Northern America: Vehicle Radio Market 2024

Vehicle Radio Market Size in Northern America

In 2022, the North American vehicle radio market increased by 31% to $X, rising for the second year in a row after two years of decline. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +51.1% against 2020 indices. The level of consumption peaked in 2022 and is likely to continue growth in the immediate term.

Vehicle Radio Production in Northern America

In value terms, vehicle radio production amounted to $X in 2022 estimated in export price. Over the period under review, production posted a resilient increase. The pace of growth was the most pronounced in 2017 with an increase of 100%. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Vehicle Radio Exports

Exports in Northern America

In 2022, shipments abroad of radio receivers for motor vehicles decreased by -26.7% to X units, falling for the second year in a row after four years of growth. Overall, exports showed a deep contraction. The pace of growth appeared the most rapid in 2017 with an increase of 33% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, vehicle radio exports contracted markedly to $X in 2022. Over the period under review, exports recorded a deep setback. The pace of growth appeared the most rapid in 2017 with an increase of 52% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of radio receivers for motor vehicles, namely the United States, represented more than two-thirds of total export.

The United States was also the fastest-growing in terms of the radio receivers for motor vehicles exports, with a CAGR of -8.8% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) also remains the largest vehicle radio supplier in Northern America.

In the United States, vehicle radio exports contracted by an average annual rate of -8.0% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per unit, increasing by 11% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth appeared the most rapid in 2013 when the export price increased by 20%. Over the period under review, the export prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +1.0% per year.

Vehicle Radio Imports

Imports in Northern America

In 2022, imports of radio receivers for motor vehicles in Northern America rose notably to X units, increasing by 9.7% compared with 2021 figures. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by 28%. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, vehicle radio imports soared to $X in 2022. In general, imports posted a prominent increase. The most prominent rate of growth was recorded in 2018 when imports increased by 48%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

The United States was the key importing country with an import of about X units, which finished at 81% of total imports. It was distantly followed by Canada (X units), comprising a 19% share of total imports.

The United States was also the fastest-growing in terms of the radio receivers for motor vehicles imports, with a CAGR of +6.8% from 2012 to 2022. Canada (-5.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States increased by +24 percentage points.

In value terms, the United States ($X) constitutes the largest market for imported radio receivers for motor vehicles in Northern America, comprising 82% of total imports. The second position in the ranking was held by Canada ($X), with an 18% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States totaled +23.0%.

Import Prices by Country

The import price in Northern America stood at $X per unit in 2022, surging by 20% against the previous year. Import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.6% 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 +41.7% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while Canada amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+15.1%).

Source: IndexBox Platform

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