ELECTRIC TWO-WHEELER MARKET TRENDS:
Government Initiatives and Supportive Policies
A key Philippines electric two-wheeler market trend is the government’s active role in accelerating adoption through green mobility policies. Initiatives such as reduced tariffs on imported e-motorcycles, proposed tax incentives, and regulatory backing for EV infrastructure development are fostering a supportive market environment. The Department of Energy and local government units are also exploring ways to expand charging stations, particularly in urban hubs. These efforts align with the country's commitment to lowering carbon emissions under international climate agreements. Additionally, certain localities are offering perks like free parking or road-use incentives for e-vehicles, making electric two-wheelers more appealing for city commuters. Government-backed campaigns to raise awareness about sustainable transportation amplify these efforts, helping overcome consumer hesitancy and pushing the market toward faster adoption of electric mobility solutions.
Rising Fuel Costs and Cost-Efficiency
One of the strongest drivers for the electric two-wheeler market in the Philippines is the continuous increase in fuel prices, which makes traditional motorcycles and scooters more expensive to operate. As of mid?2024, the country had only 354 electric motorcycles out of roughly 15,300 total EVs, reflecting penetration well under 1%—indicating significant room for growth despite the heavy reliance on fuel-powered vehicles. Electric two-wheelers offer a significantly lower cost-per-kilometer, making them highly appealing to daily commuters and delivery service providers who depend on affordable transportation. This cost-efficiency is especially valuable in urban areas where short trips dominate travel behavior. With electricity prices relatively more stable than gasoline, the long-term savings potential encourages adoption. Many Filipinos also view electric two-wheelers as protection against unpredictable fuel price fluctuations, while the availability of budget-friendly models and low maintenance needs accelerates Philippines electric two-wheeler market growth.
Urbanization and Traffic Congestion
Rapid urbanization in the Philippines, particularly in Metro Manila and other highly populated cities, has led to severe traffic congestion, making efficient and maneuverable vehicles a necessity. Electric two-wheelers provide a practical solution, allowing riders to navigate crowded streets and narrow lanes faster than cars or larger motorcycles. The growing demand for delivery services, fueled by e-commerce and food delivery platforms, further drives the need for compact, low-cost electric scooters and bikes. These vehicles are ideal for frequent stop-and-go trips common in urban logistics. Furthermore, with local governments actively seeking to reduce traffic congestion and pollution, electric two-wheelers are seen as part of the long-term solution for sustainable urban mobility. Their small size, low noise levels, and zero tailpipe emissions make them well-suited for city environments, encouraging adoption among both individual commuters and businesses.
PHILIPPINES ELECTRIC TWO-WHEELER MARKET SEGMENTATION:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2026-2034. Our report has categorized the market based on vehicle type, battery type, voltage type, peak power, battery technology, and motor placement.
Vehicle Type Insights:
- Electric Scooter/Moped
- Electric Motorcycle
Battery Type Insights:
- Lithium-Ion
- Sealed Lead Acid (SLA)
Voltage Type Insights:
- <48V
- 48-60V
- 61-72V
- 73-96V
- >96V
Peak Power Insights:
- <3 kW
- 3-6 kW
- 7-10 kW
- >10 kW
Battery Technology Insights:
- Removable
- Non-Removable
Motor Placement Insights:
- Hub Type
- Chassis Mounted
Regional Insights:
- Luzon
- Visayas
- Mindanao
COMPETITIVE LANDSCAPE:
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
KEY QUESTIONS ANSWERED IN THIS REPORT
How has the Philippines electric two-wheeler market performed so far and how will it perform in the coming years?
What is the breakup of the Philippines electric two-wheeler market on the basis of vehicle type?
What is the breakup of the Philippines electric two-wheeler market on the basis of battery type?
What is the breakup of the Philippines electric two-wheeler market on the basis of voltage type?
What is the breakup of the Philippines electric two-wheeler market on the basis of peak power?
What is the breakup of the Philippines electric two-wheeler market on the basis of battery technology?
What is the breakup of the Philippines electric two-wheeler market on the basis of motor placement?
What is the breakup of the Philippines electric two-wheeler market on the basis of region?
What are the various stages in the value chain of the Philippines electric two-wheeler market?
What are the key driving factors and challenges in the Philippines electric two-wheeler market?
What is the structure of the Philippines electric two-wheeler market and who are the key players?
What is the degree of competition in the Philippines electric two-wheeler market?
