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

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

The Kuwaiti glass rear-view vehicle mirror market dropped rapidly to $X in 2022, with a decrease of -16% 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, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +23.4% against 2020 indices. Over the period under review, the market reached the peak level 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 Kuwait

In 2022, overseas shipments of glass rear-view mirrors for vehicles decreased by -34.3% to X units for the first time since 2011, thus ending a ten-year rising trend. In general, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2021 when exports increased by 211% against the previous year. As a result, the exports reached the peak of X units, and then contracted notably in the following year.

In value terms, glass rear-view vehicle mirror exports shrank dramatically to $X in 2022. Overall, exports faced a abrupt setback. The growth pace was the most rapid in 2018 when exports increased by 665% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X units) was the main destination for glass rear-view vehicle mirror exports from Kuwait, accounting for a 712% share of total exports. Moreover, glass rear-view vehicle mirror exports to Hong Kong SAR exceeded the volume sent to the second major destination, Sweden (X units), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Hong Kong SAR amounted to -5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (0.0% per year) and Indonesia (0.0% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for glass rear-view mirrors for vehicles exports from Kuwait, comprising 75% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR totaled -13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (0.0% per year) and Sweden (0.0% per year).

Export Prices by Country

The average glass rear-view vehicle mirror export price stood at $X per unit in 2021, growing by 5.5% against the previous year. Over the period under review, the export price continues to indicate a resilient expansion. 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 overseas markets. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the average price for exports to Hong Kong SAR ($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 Egypt (+4.7%), while the prices for the other major destinations experienced a decline.

Imports of Glass Rear-View Mirrors For Vehicles

Imports into Kuwait

In 2022, imports of glass rear-view mirrors for vehicles into Kuwait reduced to X units, falling by -14.9% against 2021 figures. Overall, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2013 with an increase of 114% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, glass rear-view vehicle mirror imports reduced markedly to $X in 2022. Over the period under review, imports recorded a mild reduction. The pace of growth appeared the most rapid in 2021 with an increase of 56%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2021, Taiwan (Chinese) (X units) constituted the largest glass rear-view vehicle mirror supplier to Kuwait, with a 46% share of total imports. Moreover, glass rear-view vehicle mirror imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. China (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Taiwan (Chinese) stood at +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+3.7% per year) and China (-12.0% per year).

In value terms, Japan ($X) constituted the largest supplier of glass rear-view mirrors for vehicles to Kuwait, comprising 37% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an 18% share of total imports. It was followed by Egypt, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled +2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+1.5% per year) and Egypt (+62.5% per year).

Import Prices by Country

The average glass rear-view vehicle mirror import price stood at $X per unit in 2021, rising by 9.5% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt setback. The pace of growth appeared the most rapid in 2017 an increase of 104%. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+27.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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