Morocco: Vehicle Radio Market 2024

Vehicle Radio Market Size in Morocco

The Moroccan vehicle radio market skyrocketed to $X in 2022, increasing by 38% 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). Overall, consumption showed prominent growth. Over the period under review, the market reached the maximum level in 2022 and is likely to see gradual growth in the near future.

Vehicle Radio Exports

Exports from Morocco

In 2022, shipments abroad of radio receivers for motor vehicles decreased by -89.4% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports recorded a abrupt descent. The pace of growth was the most pronounced in 2021 when exports increased by 15,017% against the previous year. As a result, the exports reached the peak of X units, and then declined significantly in the following year.

In value terms, vehicle radio exports declined significantly to $X in 2022. Overall, exports recorded a abrupt curtailment. The growth pace was the most rapid in 2021 when exports increased by 36,413% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

China (X units) was the main destination for vehicle radio exports from Morocco, with a 68% share of total exports. Moreover, vehicle radio exports to China exceeded the volume sent to the second major destination, the UK (X units), fourfold.

From 2012 to 2022, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (0.0% per year) and Cameroon (0.0% per year).

In value terms, China ($X) emerged as the key foreign market for radio receivers for motor vehicles exports from Morocco, comprising 68% of total exports. The second position in the ranking was held by the UK ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (0.0% per year) and Cameroon (0.0% per year).

Export Prices by Country

In 2022, the average vehicle radio export price amounted to $X per unit, surging by 98% against the previous year. Overall, the export price recorded a moderate expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 142%. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Cameroon ($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 France (+6.9%).

Vehicle Radio Imports

Imports into Morocco

In 2022, overseas purchases of radio receivers for motor vehicles increased by 6.7% to X units, rising for the fifth consecutive year after three years of decline. Overall, imports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2018 when imports increased by 128%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, vehicle radio imports soared to $X in 2022. In general, imports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2021 when imports increased by 67%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Romania (X units), France (X units) and China (X units) were the main suppliers of vehicle radio imports to Morocco, together accounting for 94% of total imports.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +45.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vehicle radio suppliers to Morocco were Romania ($X), France ($X) and China ($X), with a combined 94% share of total imports.

France, with a CAGR of +49.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average vehicle radio import price stood at $X per unit in 2022, increasing by 49% against the previous year. In general, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vehicle radio import price increased by +118.7% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per unit) and China ($X per unit), while the price for France ($X per unit) and Romania ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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