1 PREFACE
2 SCOPE AND METHODOLOGY
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 EXECUTIVE SUMMARY
4 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - INTRODUCTION
4.1 Overview
4.2 Market Dynamics
4.3 Industry Trends
4.4 Competitive Intelligence
5 PHILIPPINES ELECTRIC TWO-WHEELER MARKET LANDSCAPE
5.1 Historical and Current Market Trends (2020-2025)
5.2 Market Forecast (2026-2034)
6 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - BREAKUP BY VEHICLE TYPE
6.1 Electric Scooter/Moped
6.1.1 Overview
6.1.2 Historical and Current Market Trends (2020-2025)
6.1.3 Market Forecast (2026-2034)
6.2 Electric Motorcycle
6.2.1 Overview
6.2.2 Historical and Current Market Trends (2020-2025)
6.2.3 Market Forecast (2026-2034)
7 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - BREAKUP BY BATTERY TYPE
7.1 Lithium-Ion
7.1.1 Overview
7.1.2 Historical and Current Market Trends (2020-2025)
7.1.3 Market Forecast (2026-2034)
7.2 Sealed Lead Acid (SLA)
7.2.1 Overview
7.2.2 Historical and Current Market Trends (2020-2025)
7.2.3 Market Forecast (2026-2034)
8 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - BREAKUP BY VOLTAGE TYPE
8.1 <48V
8.1.1 Overview
8.1.2 Historical and Current Market Trends (2020-2025)
8.1.3 Market Forecast (2026-2034)
8.2 48-60V
8.2.1 Overview
8.2.2 Historical and Current Market Trends (2020-2025)
8.2.3 Market Forecast (2026-2034)
8.3 61-72V
8.3.1 Overview
8.3.2 Historical and Current Market Trends (2020-2025)
8.3.3 Market Forecast (2026-2034)
8.4 73-96V
8.4.1 Overview
8.4.2 Historical and Current Market Trends (2020-2025)
8.4.3 Market Forecast (2026-2034)
8.5 >96V
8.5.1 Overview
8.5.2 Historical and Current Market Trends (2020-2025)
8.5.3 Market Forecast (2026-2034)
9 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - BREAKUP BY PEAK POWER
9.1 <3 kW
9.1.1 Overview
9.1.2 Historical and Current Market Trends (2020-2025)
9.1.3 Market Forecast (2026-2034)
9.2 3-6 kW
9.2.1 Overview
9.2.2 Historical and Current Market Trends (2020-2025)
9.2.3 Market Forecast (2026-2034)
9.3 7-10 kW
9.3.1 Overview
9.3.2 Historical and Current Market Trends (2020-2025)
9.3.3 Market Forecast (2026-2034)
9.4 >10 kW
9.4.1 Overview
9.4.2 Historical and Current Market Trends (2020-2025)
9.4.3 Market Forecast (2026-2034)
10 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - BREAKUP BY BATTERY TECHNOLOGY
10.1 Removable
10.1.1 Overview
10.1.2 Historical and Current Market Trends (2020-2025)
10.1.3 Market Forecast (2026-2034)
10.2 Non-Removable
10.2.1 Overview
10.2.2 Historical and Current Market Trends (2020-2025)
10.2.3 Market Forecast (2026-2034)
11 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - BREAKUP BY MOTOR PLACEMENT
11.1 Hub Type
11.1.1 Overview
11.1.2 Historical and Current Market Trends (2020-2025)
11.1.3 Market Forecast (2026-2034)
11.2 Chassis Mounted
11.2.1 Overview
11.2.2 Historical and Current Market Trends (2020-2025)
11.2.3 Market Forecast (2026-2034)
12 PHILIPPINES ELECTRIC TWO-WHEELER MARKET – BREAKUP BY REGION
12.1 Luzon
12.1.1 Overview
12.1.2 Historical and Current Market Trends (2020-2025)
12.1.3 Market Breakup by Vehicle Type
12.1.4 Market Breakup by Battery Type
12.1.5 Market Breakup by Voltage Type
12.1.6 Market Breakup by Peak Power
12.1.7 Market Breakup by Battery Technology
12.1.8 Market Breakup by Motor Placement
12.1.9 Key Players
12.1.10 Market Forecast (2026-2034)
12.2 Visayas
12.2.1 Overview
12.2.2 Historical and Current Market Trends (2020-2025)
12.2.3 Market Breakup by Vehicle Type
12.2.4 Market Breakup by Battery Type
12.2.5 Market Breakup by Voltage Type
12.2.6 Market Breakup by Peak Power
12.2.7 Market Breakup by Battery Technology
