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

Market Size for Glass Rear-View Mirrors For Vehicles in Ecuador

The Ecuadorian glass rear-view vehicle mirror market contracted to $X in 2022, with a decrease of -14.3% 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, saw a remarkable increase. Glass rear-view vehicle mirror consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Exports of Glass Rear-View Mirrors For Vehicles

Exports from Ecuador

In 2022, after ten years of growth, there was significant decline in overseas shipments of glass rear-view mirrors for vehicles, when their volume decreased by -24% to X units. Over the period under review, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 92%. As a result, the exports reached the peak of X units, and then contracted markedly in the following year.

In value terms, glass rear-view vehicle mirror exports dropped remarkably to $X in 2022. In general, exports, however, recorded prominent growth. The growth pace was the most rapid in 2016 when exports increased by 616%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for glass rear-view vehicle mirror exports from Ecuador, with a 284% share of total exports. Moreover, glass rear-view vehicle mirror exports to the United States exceeded the volume sent to the second major destination, Colombia (X units), threefold. Chile (X units) ranked third in terms of total exports with a 56% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +13.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-0.9% per year) and Chile (+274.2% per year).

In value terms, the United States ($X) emerged as the key foreign market for glass rear-view mirrors for vehicles exports from Ecuador, comprising 61% of total exports. The second position in the ranking was taken by Colombia ($X), with a 25% share of total exports. It was followed by Peru, with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +13.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+3.0% per year) and Peru (+20.3% per year).

Export Prices by Country

In 2021, the average glass rear-view vehicle mirror export price amounted to $X per unit, rising by 1.7% against the previous year. In general, the export price continues to indicate mild growth. 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 foreign markets. In 2021, amid the top suppliers, the country with the highest price was Peru ($X per unit), while the average price for exports to Costa Rica ($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 Colombia (+3.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Glass Rear-View Mirrors For Vehicles

Imports into Ecuador

Glass rear-view vehicle mirror imports into Ecuador fell to X units in 2022, waning by -13.2% on the previous year's figure. In general, imports, however, saw a strong increase. The growth pace was the most rapid in 2018 when imports increased by 106%. Over the period under review, imports attained the maximum 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 shrank sharply to $X in 2022. Over the period under review, imports continue to indicate a slight curtailment. The growth pace was the most rapid in 2021 with an increase of 49%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Taiwan (Chinese) (X units) and Colombia (X units) were the main suppliers of glass rear-view vehicle mirror imports to Ecuador.

From 2012 to 2021, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +5.6%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Taiwan (Chinese) ($X), China ($X) and the United States ($X) were the largest glass rear-view vehicle mirror suppliers to Ecuador, with a combined 71% share of total imports.

Among the main suppliers, Taiwan (Chinese), with a CAGR of +8.1%, 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

In 2021, the average glass rear-view vehicle mirror import price amounted to $X per unit, picking up by 9.5% against the previous year. In general, the import price, however, faced a abrupt downturn. The most prominent rate of growth was recorded in 2017 when the average import price increased by 104% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, 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 the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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