Mexico: Market for Solar Cells and Light-Emitting Diodes 2024

Market Size for Solar Cells and Light-Emitting Diodes in Mexico

The Mexican market for solar cells and light-emitting diodes skyrocketed to $X in 2022, growing by 43% against the previous year. Overall, the total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.7% against 2020 indices. Solar cells and light-emitting diodes consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Solar Cells and Light-Emitting Diodes in Mexico

In value terms, solar cells and light-emitting diodes production expanded sharply to $X in 2022 estimated in export price. Overall, the total production indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -10.4% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 71%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Solar Cells and Light-Emitting Diodes

Exports from Mexico

Solar cells and light-emitting diodes exports from Mexico reduced markedly to X units in 2022, declining by -82.1% against the previous year's figure. Over the period under review, exports faced a abrupt descent. The growth pace was the most rapid in 2021 when exports increased by 454% against the previous year. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, solar cells and light-emitting diodes exports totaled $X in 2022. Overall, exports showed a pronounced downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 35% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X units), the Netherlands (X units) and China (X units) were the main destinations of solar cells and light-emitting diodes exports from Mexico, together accounting for 94% 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 the Netherlands (with a CAGR of +83.7%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for solar cells and light-emitting diodes exports from Mexico, comprising 73% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 15% share of total exports. It was followed by China, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at -7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+98.1% per year) and China (+66.3% per year).

Export Prices by Country

In 2022, the average export price for solar cells and light-emitting diodes amounted to $X per unit, rising by 536% against the previous year. Overall, the export price enjoyed a prominent expansion. As a result, the export price reached 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 United States ($X per unit), while the average price for exports to South Korea ($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 the United States (+19.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Solar Cells and Light-Emitting Diodes

Imports into Mexico

In 2022, approx. X units of solar cells and light-emitting diodes were imported into Mexico; flattening at 2021 figures. In general, imports saw a mild decrease. The pace of growth was the most pronounced in 2013 with an increase of 108% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, solar cells and light-emitting diodes imports soared to $X in 2022. Overall, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +70.6% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of solar cells and light-emitting diodes to Mexico, accounting for a 70% share of total imports. Moreover, solar cells and light-emitting diodes imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), fivefold. The third position in this ranking was taken by Japan (X units), with a 7.5% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+7.5% per year) and Japan (-3.1% per year).

In value terms, China ($X) constituted the largest supplier of solar cells and light-emitting diodes to Mexico, comprising 41% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 16% share of total imports. It was followed by Japan, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+2.6% per year) and Japan (+5.1% per year).

Import Prices by Country

In 2022, the average import price for solar cells and light-emitting diodes amounted to $X per unit, with an increase of 42% against the previous year. Over the period under review, the import price recorded a strong increase. The most prominent rate of growth was recorded in 2020 an increase of 146%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+37.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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