Updated Oct 13, 2022 00:46

Market for Glass Rear-View Vehicle Mirror in Venezuela

Market Overview
In , after two years of growth, there was significant decline in the Venezuelan glass rear-view vehicle mirror market, when its value decreased by -% to $. Overall, consumption, however, saw a sharp descent. Over the period under review, the market attained the peak level at $ in 2007; however, from 2008 to , consumption failed to regain momentum.


Consumption
In , consumption of glass rear-view mirrors for vehicles decreased by -% to units for the first time since 2018, thus ending a three-year rising trend. In general, consumption recorded a precipitous decrease. Glass rear-view vehicle mirror consumption peaked at units in 2012; however, from 2013 to , consumption failed to regain momentum.

The value of the glass rear-view vehicle mirror market in Venezuela declined to $ in , waning by -% 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). Overall, consumption saw a sharp setback. Glass rear-view vehicle mirror consumption peaked at $ in 2007; however, from 2008 to , consumption remained at a lower figure.


Market Forecast
Depressed by shrinking demand for glass rear-view vehicle mirror in Venezuela, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to units by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Glass rear-view vehicle mirror market in Venezuela consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately ( percentage point) over the period under review.


Trade Balance
Venezuela remains a net importer of glass rear-view vehicle mirror; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.