Philippines: Market for Glass Rear-View Mirrors For Vehicles 2025

Market Size for Glass Rear-View Mirrors For Vehicles in the Philippines

The Philippine glass rear-view vehicle mirror market fell rapidly to $X in 2022, with a decrease of -17.8% 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). In general, consumption, however, posted a significant expansion. Glass rear-view vehicle mirror consumption peaked at $X in 2021, and then reduced dramatically in the following year.

Exports of Glass Rear-View Mirrors For Vehicles

Exports from the Philippines

In 2022, approx. X units of glass rear-view mirrors for vehicles were exported from the Philippines; rising by 65% against the year before. Over the period under review, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, glass rear-view vehicle mirror exports surged to $X in 2022. In general, exports posted buoyant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 1,617%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Guam (X units) was the main destination for glass rear-view vehicle mirror exports from the Philippines, accounting for a 3,873% share of total exports. It was followed by the United States (X units), with a 108% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Guam was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-76.8% per year) and Vietnam (-39.8% per year).

In value terms, Guam ($X) emerged as the key foreign market for glass rear-view mirrors for vehicles exports from the Philippines, comprising 91% of total exports. The second position in the ranking was taken by the United States ($X), with a 4.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Guam was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-89.3% per year) and Vietnam (-46.6% per year).

Export Prices by Country

In 2021, the average glass rear-view vehicle mirror export price amounted to $X per unit, almost unchanged from the previous year. In general, the export price showed a relatively flat trend pattern. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Guam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+43.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Rear-View Mirrors For Vehicles

Imports into the Philippines

Glass rear-view vehicle mirror imports into the Philippines dropped notably to X units in 2022, with a decrease of -26.3% against 2021 figures. In general, imports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2013 when imports increased by 200% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, glass rear-view vehicle mirror imports contracted to $X in 2022. Overall, imports, however, saw strong growth. The pace of growth appeared the most rapid in 2013 when imports increased by 96% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) was the main glass rear-view vehicle mirror supplier to the Philippines, with a 112% share of total imports. Moreover, glass rear-view vehicle mirror imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), fourfold. Thailand (X units) ranked third in terms of total imports with a 27% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-16.8% per year) and Thailand (-13.7% per year).

In value terms, China ($X), Thailand ($X) and Japan ($X) appeared to be the largest glass rear-view vehicle mirror suppliers to the Philippines, with a combined 65% share of total imports. Indonesia, Taiwan (Chinese), India and South Korea lagged somewhat behind, together comprising a further 28%.

India, with a CAGR of +36.2%, saw 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 glass rear-view vehicle mirror import price stood at $X per unit in 2021, picking up by 9.5% against the previous year. Overall, the import price, however, saw a abrupt setback. The growth pace was the most rapid in 2017 an increase of 104% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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