Kuwait: Loudspeaker Market 2024

Loudspeaker Market Size in Kuwait

The Kuwaiti loudspeaker market declined to $X in 2022, dropping by -10.1% 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 prominent growth from 2012 to 2022: its value increased at an average annual rate of +8.2% 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 +12.5% against 2020 indices. Loudspeaker consumption peaked at $X in 2021, and then reduced in the following year.

Loudspeaker Exports

Exports from Kuwait

In 2022, approx. X units of loudspeakers were exported from Kuwait; dropping by -47.5% against 2021 figures. Over the period under review, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 1,481%. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, loudspeaker exports reduced dramatically to $X in 2022. Overall, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 2,148% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X units), Jordan (X units) and Saudi Arabia (X units) were the main destinations of loudspeaker exports from Kuwait, with a combined 73% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Jordan (with a CAGR of +67.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Qatar ($X) and Saudi Arabia ($X) were the largest markets for loudspeaker exported from Kuwait worldwide, together comprising 57% of total exports. Bahrain, Jordan, Belgium, Lebanon, India and Cyprus lagged somewhat behind, together comprising a further 34%.

Lebanon, with a CAGR of +91.3%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average loudspeaker export price amounted to $X per unit, surging by 18% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 66% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahrain ($X per unit), while the average price for exports to Jordan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cyprus (+116.9%), while the prices for the other major destinations experienced more modest paces of growth.

Loudspeaker Imports

Imports into Kuwait

Loudspeaker imports into Kuwait declined to X units in 2022, which is down by -13.3% on the year before. In general, imports, however, showed buoyant growth. The growth pace was the most rapid in 2013 when imports increased by 77% against the previous year. Over the period under review, imports attained the maximum at X units in 2021, and then declined in the following year.

In value terms, loudspeaker imports reduced to $X in 2022. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +10.7% against 2020 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 58%. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, China (X units) constituted the largest loudspeaker supplier to Kuwait, with a 78% share of total imports. Moreover, loudspeaker imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), more than tenfold. The third position in this ranking was held by South Korea (X units), with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+20.0% per year) and South Korea (+31.1% per year).

In value terms, China ($X) constituted the largest supplier of loudspeakers to Kuwait, comprising 37% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 13% share of total imports. It was followed by Vietnam, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+27.8% per year) and Vietnam (+32.4% per year).

Import Prices by Country

The average loudspeaker import price stood at $X per unit in 2022, with an increase of 5.1% against the previous year. In general, the import price, however, saw a noticeable decrease. The pace of growth appeared the most rapid in 2015 when the average import price increased by 13% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, 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 Malaysia ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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