Latin America and the Caribbean: Market for Electrical Boards, Panels, Consoles, Desks and Cabinets 2024

Market Size for Electrical Boards, Panels, Consoles, Desks and Cabinets in Latin America and the Caribbean

In 2021, the Latin American market for electrical boards, panels, consoles, desks and cabinets decreased by -7.7% to $X, falling for the second year in a row after four years of growth. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Production of Electrical Boards, Panels, Consoles, Desks and Cabinets in Latin America and the Caribbean

In value terms, electric board, desk and panel production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 when the production volume increased by 19% against the previous year. The level of production peaked at $X in 2019; afterwards, it flattened through to 2021.

Exports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Exports in Latin America and the Caribbean

In 2021, approx. X units of electrical boards, panels, consoles, desks and cabinets were exported in Latin America and the Caribbean; with an increase of 150% compared with the previous year. In general, exports saw a noticeable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, electric board, desk and panel exports skyrocketed to $X in 2021. Total exports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 36%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

Exports by Country

Mexico prevails in exports structure, recording X units, which was approx. 96% of total exports in 2021. Brazil (X units) followed a long way behind the leaders.

Mexico was also the fastest-growing in terms of the electrical boards, panels, consoles, desks and cabinets exports, with a CAGR of +4.4% from 2012 to 2021. Brazil (-2.9%) illustrated a downward trend over the same period. While the share of Mexico (+4.1 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest electric board, desk and panel supplier in Latin America and the Caribbean, comprising 90% of total exports. The second position in the ranking was taken by Brazil ($X), with a 4.5% share of total exports.

In Mexico, electric board, desk and panel exports expanded at an average annual rate of +2.5% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per unit, declining by -47.4% against the previous year. In general, the export price continues to indicate a noticeable downturn. The pace of growth appeared the most rapid in 2016 an increase of 61%. Over the period under review, the export prices hit record highs at $X per unit in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per unit), while Mexico stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+0.8%).

Imports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Imports in Latin America and the Caribbean

In 2021, electric board, desk and panel imports in Latin America and the Caribbean surged to X units, increasing by 37% compared with 2020 figures. The total import volume increased at an average annual rate of +3.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, electric board, desk and panel imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico represented the key importing country with an import of around X units, which recorded 45% of total imports. It was distantly followed by Chile (X units) and Brazil (X units), together achieving a 26% share of total imports. Peru (X units), Colombia (X units), Ecuador (X units), Guatemala (X units), the Dominican Republic (X units) and Honduras (X units) took a little share of total imports.

Imports into Mexico increased at an average annual rate of +4.0% from 2012 to 2021. At the same time, Honduras (+15.6%), Guatemala (+10.8%), Brazil (+5.9%), Chile (+5.7%) and the Dominican Republic (+3.8%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +15.6% from 2012-2021. Colombia experienced a relatively flat trend pattern. By contrast, Ecuador (-1.4%) and Peru (-1.4%) illustrated a downward trend over the same period. While the share of Chile (+3.4 p.p.), Mexico (+3.2 p.p.) and Brazil (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ecuador (-1.6 p.p.) and Peru (-2.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported electrical boards, panels, consoles, desks and cabinets in Latin America and the Caribbean, comprising 50% of total imports. The second position in the ranking was held by Brazil ($X), with an 11% share of total imports. It was followed by Chile, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico amounted to +5.6%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+5.8% per year) and Chile (+5.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2021, increasing by 6.6% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 10% against the previous year. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the Dominican Republic ($X per unit), while Chile ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+1.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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