Asia: Market for Glass Rear-View Mirrors For Vehicles 2023

Market Size for Glass Rear-View Mirrors For Vehicles in Asia

After seven years of growth, the Asian glass rear-view vehicle mirror market decreased by -4.9% to $X in 2021. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2020, and then contracted modestly in the following year.

Production of Glass Rear-View Mirrors For Vehicles in Asia

In value terms, glass rear-view vehicle mirror production fell to $X in 2021 estimated in export price. The total production indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +71.9% against 2013 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 22%. Over the period under review, production reached the peak level at $X in 2020, and then reduced slightly in the following year.

Exports of Glass Rear-View Mirrors For Vehicles

Exports in Asia

In 2021, shipments abroad of glass rear-view mirrors for vehicles was finally on the rise to reach X units after two years of decline. The total export volume increased at an average annual rate of +2.0% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, glass rear-view vehicle mirror exports surged to $X in 2021. The total export value increased at an average annual rate of +4.7% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X units) was the largest exporter of glass rear-view mirrors for vehicles, generating 61% of total exports. It was distantly followed by Taiwan (Chinese) (X units) and Thailand (X units), together committing a 26% share of total exports. The following exporters - South Korea (X units), India (X units), Turkey (X units) and Japan (X units) - together made up 12% of total exports.

Exports from China increased at an average annual rate of +4.5% from 2012 to 2021. At the same time, Turkey (+10.2%), Thailand (+5.3%) and South Korea (+3.7%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +10.2% from 2012-2021. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Japan (-1.6%) and India (-12.7%) illustrated a downward trend over the same period. While the share of China (+12 p.p.), Thailand (+1.9 p.p.) and Turkey (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Taiwan (Chinese) (-3.7 p.p.) and India (-9.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest glass rear-view vehicle mirror supplier in Asia, comprising 47% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 23% share of total exports. It was followed by Japan, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value in China totaled +7.1%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+3.3% per year) and Japan (-0.1% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per unit, increasing by 7.4% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+16.8%), while the other leaders experienced more modest paces of growth.

Imports of Glass Rear-View Mirrors For Vehicles

Imports in Asia

Glass rear-view vehicle mirror imports skyrocketed to X units in 2021, increasing by 16% against the previous year. The total import volume increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, glass rear-view vehicle mirror imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +6.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India (X units), Japan (X units), South Korea (X units), China (X units) and Indonesia (X units) represented roughly 67% of total imports in 2021. It was distantly followed by Turkey (X units) and Thailand (X units), together comprising a 9.8% share of total imports. Malaysia (X units), the Philippines (X units), the United Arab Emirates (X units), Taiwan (Chinese) (X units), Vietnam (X units) and Bangladesh (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Philippines (with a CAGR of +13.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and South Korea ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 75% of total imports. Thailand, India, Turkey, Indonesia, Vietnam, the United Arab Emirates, Malaysia, Taiwan (Chinese), Bangladesh and the Philippines lagged somewhat behind, together comprising a further 20%.

Taiwan (Chinese), with a CAGR of +18.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per unit, leveling off at the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.9%. The pace of growth was the most pronounced in 2020 when the import price increased by 28% against the previous year. As a result, import price attained the peak level of $X per unit, leveling off in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was China ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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