Sri Lanka: Vehicle Radio Market 2024

Vehicle Radio Market Size in Sri Lanka

The Sri Lankan vehicle radio market surged to $X in 2022, with an increase of X% against the previous year. Over the period under review, consumption showed a prominent expansion. Vehicle radio consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Vehicle Radio Production in Sri Lanka

In value terms, vehicle radio production declined modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Vehicle Radio Exports

Exports from Sri Lanka

In 2022, after two years of decline, there was decline in shipments abroad of radio receivers for motor vehicles, when their volume decreased by X% to X units. In general, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2014 with an increase of X%. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, vehicle radio exports dropped sharply to $X in 2022. Overall, exports continue to indicate a precipitous setback. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Maldives (X units) and Australia (X units) were the main destinations of vehicle radio exports from Sri Lanka. Moreover, vehicle radio exports in Maldives exceeded the figures recorded by the second-largest exporter, Australia, twofold.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of X%).

In value terms, Maldives ($X) remains the key foreign market for radio receivers for motor vehicles exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was taken by Australia ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Maldives amounted to X%.

Export Prices by Country

In 2022, the average vehicle radio export price amounted to $X per unit, with a decrease of X% against the previous year. Overall, the export price showed a abrupt decrease. The most prominent rate of growth was recorded in 2016 when the average export price increased by X%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Maldives ($X per unit), while the average price for exports to Australia totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vehicle Radio Imports

Imports into Sri Lanka

In 2022, the amount of radio receivers for motor vehicles imported into Sri Lanka surged to X units, rising by X% against the year before. Overall, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, vehicle radio imports soared to $X in 2022. Over the period under review, imports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of vehicle radio to Sri Lanka, accounting for a X% share of total imports. Moreover, vehicle radio imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), fourfold. The third position in this ranking was taken by India (X units), with a X% share.

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

In value terms, the largest vehicle radio suppliers to Sri Lanka were China ($X), Japan ($X) and Thailand ($X), together accounting for X% of total imports. These countries were followed by India, which accounted for a further X%.

In terms of the main suppliers, India, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average vehicle radio import price stood at $X per unit in 2022, reducing by X% against the previous year. Overall, the import price recorded a deep slump. The growth pace was the most rapid in 2014 when the average import price increased by X% against the previous year. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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