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

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

The GCC glass rear-view vehicle mirror market reduced to $X in 2022, declining by -11.8% against the previous year. The total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +63.0% against 2017 indices. The level of consumption peaked at $X in 2021, and then dropped in the following year.

Production of Glass Rear-View Mirrors For Vehicles in GCC

In value terms, glass rear-view vehicle mirror production skyrocketed to $X in 2022 estimated in export price. In general, production enjoyed significant growth. The most prominent rate of growth was recorded in 2019 when the production volume increased by 10,038,300%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Exports of Glass Rear-View Mirrors For Vehicles

Exports by Country

The United Arab Emirates represented the key exporter of glass rear-view mirrors for vehicles in GCC, with the volume of exports accounting for X units, which was approx. 53% of total exports in 2022. Oman (X units) held the second position in the ranking, followed by Bahrain (X units). All these countries together held approx. 45% share of total exports. Saudi Arabia (X units) followed a long way behind the leaders.

Exports from the United Arab Emirates increased at an average annual rate of +8.3% from 2020 to 2022. At the same time, Oman (+36.1%), Bahrain (+14.7%) and Saudi Arabia (+12.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +36.1% from 2020-2022. While the share of Oman (+7.2 p.p.) increased significantly in terms of the total exports from 2020-2022, the share of the United Arab Emirates (-7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest glass rear-view vehicle mirror supplier in GCC, comprising 52% of total exports. The second position in the ranking was taken by Oman ($X), with a 25% share of total exports. It was followed by Bahrain, with a 21% share.

From 2020 to 2022, the average annual growth rate of value in the United Arab Emirates totaled +9.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (+37.3% per year) and Bahrain (+23.3% per year).

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, standing approx. at the previous year. Over the last two years, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2021 an increase of 3% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Bahrain ($X per unit) and Oman ($X per unit), while Saudi Arabia ($X per unit) and the United Arab Emirates ($X per unit) were amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+7.6%), while the other leaders experienced more modest paces of growth.

Imports of Glass Rear-View Mirrors For Vehicles

Imports in GCC

In 2022, approx. X units of glass rear-view mirrors for vehicles were imported in GCC; with a decrease of -11.9% against 2021. Overall, imports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 91% against the previous year. Over the period under review, imports reached the peak figure at X units in 2021, and then fell in the following year.

In value terms, glass rear-view vehicle mirror imports fell to $X in 2022. Over the period under review, imports showed a mild descent. The pace of growth was the most pronounced in 2021 with an increase of 31%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the major importer of glass rear-view mirrors for vehicles in GCC, with the volume of imports reaching X units, which was near 64% of total imports in 2022. Oman (X units) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (11%) and Bahrain (6.6%). Qatar (X units) held a minor share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +14.4% from 2012 to 2022. At the same time, Qatar (+20.2%), Kuwait (+13.2%), Oman (+9.3%) and Bahrain (+5.5%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +20.2% from 2012-2022. The United Arab Emirates (+8.8 p.p.) and Qatar (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Oman and Bahrain saw its share reduced by -5% and -6.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported glass rear-view mirrors for vehicles in GCC, comprising 42% of total imports. The second position in the ranking was taken by Oman ($X), with a 9% share of total imports. It was followed by Kuwait, with a 7.5% share.

In the United Arab Emirates, glass rear-view vehicle mirror imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Oman (-4.9% per year) and Kuwait (-1.5% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, picking up by 2.1% against the previous year. Over the period under review, the import price, however, faced a abrupt setback. The most prominent rate of growth was recorded in 2017 an increase of 90% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Qatar ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (-8.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform