Philippines: Market for Glass Rear-View Mirrors For Vehicles 2024

Market Size for Glass Rear-View Mirrors For Vehicles in the Philippines

The Philippine glass rear-view vehicle mirror market shrank to $X in 2022, with a decrease of X% 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, however, recorded a significant expansion. As a result, consumption attained the peak level of $X, and then shrank in the following year.

Exports of Glass Rear-View Mirrors For Vehicles

Exports from the Philippines

In 2022, shipments abroad of glass rear-view mirrors for vehicles increased by X% to X units, rising for the second year in a row after two years of decline. Overall, exports showed a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, glass rear-view vehicle mirror exports soared to $X in 2022. In general, exports posted a prominent increase. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Japan (X units) was the main destination for glass rear-view vehicle mirror exports from the Philippines, accounting for a X% share of total exports. Moreover, glass rear-view vehicle mirror exports to Japan exceeded the volume sent to the second major destination, Cambodia (X units), threefold. Thailand (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (X.0% per year) and Thailand (X% per year).

In value terms, Japan ($X) emerged as the key foreign market for glass rear-view mirrors for vehicles exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by Cambodia ($X), with a X% share of total exports. It was followed by Thailand, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (X.0% per year) and Thailand (X% per year).

Export Prices by Country

The average glass rear-view vehicle mirror export price stood at $X per unit in 2022, which is down by X% against the previous year. Overall, the export price showed a abrupt slump. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Cambodia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (X%), while the prices for the other major destinations experienced a decline.

Imports of Glass Rear-View Mirrors For Vehicles

Imports into the Philippines

Glass rear-view vehicle mirror imports into the Philippines reduced notably to X units in 2022, which is down by X% against 2021 figures. Overall, imports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, glass rear-view vehicle mirror imports shrank slightly to $X in 2022. In general, imports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Taiwan (Chinese) (X units), China (X units) and Indonesia (X units) were the main suppliers of glass rear-view vehicle mirror imports to the Philippines, with a combined X% share of total imports. Thailand, India, Malaysia and Japan lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of glass rear-view mirrors for vehicles to the Philippines, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by Thailand, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Thailand (X% per year).

Import Prices by Country

In 2022, the average glass rear-view vehicle mirror import price amounted to $X per unit, jumping by X% against the previous year. Over the period under review, the import price, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2020 an increase of X%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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