Mexico: Spark Plug Market 2024

Spark Plug Market Size in Mexico

The Mexican spark plug market rose notably to $X in 2022, surging by 6.6% against the previous year. The market value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Spark Plug Production in Mexico

In value terms, spark plug production expanded to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 13% against the previous year. Spark plug production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Spark Plug Exports

Exports from Mexico

In 2022, overseas shipments of sparking plugs increased by 6.8% to X units, rising for the second year in a row after four years of decline. Overall, exports, however, continue to indicate a pronounced contraction. The pace of growth appeared the most rapid in 2021 when exports increased by 17%. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, spark plug exports reduced slightly to $X in 2022. In general, exports, however, saw a noticeable contraction. The growth pace was the most rapid in 2021 with an increase of 17%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for spark plug exports from Mexico, with a 86% share of total exports. Moreover, spark plug exports to the United States exceeded the volume sent to the second major destination, Guatemala (X units), more than tenfold. The third position in this ranking was held by El Salvador (X units), with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to -1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+8.7% per year) and El Salvador (+9.1% per year).

In value terms, the United States ($X) remains the key foreign market for sparking plugs exports from Mexico, comprising 86% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 6.6% share of total exports. It was followed by El Salvador, with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to -1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+8.7% per year) and El Salvador (+9.1% per year).

Export Prices by Country

In 2022, the average spark plug export price amounted to $X per unit, with a decrease of -6.4% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average export price increased by 9.4% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Guatemala ($X per unit) and the United States ($X per unit), while the average price for exports to El Salvador ($X per unit) and Costa Rica ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+5.0%), while the prices for the other major destinations experienced more modest paces of growth.

Spark Plug Imports

Imports into Mexico

In 2022, overseas purchases of sparking plugs increased by 19% to X units, rising for the second consecutive year after four years of decline. The total import volume increased at an average annual rate of +2.0% 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 26% against the previous year. Imports peaked at X units in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, spark plug imports soared to $X in 2022. Overall, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.0% 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 +60.4% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 31%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Japan (X units), the United States (X units) and Thailand (X units) were the main suppliers of spark plug imports to Mexico, with a combined 86% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +171.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), the United States ($X) and Thailand ($X) constituted the largest spark plug suppliers to Mexico, together accounting for 86% of total imports.

In terms of the main suppliers, Thailand, with a CAGR of +184.3%, recorded the highest growth rate of 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

In 2022, the average spark plug import price amounted to $X per unit, surging by 2.9% against the previous year. In general, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spark plug import price increased by +60.7% against 2013 indices. The pace of growth was the most pronounced in 2020 an increase of 13% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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