Latin America and the Caribbean: Market for Glass Rear-View Mirrors For Vehicles 2023

Market Size for Glass Rear-View Mirrors For Vehicles in Latin America and the Caribbean

For the third year in a row, the Latin American glass rear-view vehicle mirror market recorded decline in sales value, which decreased by -0.3% to $X in 2021. The market value increased at an average annual rate of +1.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Production of Glass Rear-View Mirrors For Vehicles in Latin America and the Caribbean

In value terms, glass rear-view vehicle mirror production rose to $X in 2021 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 19%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Exports of Glass Rear-View Mirrors For Vehicles

Exports in Latin America and the Caribbean

In 2021, after five years of decline, there was significant growth in overseas shipments of glass rear-view mirrors for vehicles, when their volume increased by 99% to X units. Over the period under review, exports showed perceptible growth. The volume of export peaked at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, glass rear-view vehicle mirror exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico was the key exporting country with an export of about X units, which recorded 83% of total exports. It was distantly followed by Brazil (X units), constituting a 16% share of total exports.

Mexico was also the fastest-growing in terms of the glass rear-view mirrors for vehicles exports, with a CAGR of +3.1% from 2012 to 2021. Brazil (-1.2%) illustrated a downward trend over the same period. Mexico (+7.6 p.p.) significantly strengthened its position in terms of the total exports, while Brazil saw its share reduced by -5.3% from 2012 to 2021, respectively.

In value terms, Mexico ($X) remains the largest glass rear-view vehicle mirror supplier in Latin America and the Caribbean, comprising 86% of total exports. The second position in the ranking was held by Brazil ($X), with a 13% share of total exports.

In Mexico, glass rear-view vehicle mirror exports expanded at an average annual rate of +5.6% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per unit, dropping by -36.5% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the export price increased by 54%. Over the period under review, the export prices hit record highs at $X per unit in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Mexico ($X per unit), while Brazil amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+2.4%).

Imports of Glass Rear-View Mirrors For Vehicles

Imports in Latin America and the Caribbean

In 2021, supplies from abroad of glass rear-view mirrors for vehicles was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Total imports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -19.0% against 2018 indices. The growth pace was the most rapid in 2014 with an increase of 60% against the previous year. The volume of import peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, glass rear-view vehicle mirror imports totaled $X in 2021. In general, imports saw a relatively flat trend pattern. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Mexico prevails in imports structure, reaching X units, which was approx. 71% of total imports in 2021. It was distantly followed by Brazil (X units), mixing up a 9.1% share of total imports. Colombia (X units), Argentina (X units) and Peru (X units) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of +6.7% from 2012 to 2021. At the same time, Colombia (+11.7%) and Peru (+9.3%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +11.7% from 2012-2021. Brazil experienced a relatively flat trend pattern. By contrast, Argentina (-8.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico and Colombia increased by +12 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported glass rear-view mirrors for vehicles in Latin America and the Caribbean, comprising 52% of total imports. The second position in the ranking was taken by Brazil ($X), with a 22% share of total imports. It was followed by Argentina, with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico was relatively modest. In the other countries, the average annual rates were as follows: Brazil (+4.4% per year) and Argentina (-6.5% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2021, surging by 9.6% against the previous year. In general, the import price, however, showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2013 an increase of 13%. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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