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

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

After two years of decline, the Hungarian glass rear-view vehicle mirror market increased by 2.3% to $X in 2022. Overall, consumption recorded pronounced growth. Glass rear-view vehicle mirror consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Glass Rear-View Mirrors For Vehicles in Hungary

In value terms, glass rear-view vehicle mirror production fell to $X in 2022 estimated in export price. Over the period under review, production, however, saw a noticeable contraction. The pace of growth appeared the most rapid in 2016 with an increase of 157%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Exports of Glass Rear-View Mirrors For Vehicles

Exports from Hungary

In 2022, overseas shipments of glass rear-view mirrors for vehicles decreased by -2.2% to X units for the first time since 2011, thus ending a ten-year rising trend. Overall, exports, however, saw a slight increase. The most prominent rate of growth was recorded in 2021 with an increase of 4.5%. As a result, the exports reached the peak of X units, and then dropped slightly in the following year.

In value terms, glass rear-view vehicle mirror exports reduced markedly to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 21%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X units) was the main destination for glass rear-view vehicle mirror exports from Hungary, with a 294% share of total exports. Moreover, glass rear-view vehicle mirror exports to Germany exceeded the volume sent to the second major destination, Slovakia (X units), fourfold. Spain (X units) ranked third in terms of total exports with a 51% share.

From 2012 to 2021, the average annual growth rate of volume to Germany stood at +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+17.1% per year) and Spain (+52.7% per year).

In value terms, Germany ($X) remains the key foreign market for glass rear-view mirrors for vehicles exports from Hungary, comprising 65% of total exports. The second position in the ranking was taken by Slovakia ($X), with a 17% share of total exports. It was followed by the Czech Republic, with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany totaled +2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+16.9% per year) and the Czech Republic (+6.4% per year).

Export Prices by Country

The average glass rear-view vehicle mirror export price stood at $X per unit in 2021, rising by 2.6% against the previous year. In general, the export price saw a noticeable expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Czech Republic ($X per unit), while the average price for exports to Spain ($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 the Czech Republic (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Rear-View Mirrors For Vehicles

Imports into Hungary

In 2022, supplies from abroad of glass rear-view mirrors for vehicles increased by 0.3% to X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports enjoyed prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 102% against the previous year. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, glass rear-view vehicle mirror imports dropped to $X in 2022. The total import value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by 15% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Slovakia (X units), the United States (X units) and the Czech Republic (X units) were the main suppliers of glass rear-view vehicle mirror imports to Hungary, together comprising 50% of total imports. Germany, China, France and Spain lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +20.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of glass rear-view mirrors for vehicles to Hungary, comprising 65% of total imports. The second position in the ranking was taken by Germany ($X), with a 9.2% share of total imports. It was followed by the Czech Republic, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.6% per year) and the Czech Republic (+13.4% per year).

Import Prices by Country

The average glass rear-view vehicle mirror import price stood at $X per unit in 2021, surging by 9.5% against the previous year. Over the period under review, the import price, however, recorded a abrupt decline. The pace of growth was the most pronounced in 2017 an increase of 104% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (-0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :