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

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

The Peruvian glass rear-view vehicle mirror market skyrocketed to $X in 2021, increasing by 66% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Glass Rear-View Mirrors For Vehicles

Exports from Peru

In 2021, overseas shipments of glass rear-view mirrors for vehicles were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, exports posted pronounced growth. Over the period under review, the exports reached the peak figure at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, glass rear-view vehicle mirror exports surged to $X in 2021. Overall, exports showed resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Costa Rica (X units), Chile (X units) and Argentina (X units) were the main destinations of glass rear-view vehicle mirror exports from Peru, together comprising 27% of total exports. These countries were followed by Bolivia, Ecuador, the United States, Paraguay, Haiti, Belgium, Panama, Colombia, Germany and Guatemala, which together accounted for a further 23%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +65.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for glass rear-view vehicle mirror exported from Peru were Argentina ($X), Chile ($X) and Costa Rica ($X), with a combined 27% share of total exports. The United States, Bolivia, Ecuador, Haiti, Paraguay, Colombia, Germany, Guatemala, Panama and Belgium lagged somewhat behind, together accounting for a further 15%.

Among the main countries of destination, Guatemala, with a CAGR of +47.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average glass rear-view vehicle mirror export price stood at $X per unit in 2021, dropping by -20.6% against the previous year. Over the period under review, export price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the average export price increased by 28% against the previous year. The export price peaked at $X per unit in 2020, and then declined remarkably in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Argentina ($X per unit), while the average price for exports to Belgium ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Paraguay (+13.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Rear-View Mirrors For Vehicles

Imports into Peru

In 2021, the amount of glass rear-view mirrors for vehicles imported into Peru surged to X units, increasing by 59% against the previous year's figure. In general, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +9.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +63.5% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, glass rear-view vehicle mirror imports surged to $X in 2021. Over the period under review, imports enjoyed a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest glass rear-view vehicle mirror supplier to Peru, with a 84% share of total imports. Moreover, glass rear-view vehicle mirror imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), more than tenfold. The third position in this ranking was taken by the United States (X units), with a 1.8% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +11.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-8.4% per year) and the United States (+0.3% per year).

In value terms, China ($X) constituted the largest supplier of glass rear-view mirrors for vehicles to Peru, comprising 43% of total imports. The second position in the ranking was taken by the United States ($X), with a 6.2% share of total imports. It was followed by Taiwan (Chinese), with a 4.4% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +14.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.0% per year) and Taiwan (Chinese) (-0.8% per year).

Import Prices by Country

In 2021, the average glass rear-view vehicle mirror import price amounted to $X per unit, with an increase of 5.7% against the previous year. In general, import price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, glass rear-view vehicle mirror import price decreased by -17.5% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by 40%. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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