12.2.8 Market Breakup by Motor Placement
12.2.9 Key Players
12.2.10 Market Forecast (2026-2034)
12.3 Mindanao
12.3.1 Overview
12.3.2 Historical and Current Market Trends (2020-2025)
12.3.3 Market Breakup by Vehicle Type
12.3.4 Market Breakup by Battery Type
12.3.5 Market Breakup by Voltage Type
12.3.6 Market Breakup by Peak Power
12.3.7 Market Breakup by Battery Technology
12.3.8 Market Breakup by Motor Placement
12.3.9 Key Players
12.3.10 Market Forecast (2026-2034)
13 PHILIPPINES ELECTRIC TWO-WHEELER MARKET – COMPETITIVE LANDSCAPE
13.1 Overview
13.2 Market Structure
13.3 Market Player Positioning
13.4 Top Winning Strategies
13.5 Competitive Dashboard
13.6 Company Evaluation Quadrant
14 PROFILES OF KEY PLAYERS
14.1 Company A
14.1.1 Business Overview
14.1.2 Products Offered
14.1.3 Business Strategies
14.1.4 SWOT Analysis
14.1.5 Major News and Events
14.2 Company B
14.2.1 Business Overview
14.2.2 Products Offered
14.2.3 Business Strategies
14.2.4 SWOT Analysis
14.2.5 Major News and Events
14.3 Company C
14.3.1 Business Overview
14.3.2 Products Offered
14.3.3 Business Strategies
14.3.4 SWOT Analysis
14.3.5 Major News and Events
14.4 Company D
14.4.1 Business Overview
14.4.2 Products Offered
14.4.3 Business Strategies
14.4.4 SWOT Analysis
14.4.5 Major News and Events
14.5 Company E
14.5.1 Business Overview
14.5.2 Products Offered
14.5.3 Business Strategies
14.5.4 SWOT Analysis
14.5.5 Major News and Events
15 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - INDUSTRY ANALYSIS
15.1 Drivers, Restraints, and Opportunities
15.1.1 Overview
15.1.2 Drivers
15.1.3 Restraints
15.1.4 Opportunities
15.2 Porters Five Forces Analysis
15.2.1 Overview
15.2.2 Bargaining Power of Buyers
15.2.3 Bargaining Power of Suppliers
15.2.4 Degree of Competition
15.2.5 Threat of New Entrants
15.2.6 Threat of Substitutes
15.3 Value Chain Analysis
16 APPENDIX
2 SCOPE AND METHODOLOGY
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 EXECUTIVE SUMMARY
4 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - INTRODUCTION
4.1 Overview
4.2 Market Dynamics
4.3 Industry Trends
4.4 Competitive Intelligence
5 PHILIPPINES ELECTRIC TWO-WHEELER MARKET LANDSCAPE
5.1 Historical and Current Market Trends (2020-2025)
5.2 Market Forecast (2026-2034)
6 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - BREAKUP BY VEHICLE TYPE
6.1 Electric Scooter/Moped
6.1.1 Overview
6.1.2 Historical and Current Market Trends (2020-2025)
6.1.3 Market Forecast (2026-2034)
6.2 Electric Motorcycle
6.2.1 Overview
6.2.2 Historical and Current Market Trends (2020-2025)
6.2.3 Market Forecast (2026-2034)
7 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - BREAKUP BY BATTERY TYPE
7.1 Lithium-Ion
7.1.1 Overview
7.1.2 Historical and Current Market Trends (2020-2025)
7.1.3 Market Forecast (2026-2034)
7.2 Sealed Lead Acid (SLA)
7.2.1 Overview
7.2.2 Historical and Current Market Trends (2020-2025)
7.2.3 Market Forecast (2026-2034)
8 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - BREAKUP BY VOLTAGE TYPE
8.1 <48V
8.1.1 Overview
8.1.2 Historical and Current Market Trends (2020-2025)
8.1.3 Market Forecast (2026-2034)
8.2 48-60V
8.2.1 Overview
8.2.2 Historical and Current Market Trends (2020-2025)
8.2.3 Market Forecast (2026-2034)
8.3 61-72V
8.3.1 Overview
8.3.2 Historical and Current Market Trends (2020-2025)
8.3.3 Market Forecast (2026-2034)
8.4 73-96V
8.4.1 Overview
8.4.2 Historical and Current Market Trends (2020-2025)
8.4.3 Market Forecast (2026-2034)
8.5 >96V
8.5.1 Overview
8.5.2 Historical and Current Market Trends (2020-2025)
8.5.3 Market Forecast (2026-2034)
9 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - BREAKUP BY PEAK POWER
9.1 <3 kW
9.1.1 Overview
