Guatemala: Loudspeaker Market 2024

Loudspeaker Market Size in Guatemala

The Guatemalan loudspeaker market skyrocketed to $X in 2022, jumping by 43% 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 enjoyed a buoyant increase. Loudspeaker consumption peaked in 2022 and is expected to retain growth in years to come.

Loudspeaker Exports

Exports from Guatemala

Loudspeaker exports from Guatemala dropped notably to X units in 2022, declining by -40.4% on 2021 figures. Overall, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2021 with an increase of 45% against the previous year. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, loudspeaker exports stood at $X in 2022. In general, exports showed a perceptible decline. The pace of growth was the most pronounced in 2018 when exports increased by 40%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

El Salvador (X units) was the main destination for loudspeaker exports from Guatemala, accounting for a 56% share of total exports. Moreover, loudspeaker exports to El Salvador exceeded the volume sent to the second major destination, Nicaragua (X units), fourfold. Honduras (X units) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to El Salvador stood at -5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (-3.3% per year) and Honduras (+7.7% per year).

In value terms, El Salvador ($X) remains the key foreign market for loudspeakers exports from Guatemala, comprising 60% of total exports. The second position in the ranking was taken by Honduras ($X), with a 13% share of total exports. It was followed by Nicaragua, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to El Salvador stood at -2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+14.6% per year) and Nicaragua (+3.3% per year).

Export Prices by Country

In 2022, the average loudspeaker export price amounted to $X per unit, surging by 69% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were El Salvador ($X per unit) and Costa Rica ($X per unit), while the average price for exports to the United States ($X per unit) and Nicaragua ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+39.4%), while the prices for the other major destinations experienced more modest paces of growth.

Loudspeaker Imports

Imports into Guatemala

Loudspeaker imports into Guatemala surged to X units in 2022, jumping by 47% compared with 2021 figures. Overall, imports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2021 with an increase of 80% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, loudspeaker imports surged to $X in 2022. In general, imports showed a buoyant expansion. The growth pace was the most rapid in 2021 when imports increased by 68% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest supplier of loudspeaker to Guatemala, accounting for a 85% share of total imports. Moreover, loudspeaker imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold. The third position in this ranking was taken by the United States (X units), with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+48.3% per year) and the United States (+5.9% per year).

In value terms, China ($X) constituted the largest supplier of loudspeakers to Guatemala, comprising 70% of total imports. The second position in the ranking was held by the United States ($X), with an 11% share of total imports. It was followed by Italy, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +17.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.6% per year) and Italy (+23.6% per year).

Import Prices by Country

In 2022, the average loudspeaker import price amounted to $X per unit, dropping by -3.7% against the previous year. Over the period under review, the import price showed a slight shrinkage. The pace of growth was the most pronounced in 2017 when the average import price increased by 13% against the previous year. As a result, import price reached the peak level of $X per unit. From 2018 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform