From 2013 to 2023, the per capita market value of motor vehicle radiators in Armenia showed relative stability, maintaining a range between $0.39 and $0.48. By 2023, the value was $0.46 per capita, marking a slow recovery from a low point of $0.39 in 2020. The most noticeable drop occurred during 2020, with a 17% year-on-year decrease, attributed likely to the COVID-19 pandemic impact. From 2022 to 2023, there was no change. Over the last five years, the Compound Annual Growth Rate (CAGR) has been marginal, indicating a stagnant market with little significant growth or decline.
Future trends to watch for include potential market conditions changes driven by advancements in electric vehicle technology, affecting radiator demand. Additionally, regulatory measures on emissions might influence vehicle and component imports, impacting the market dynamics. A focus on sustainability and energy efficiency could shift the types of radiators being preferred in the market.