9.1.2 Historical and Current Market Trends (2020-2025)
9.1.3 Market Forecast (2026-2034)
9.2 3-6 kW
9.2.1 Overview
9.2.2 Historical and Current Market Trends (2020-2025)
9.2.3 Market Forecast (2026-2034)
9.3 7-10 kW
9.3.1 Overview
9.3.2 Historical and Current Market Trends (2020-2025)
9.3.3 Market Forecast (2026-2034)
9.4 >10 kW
9.4.1 Overview
9.4.2 Historical and Current Market Trends (2020-2025)
9.4.3 Market Forecast (2026-2034)
10 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - BREAKUP BY BATTERY TECHNOLOGY
10.1 Removable
10.1.1 Overview
10.1.2 Historical and Current Market Trends (2020-2025)
10.1.3 Market Forecast (2026-2034)
10.2 Non-Removable
10.2.1 Overview
10.2.2 Historical and Current Market Trends (2020-2025)
10.2.3 Market Forecast (2026-2034)
11 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - BREAKUP BY MOTOR PLACEMENT
11.1 Hub Type
11.1.1 Overview
11.1.2 Historical and Current Market Trends (2020-2025)
11.1.3 Market Forecast (2026-2034)
11.2 Chassis Mounted
11.2.1 Overview
11.2.2 Historical and Current Market Trends (2020-2025)
11.2.3 Market Forecast (2026-2034)
12 PHILIPPINES ELECTRIC TWO-WHEELER MARKET – BREAKUP BY REGION
12.1 Luzon
12.1.1 Overview
12.1.2 Historical and Current Market Trends (2020-2025)
12.1.3 Market Breakup by Vehicle Type
12.1.4 Market Breakup by Battery Type
12.1.5 Market Breakup by Voltage Type
12.1.6 Market Breakup by Peak Power
12.1.7 Market Breakup by Battery Technology
12.1.8 Market Breakup by Motor Placement
12.1.9 Key Players
12.1.10 Market Forecast (2026-2034)
12.2 Visayas
12.2.1 Overview
12.2.2 Historical and Current Market Trends (2020-2025)
12.2.3 Market Breakup by Vehicle Type
12.2.4 Market Breakup by Battery Type
12.2.5 Market Breakup by Voltage Type
12.2.6 Market Breakup by Peak Power
12.2.7 Market Breakup by Battery Technology
12.2.8 Market Breakup by Motor Placement
12.2.9 Key Players
12.2.10 Market Forecast (2026-2034)
12.3 Mindanao
12.3.1 Overview
12.3.2 Historical and Current Market Trends (2020-2025)
12.3.3 Market Breakup by Vehicle Type
12.3.4 Market Breakup by Battery Type
12.3.5 Market Breakup by Voltage Type
12.3.6 Market Breakup by Peak Power
12.3.7 Market Breakup by Battery Technology
12.3.8 Market Breakup by Motor Placement
12.3.9 Key Players
12.3.10 Market Forecast (2026-2034)
13 PHILIPPINES ELECTRIC TWO-WHEELER MARKET – COMPETITIVE LANDSCAPE
13.1 Overview
13.2 Market Structure
13.3 Market Player Positioning
13.4 Top Winning Strategies
13.5 Competitive Dashboard
13.6 Company Evaluation Quadrant
14 PROFILES OF KEY PLAYERS
14.1 Company A
14.1.1 Business Overview
14.1.2 Products Offered
14.1.3 Business Strategies
14.1.4 SWOT Analysis
14.1.5 Major News and Events
14.2 Company B
14.2.1 Business Overview
14.2.2 Products Offered
14.2.3 Business Strategies
14.2.4 SWOT Analysis
14.2.5 Major News and Events
14.3 Company C
14.3.1 Business Overview
14.3.2 Products Offered
14.3.3 Business Strategies
14.3.4 SWOT Analysis
14.3.5 Major News and Events
14.4 Company D
14.4.1 Business Overview
14.4.2 Products Offered
14.4.3 Business Strategies
14.4.4 SWOT Analysis
14.4.5 Major News and Events
14.5 Company E
14.5.1 Business Overview
14.5.2 Products Offered
14.5.3 Business Strategies
14.5.4 SWOT Analysis
14.5.5 Major News and Events
15 PHILIPPINES ELECTRIC TWO-WHEELER MARKET - INDUSTRY ANALYSIS
15.1 Drivers, Restraints, and Opportunities
15.1.1 Overview
15.1.2 Drivers
15.1.3 Restraints
15.1.4 Opportunities
15.2 Porters Five Forces Analysis
15.2.1 Overview
15.2.2 Bargaining Power of Buyers
15.2.3 Bargaining Power of Suppliers
15.2.4 Degree of Competition
15.2.5 Threat of New Entrants
15.2.6 Threat of Substitutes
15.3 Value Chain Analysis
16 APPENDIX
