United Kingdom: Vehicle Radio Market 2024

Vehicle Radio Market Size in the UK

The UK vehicle radio market totaled $X in 2022, therefore, remained relatively stable against the previous year. Over the period under review, consumption, however, enjoyed a buoyant increase. Vehicle radio consumption peaked in 2022 and is likely to see steady growth in years to come.

Vehicle Radio Production in the UK

In value terms, vehicle radio production reduced to $X in 2022 estimated in export price. In general, production, however, enjoyed temperate growth. The most prominent rate of growth was recorded in 2018 with an increase of 5,075,690,300%. Vehicle radio production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Vehicle Radio Exports

Exports from the UK

In 2022, shipments abroad of radio receivers for motor vehicles decreased by -60% to X units, falling for the third consecutive year after three years of growth. Over the period under review, exports recorded a sharp slump. The most prominent rate of growth was recorded in 2017 with an increase of 55% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, vehicle radio exports contracted rapidly to $X in 2022. In general, exports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 65% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for vehicle radio exports from the UK, with a 67% share of total exports. Moreover, vehicle radio exports to the United States exceeded the volume sent to the second major destination, China (X units), ninefold. Slovenia (X units) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at -23.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+22.0% per year) and Slovenia (+83.7% per year).

In value terms, the United States ($X) remains the key foreign market for radio receivers for motor vehicles exports from the UK, comprising 32% of total exports. The second position in the ranking was taken by China ($X), with a 12% share of total exports. It was followed by Turkey, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled -19.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+11.6% per year) and Turkey (-10.3% per year).

Export Prices by Country

In 2022, the average vehicle radio export price amounted to $X per unit, with an increase of 10% against the previous year. In general, the export price recorded a notable expansion. The most prominent rate of growth was recorded in 2019 an increase of 63% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the average price for exports to Spain ($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 the United States (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Vehicle Radio Imports

Imports into the UK

In 2022, supplies from abroad of radio receivers for motor vehicles was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, faced a abrupt descent. The pace of growth was the most pronounced in 2014 when imports increased by 164% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, vehicle radio imports fell to $X in 2022. In general, imports, however, recorded a drastic downturn. The pace of growth was the most pronounced in 2016 with an increase of 295%. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of vehicle radio to the UK, accounting for a 74% share of total imports. Moreover, vehicle radio imports from China exceeded the figures recorded by the second-largest supplier, Hungary (X units), tenfold. The third position in this ranking was taken by Japan (X units), with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (-26.1% per year) and Japan (-3.7% per year).

In value terms, China ($X) constituted the largest supplier of radio receivers for motor vehicles to the UK, comprising 39% of total imports. The second position in the ranking was taken by Japan ($X), with a 14% share of total imports. It was followed by Hungary, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+1.6% per year) and Hungary (-15.0% per year).

Import Prices by Country

The average vehicle radio import price stood at $X per unit in 2022, dropping by -17.1% against the previous year. Overall, the import price, however, showed a tangible expansion. The pace of growth appeared the most rapid in 2016 when the average import price increased by 109% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Portugal ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+25.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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