U.S.: Market for Motor Vehicle Electrical And Electronic Equipment 2024

Market Size for Motor Vehicle Electrical And Electronic Equipment in the U.S.

In 2023, the U.S. market for motor vehicle electrical and electronic equipment decreased by X% to $X for the first time since 2019, thus ending a three-year rising trend. The market value increased at an average annual rate of X% from 2013 to 2023; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2018 when the market value increased by X%. Consumption of peaked at $X in 2022, and then shrank in the following year.

Production of Motor Vehicle Electrical And Electronic Equipment in the U.S.

In value terms, production of motor vehicle electrical and electronic equipment declined to $X in 2023. The total output value increased at an average annual rate of X% from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the production volume increased by X%. Over the period under review, production of reached the maximum level at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

Exports of Motor Vehicle Electrical And Electronic Equipment

Exports from the U.S.

In 2023, exports of motor vehicle electrical and electronic equipment from the United States was estimated at X units, rising by X% compared with the year before. Overall, total exports indicated perceptible growth from 2013 to 2023: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2016 indices. The growth pace was the most rapid in 2019 when exports increased by X%. The exports peaked in 2023 and are likely to see gradual growth in years to come.

In value terms, exports of motor vehicle electrical and electronic equipment rose rapidly to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2013 to 2023; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. The exports peaked in 2023 and are likely to continue growth in the immediate term.

Exports by Country

Mexico (X units) was the main destination for exports of motor vehicle electrical and electronic equipment from the United States, accounting for a X% share of total exports. Moreover, exports of motor vehicle electrical and electronic equipment to Mexico exceeded the volume sent to the second major destination, Canada (X units), threefold. The third position in this ranking was taken by China (X units), with an X% share.

From 2013 to 2023, the average annual rate of growth in terms of volume to Mexico totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and China (X% per year).

In value terms, Mexico ($X), Canada ($X) and China ($X) were the largest markets for motor vehicle electrical and electronic equipment exported from the United States worldwide, together accounting for X% of total exports. The UK, Germany, Australia, Singapore, the United Arab Emirates, India, Belgium, Denmark, Hong Kong SAR and Peru lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Denmark, with a CAGR of X%, recorded 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 export price for motor vehicle electrical and electronic equipment stood at $X per unit in 2023, growing by X% against the previous year. Overall, the export price, however, showed a slight curtailment. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Canada ($X per unit), while the average price for exports to the United Arab Emirates ($X per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Denmark (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Motor Vehicle Electrical And Electronic Equipment

Imports into the U.S.

After four years of growth, supplies from abroad of motor vehicle electrical and electronic equipment decreased by X% to X units in 2023. In general, imports, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, imports of hit record highs at X units in 2022, and then dropped rapidly in the following year.

In value terms, imports of motor vehicle electrical and electronic equipment rose sharply to $X in 2023. The total import value increased at an average annual rate of X% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports of attained the peak figure in 2023 and are expected to retain growth in the immediate term.

Imports by Country

In 2023, Mexico (X units) constituted the largest supplier of motor vehicle electrical and electronic equipment to the United States, with a X% share of total imports. Moreover, imports of motor vehicle electrical and electronic equipment from Mexico exceeded the figures recorded by the second-largest supplier, China (X units), fourfold. The third position in this ranking was held by Japan (X units), with an X% share.

From 2013 to 2023, the average annual rate of growth in terms of volume from Mexico amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Japan (X% per year).

In value terms, Mexico ($X) constituted the largest supplier of motor vehicle electrical and electronic equipment to the United States, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2013 to 2023, the average annual growth rate of value from Mexico amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and China (X% per year).

Import Prices by Country

In 2023, the average import price for motor vehicle electrical and electronic equipment amounted to $X per unit, picking up by X% against the previous year. Overall, the import price, however, recorded a pronounced decrease. The import price peaked at $X per unit in 2018; however, from 2019 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Mexico ($X per unit), while the price for the Czech Republic ($X per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform