Hungary: Hearing Aid Market 2022

Hearing Aid Market Size in Hungary

The Hungarian hearing aid market skyrocketed to $X in 2021, picking up by 96% against the previous year. Overall, the total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Hearing Aid Production in Hungary

In value terms, hearing aid production amounted to $X in 2021 estimated in export price. Overall, production saw a precipitous slump. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Hearing Aid Exports

Exports from Hungary

In 2021, overseas shipments of hearing aids (excl. parts and accessories) were finally on the rise to reach X units after three years of decline. Over the period under review, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 2,267%. As a result, the exports attained the peak of X units. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, hearing aid exports surged to $X in 2021. In general, exports showed a strong expansion. The growth pace was the most rapid in 2013 with an increase of 1,445% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X units) was the main destination for hearing aid exports from Hungary, accounting for a 62% share of total exports. Moreover, hearing aid exports to Vietnam exceeded the volume sent to the second major destination, China (X units), threefold. Albania (X units) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam amounted to +456.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-37.3% per year) and Albania (+24.0% per year).

In value terms, the largest markets for hearing aid exported from Hungary were China ($X), Vietnam ($X) and Albania ($X), together accounting for 98% of total exports.

Among the main countries of destination, Vietnam, with a CAGR of +543.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average hearing aid export price stood at $X per unit in 2021, declining by -7% against the previous year. Overall, the export price, however, continues to indicate prominent growth. The pace of growth appeared the most rapid in 2020 when the average export price increased by 835% against the previous year. As a result, the export price attained the peak level of $X per unit, and then dropped in the following year.

Prices varied noticeably country of destination: the country with the highest price was China ($X per unit), while the average price for exports to Romania ($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 China (+545.9%), while the prices for the other major destinations experienced mixed trend patterns.

Hearing Aid Imports

Imports into Hungary

Hearing aid imports into Hungary soared to X units in 2021, jumping by 102% compared with 2020. Overall, imports saw buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hearing aid imports skyrocketed to $X in 2021. In general, total imports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

Denmark (X units), China (X units) and Singapore (X units) were the main suppliers of hearing aid imports to Hungary, together comprising 61% of total imports. Austria, Germany, Vietnam, Poland, the United States, the UK and France lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +204.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X), Austria ($X) and Germany ($X) appeared to be the largest hearing aid suppliers to Hungary, with a combined 66% share of total imports. China, Poland, Vietnam, Singapore, the UK, the United States and France lagged somewhat behind, together comprising a further 34%.

Vietnam, with a CAGR of +125.6%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average hearing aid import price amounted to $X per unit, falling by -5.8% against the previous year. Overall, the import price saw a drastic downturn. The most prominent rate of growth was recorded in 2014 when the average import price increased by 21% against the previous year. As a result, import price reached the peak level of $X per unit. From 2015 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the UK ($X per unit), while the price for Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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