Republic of Korea: Market for Glass Rear-View Mirrors For Vehicles 2024

Market Size for Glass Rear-View Mirrors For Vehicles in Republic of Korea

The South Korean glass rear-view vehicle mirror market amounted to $X in 2022, picking up by X% against the previous year. Overall, consumption showed a relatively flat trend pattern. Glass rear-view vehicle mirror consumption peaked in 2022 and is expected to retain growth in the immediate term.

Production of Glass Rear-View Mirrors For Vehicles in Republic of Korea

In value terms, glass rear-view vehicle mirror production declined to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a slight decline. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Glass Rear-View Mirrors For Vehicles

Exports from Republic of Korea

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 recorded buoyant growth. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, glass rear-view vehicle mirror exports expanded modestly to $X in 2022. In general, exports recorded resilient growth. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for glass rear-view vehicle mirror exports from South Korea, with a X% share of total exports. Moreover, glass rear-view vehicle mirror exports to the United States exceeded the volume sent to the second major destination, Poland (X units), eightfold. India (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (X% per year) and India (X% per year).

In value terms, the United States ($X) remains the key foreign market for glass rear-view mirrors for vehicles exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Poland ($X), with an X% share of total exports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (X% per year) and India (X% per year).

Export Prices by Country

The average glass rear-view vehicle mirror export price stood at $X per unit in 2022, dropping by X% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The export price peaked 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 Russia ($X per unit), while the average price for exports to Turkey ($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 Russia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Rear-View Mirrors For Vehicles

Imports into Republic of Korea

Glass rear-view vehicle mirror imports into South Korea soared to X units in 2022, increasing by X% compared with the year before. Over the period under review, imports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, glass rear-view vehicle mirror imports totaled $X in 2022. In general, imports continue to indicate prominent growth. The growth pace was the most rapid in 2020 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest supplier of glass rear-view vehicle mirror to South Korea, accounting for a X% share of total imports. Moreover, glass rear-view vehicle mirror imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%.

In value terms, the largest glass rear-view vehicle mirror suppliers to South Korea were China ($X) and the United States ($X).

China, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review.

Import Prices by Country

The average glass rear-view vehicle mirror import price stood at $X per unit in 2022, falling by X% against the previous year. In general, the import price saw a abrupt descent. The pace of growth was the most pronounced in 2019 when the average import price decreased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%).

Source: IndexBox Platform

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