Vietnam: Remote Control Apparatus Market 2024

Remote Control Apparatus Market Size in Vietnam

In 2021, after two years of growth, there was decline in the Vietnamese remote control apparatus market, when its value decreased by -4.7% to $X. Overall, consumption showed a abrupt descent. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Remote Control Apparatus Production in Vietnam

In value terms, remote control apparatus production dropped slightly to $X in 2021 estimated in export price. In general, production saw a abrupt slump. The pace of growth appeared the most rapid in 2019 with an increase of 86%. Remote control apparatus production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Remote Control Apparatus Exports

Exports from Vietnam

In 2021, overseas shipments of radio remote control apparatus increased by 20% to X tons, rising for the sixth consecutive year after three years of decline. In general, exports enjoyed a resilient expansion. The growth pace was the most rapid in 2018 when exports increased by 645%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, remote control apparatus exports rose to $X in 2021. Overall, exports posted a significant increase. The growth pace was the most rapid in 2018 when exports increased by 716%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for remote control apparatus exports from Vietnam, accounting for a 60% share of total exports. Moreover, remote control apparatus exports to the United States exceeded the volume sent to the second major destination, South Korea (X tons), threefold. The third position in this ranking was taken by Sweden (X tons), with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +244.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+90.1% per year) and Sweden (+269.8% per year).

In value terms, the United States ($X) remains the key foreign market for radio remote control apparatus exports from Vietnam, comprising 60% of total exports. The second position in the ranking was taken by South Korea ($X), with a 20% share of total exports. It was followed by Sweden, with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +245.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+108.0% per year) and Sweden (+260.9% per year).

Export Prices by Country

The average remote control apparatus export price stood at $X per ton in 2021, falling by -14.4% against the previous year. In general, the export price, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2014 when the average export price increased by 57%. Over the period under review, the average export prices hit record highs at $X per ton in 2020, and then fell in the following year.

Average prices varied noticeably for the major external markets. In 2021, the highest price was recorded for prices to Switzerland ($X per ton) and Indonesia ($X per ton), while the average price for exports to Canada ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Remote Control Apparatus Imports

Imports into Vietnam

In 2021, the amount of radio remote control apparatus imported into Vietnam rose significantly to X tons, increasing by 5.9% against the previous year's figure. In general, imports showed a buoyant increase. The most prominent rate of growth was recorded in 2018 when imports increased by 381% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, remote control apparatus imports rose rapidly to $X in 2021. Overall, imports enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 347%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), Thailand (X tons) and South Korea (X tons) were the main suppliers of remote control apparatus imports to Vietnam, with a combined 71% share of total imports. These countries were followed by Germany, Austria, Singapore, Hong Kong SAR, Japan, Taiwan (Chinese), Indonesia and the United States, which together accounted for a further 25%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +149.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest remote control apparatus suppliers to Vietnam were China ($X), Thailand ($X) and South Korea ($X), together accounting for 71% of total imports. Germany, Austria, Singapore, Hong Kong SAR, Japan, Taiwan (Chinese), Indonesia and the United States lagged somewhat behind, together accounting for a further 25%.

Austria, with a CAGR of +151.2%, 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

In 2021, the average remote control apparatus import price amounted to $X per ton, rising by 3% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2019 an increase of 18% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were the United States ($X per ton) and Indonesia ($X per ton), while the price for Singapore ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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