Republic of Korea: Market for Glass Rear-View Mirrors For Vehicles 2025

Market Size for Glass Rear-View Mirrors For Vehicles in Republic of Korea

In 2022, the South Korean glass rear-view vehicle mirror market decreased by -8.2% to $X for the first time since 2017, thus ending a four-year rising trend. Over the period under review, consumption, however, saw buoyant growth. Glass rear-view vehicle mirror consumption peaked at $X in 2021, and then shrank in the following year.

Exports of Glass Rear-View Mirrors For Vehicles

Exports from Republic of Korea

After ten years of growth, shipments abroad of glass rear-view mirrors for vehicles decreased by -4% to X units in 2022. In general, exports, however, showed a pronounced increase. The most prominent rate of growth was recorded in 2021 with an increase of 8.8% against the previous year. As a result, the exports attained the peak of X units, and then reduced modestly in the following year.

In value terms, glass rear-view vehicle mirror exports contracted to $X in 2022. Overall, exports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2015 with an increase of 75% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Oman (X units) was the main destination for glass rear-view vehicle mirror exports from South Korea, with a approx. 771% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Oman stood at +135.6%.

In value terms, Oman ($X) emerged as the key foreign market for glass rear-view mirrors for vehicles exports from South Korea.

From 2012 to 2021, the average annual rate of growth in terms of value to Oman amounted to +106.4%.

Export Prices by Country

The average glass rear-view vehicle mirror export price stood at $X per unit in 2021, with an increase of 2.6% against the previous year. Over the period under review, the export price recorded a noticeable expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +11.7% per year.

Imports of Glass Rear-View Mirrors For Vehicles

Imports into Republic of Korea

After four years of growth, supplies from abroad of glass rear-view mirrors for vehicles decreased by -6.7% to X units in 2022. Overall, imports, however, saw strong growth. The pace of growth appeared the most rapid in 2019 with an increase of 89%. Imports peaked at X units in 2021, and then declined in the following year.

In value terms, glass rear-view vehicle mirror imports declined to $X in 2022. In general, total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +98.5% against 2018 indices. The most prominent rate of growth was recorded in 2020 with an increase of 34%. Over the period under review, imports attained the maximum at $X in 2021, and then fell in the following year.

Imports by Country

In 2021, China (X units) constituted the largest glass rear-view vehicle mirror supplier to South Korea, accounting for a 66% share of total imports. Moreover, glass rear-view vehicle mirror imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +20.4%.

In value terms, the largest glass rear-view vehicle mirror suppliers to South Korea were China ($X) and the United States ($X).

China, with a CAGR of +22.6%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review.

Import Prices by Country

In 2021, the average glass rear-view vehicle mirror import price amounted to $X per unit, with an increase of 9.5% against the previous year. In general, the import price, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by 104% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+4.5%).

Source: IndexBox Platform

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