Panama: Market for Lead-Acid Accumulators (Excluding Starter Batteries) 2024

Market Size for Lead-Acid Accumulators (Excluding Starter Batteries) in Panama

The Panamanian market for lead-acid accumulators (excluding starter batteries) rose sharply to $X in 2022, with an increase of 13% against the previous year. Over the period under review, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% 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 -19.1% against 2018 indices. Lead-acid accumulators (excluding starter batteries) consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Lead-Acid Accumulators (Excluding Starter Batteries) in Panama

In value terms, lead-acid accumulators (excluding starter batteries) production rose rapidly to $X in 2022 estimated in export price. Overall, the total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +36.1% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 88%. Lead-acid accumulators (excluding starter batteries) production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Lead-Acid Accumulators (Excluding Starter Batteries)

Exports from Panama

Lead-acid accumulators (excluding starter batteries) exports from Panama reduced to X units in 2022, with a decrease of -4.3% compared with 2021 figures. In general, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2017 when exports increased by 711%. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, lead-acid accumulators (excluding starter batteries) exports reduced to $X in 2022. Over the period under review, exports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2017 when exports increased by 1,006% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Sweden (X units) was the main destination for lead-acid accumulators (excluding starter batteries) exports from Panama, accounting for a 47% share of total exports. Moreover, lead-acid accumulators (excluding starter batteries) exports to Sweden exceeded the volume sent to the second major destination, Mexico (X units), fivefold. The third position in this ranking was held by El Salvador (X units), with a 5.9% share.

From 2012 to 2022, the average annual growth rate of volume to Sweden totaled +61.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+66.0% per year) and El Salvador (+39.4% per year).

In value terms, Sweden ($X) remains the key foreign market for lead-acid accumulators (excluding starter batteries) exports from Panama, comprising 51% of total exports. The second position in the ranking was held by Mexico ($X), with an 8.7% share of total exports. It was followed by Peru, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value to Sweden amounted to +49.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+60.1% per year) and Peru (+24.8% per year).

Export Prices by Country

In 2022, the average export price for lead-acid accumulators (excluding starter batteries) amounted to $X per unit, approximately reflecting the previous year. Over the period under review, the export price continues to indicate a noticeable downturn. The pace of growth was the most pronounced in 2017 an increase of 36% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Bolivia ($X per unit) and Sweden ($X per unit), while the average price for exports to Ecuador ($X per unit) and Venezuela ($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 Cuba (-1.9%), while the prices for the other major destinations experienced a decline.

Imports of Lead-Acid Accumulators (Excluding Starter Batteries)

Imports into Panama

In 2022, approx. X units of lead-acid accumulators (excluding starter batteries) were imported into Panama; growing by 8.5% against 2021 figures. Over the period under review, imports posted a significant increase. The pace of growth appeared the most rapid in 2013 when imports increased by 387% against the previous year. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, lead-acid accumulators (excluding starter batteries) imports stood at $X in 2022. Overall, imports showed a resilient increase. The most prominent rate of growth was recorded in 2013 when imports increased by 334% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X units), China (X units) and Greece (X units) were the main suppliers of lead-acid accumulators (excluding starter batteries) imports to Panama, with a combined 63% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Greece (with a CAGR of +96.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Greece ($X) were the largest lead-acid accumulators (excluding starter batteries) suppliers to Panama, with a combined 63% share of total imports. Free Zones, Spain, Taiwan (Chinese) and Thailand lagged somewhat behind, together comprising a further 25%.

Spain, with a CAGR of +55.9%, recorded the highest rates of growth with regard to 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 import price for lead-acid accumulators (excluding starter batteries) stood at $X per unit in 2022, which is down by -7.5% against the previous year. In general, the import price continues to indicate a pronounced decrease. The growth pace was the most rapid in 2017 when the average import price increased by 17%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from China ($X per unit) and the United States ($X per unit), while the price for Taiwan (Chinese) ($X per unit) and Free Zones ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+5.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform