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

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

The Dominican glass rear-view vehicle mirror market amounted to $X in 2022, surging by 13% 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). In general, consumption continues to indicate a strong expansion. Glass rear-view vehicle mirror consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Exports of Glass Rear-View Mirrors For Vehicles

Exports from the Dominican Republic

For the eleventh year in a row, the Dominican Republic recorded growth in shipments abroad of glass rear-view mirrors for vehicles, which increased by 7.9% to X units in 2022. In general, exports posted a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 141%. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, glass rear-view vehicle mirror exports surged to $X in 2022. Over the period under review, exports showed significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 2,011% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units), Haiti (X units) and Turks and Caicos Islands (X units) were the main destinations of glass rear-view vehicle mirror exports from the Dominican Republic.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turks and Caicos Islands (with a CAGR of +85.5%), while the other leaders experienced more modest paces of growth.

In value terms, Haiti ($X) remains the key foreign market for glass rear-view mirrors for vehicles exports from the Dominican Republic, comprising 59% of total exports. The second position in the ranking was taken by Turks and Caicos Islands ($X), with a 5.4% share of total exports. It was followed by the United States, with a 4.5% share.

From 2012 to 2021, the average annual growth rate of value to Haiti stood at +25.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turks and Caicos Islands (+17.1% per year) and the United States (-20.4% per year).

Export Prices by Country

The average glass rear-view vehicle mirror export price stood at $X per unit in 2021, growing by 3.7% against the previous year. Overall, the export price recorded a notable expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Haiti ($X per unit), while the average price for exports to Colombia ($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 Cuba (-2.2%), while the prices for the other major destinations experienced a decline.

Imports of Glass Rear-View Mirrors For Vehicles

Imports into the Dominican Republic

Glass rear-view vehicle mirror imports into the Dominican Republic expanded modestly to X units in 2022, growing by 1.6% against 2021. Overall, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2016 when imports increased by 135%. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, glass rear-view vehicle mirror imports soared to $X in 2022. Over the period under review, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by 45%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

China (X units), Japan (X units) and the United States (X units) were the main suppliers of glass rear-view vehicle mirror imports to the Dominican Republic.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +31.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of glass rear-view mirrors for vehicles to the Dominican Republic, comprising 54% of total imports. The second position in the ranking was held by the United States ($X), with an 11% share of total imports. It was followed by Japan, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.3% per year) and Japan (+2.7% per year).

Import Prices by Country

In 2021, the average glass rear-view vehicle mirror import price amounted to $X per unit, rising by 9.5% against the previous year. Over the period under review, the import price, however, faced a deep slump. The pace of growth was the most pronounced in 2017 when the average import price increased by 104%. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per unit), while the price for Japan ($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) (+1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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