Mexico: Motor Vehicle Radiator Market 2024

Motor Vehicle Radiator Market Size in Mexico

The Mexican motor vehicle radiator market declined notably to $X in 2022, waning by -49.8% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then contracted remarkably in the following year.

Motor Vehicle Radiator Production in Mexico

In value terms, motor vehicle radiator production reached $X in 2022 estimated in export price. In general, production posted a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 121%. Motor vehicle radiator production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Motor Vehicle Radiator Exports

Exports from Mexico

In 2022, shipments abroad of radiators for motor vehicles increased by 70% to X units for the first time since 2018, thus ending a three-year declining trend. Overall, total exports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, motor vehicle radiator exports surged to $X in 2022. Over the period under review, total exports indicated a remarkable 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, exports increased by +63.9% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for motor vehicle radiator exports from Mexico, accounting for a 87% share of total exports. Moreover, motor vehicle radiator exports to the United States exceeded the volume sent to the second major destination, China (X units), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +3.5%.

In value terms, the United States ($X) remains the key foreign market for radiators for motor vehicles exports from Mexico, comprising 87% of total exports. The second position in the ranking was taken by China ($X), with a 9.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +4.5%.

Export Prices by Country

The average motor vehicle radiator export price stood at $X per unit in 2022, declining by -5.5% against the previous year. In general, the export price, however, showed a slight expansion. The pace of growth appeared the most rapid in 2021 an increase of 12% against the previous year. As a result, the export price attained the peak level of $X per unit, and then declined in the following year.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to China stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+1.0%).

Motor Vehicle Radiator Imports

Imports into Mexico

In 2022, motor vehicle radiator imports into Mexico surged to X units, increasing by 20% on 2021 figures. The total import volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 34%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, motor vehicle radiator imports surged to $X in 2022. The total import value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 33%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

The United States (X units), China (X units) and Japan (X units) were the main suppliers of motor vehicle radiator imports to Mexico, together comprising 79% of total imports. Spain, Germany, the Czech Republic, South Korea and India lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +40.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Japan ($X) were the largest motor vehicle radiator suppliers to Mexico, with a combined 79% share of total imports. Spain, Germany, the Czech Republic, South Korea and India lagged somewhat behind, together accounting for a further 13%.

In terms of the main suppliers, Spain, with a CAGR of +40.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average motor vehicle radiator import price stood at $X per unit in 2022, therefore, remained relatively stable against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 2.2%. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($X per unit) and Germany ($X per unit), while the price for China ($X per unit) and South Korea ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+0.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform