Vehicle Radio Market

The article provides a comprehensive analysis of the global market for radio receivers for motor vehicles, forecasting an upward consumption trend with a CAGR of +2.5% from 2022 to 2030. Market performance is expected to decelerate, reaching 37M units and $4.5B in value by 2030. Consumption saw significant fluctuations from 2012 to 2022, with Portugal leading in consumption growth and Thailand leading in production. Imports increased by +1.0% annually, with the United States and India as top importers. Exports fell in recent years, with Mexico and China dominating. Pricing trends varied by country, with Mexico having the highest export price and India the lowest.

Market Forecast

Driven by increasing demand for radio receivers for motor vehicles worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market volume to 37M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market value to $4.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Radio Receivers For Motor Vehicles

In 2022, approx. 30M units of radio receivers for motor vehicles were consumed worldwide; dropping by -13.1% against 2021. In general, the total consumption indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +35.0% against 2020 indices. As a result, consumption attained the peak volume of 35M units, and then reduced in the following year.

The global vehicle radio market size declined dramatically to $3B in 2022, waning by -17.1% 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, however, saw a resilient expansion. As a result, consumption reached the peak level of $3.6B, and then reduced sharply in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Portugal (6.2M units), Thailand (5.3M units) and the United States (3.1M units), with a combined 48% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Portugal (with a CAGR of +95.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest vehicle radio markets worldwide were Thailand ($732M), Portugal ($681M) and the United States ($329M), together accounting for 58% of the global market.

In terms of the main consuming countries, Portugal, with a CAGR of +94.2%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of vehicle radio per capita consumption was registered in Portugal (602 units per 1000 persons), followed by Thailand (76 units per 1000 persons), Malaysia (60 units per 1000 persons) and Hungary (56 units per 1000 persons), while the world average per capita consumption of vehicle radio was estimated at 0.1 units per 1000 persons.

From 2012 to 2022, the average annual growth rate of the vehicle radio per capita consumption in Portugal amounted to +96.2%. In the other countries, the average annual rates were as follows: Thailand (+0.4% per year) and Malaysia (+22.1% per year).

Production

World Production of Radio Receivers For Motor Vehicles

In 2022, the amount of radio receivers for motor vehicles produced worldwide reduced sharply to 24M units, which is down by -21.1% on the year before. Overall, the total production indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +50.8% against 2017 indices. The most prominent rate of growth was recorded in 2021 with an increase of 72%. As a result, production attained the peak volume of 31M units, and then declined remarkably in the following year.

In value terms, vehicle radio production fell modestly to $2B in 2022 estimated in export price. Over the period under review, the total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +45.8% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 26% against the previous year. Over the period under review, global production attained the maximum level at $2.1B in 2021, and then declined modestly in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were Thailand (6.2M units), Portugal (6.2M units) and Mexico (2.7M units), with a combined 62% share of global production.

From 2012 to 2022, the biggest increases were recorded for Portugal (with a CAGR of +100.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Radio Receivers For Motor Vehicles

In 2022, supplies from abroad of radio receivers for motor vehicles was finally on the rise to reach 15M units after three years of decline. The total import volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Over the period under review, global imports hit record highs at 17M units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, vehicle radio imports expanded markedly to $1.3B in 2022. In general, total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 +17.4% against 2020 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 23%. Over the period under review, global imports hit record highs at $1.5B in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports By Country

The United States (3.8M units) and India (3.3M units) represented roughly 48% of total imports in 2022. It was distantly followed by Hungary (882K units) and Canada (871K units), together making up a 12% share of total imports. The following importers - Germany (564K units), Japan (559K units), Argentina (408K units), Brazil (403K units), Romania (401K units), Spain (356K units), China (273K units) and Poland (239K units) - together made up 21% of total imports.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +74.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($509M) constitutes the largest market for imported radio receivers for motor vehicles worldwide, comprising 39% of global imports. The second position in the ranking was held by India ($116M), with an 8.8% share of global imports. It was followed by Canada, with an 8.4% share.

In the United States, vehicle radio imports increased at an average annual rate of +23.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: India (+6.3% per year) and Canada (-8.0% per year).

Import Prices By Country

The average vehicle radio import price stood at $89 per unit in 2022, falling by -6.8% against the previous year. Overall, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vehicle radio import price decreased by -12.3% against 2017 indices. The pace of growth appeared the most rapid in 2017 an increase of 23%. As a result, import price attained the peak level of $101 per unit. From 2018 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Romania ($161 per unit), while Hungary ($24 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+18.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Radio Receivers For Motor Vehicles

In 2022, overseas shipments of radio receivers for motor vehicles increased by 9.7% to 9M units, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, showed a pronounced shrinkage. The growth pace was the most rapid in 2018 when exports increased by 17% against the previous year. The global exports peaked at 12M units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, vehicle radio exports expanded notably to $946M in 2022. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by 24% against the previous year. Over the period under review, the global exports reached the peak figure at $1.2B in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports By Country

Mexico (2.7M units) and China (2.6M units) represented roughly 59% of total exports in 2022. Thailand (1,003K units) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by the United States (7.6%) and Hungary (5.5%). The following exporters - India (312K units) and Germany (286K units) - each finished at a 6.6% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +36.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Mexico ($382M) remains the largest vehicle radio supplier worldwide, comprising 40% of global exports. The second position in the ranking was taken by the United States ($133M), with a 14% share of global exports. It was followed by Thailand, with a 12% share.

In Mexico, vehicle radio exports increased at an average annual rate of +28.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-8.0% per year) and Thailand (-0.8% per year).

Export Prices By Country

The average vehicle radio export price stood at $105 per unit in 2022, growing by 3.2% against the previous year. Over the period under review, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vehicle radio export price decreased by -11.8% against 2017 indices. The growth pace was the most rapid in 2017 an increase of 34%. As a result, the export price attained the peak level of $119 per unit. From 2018 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Hungary ($199 per unit), while India ($20 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+15.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform