ASEAN: Transmission Shaft Market 2024

Transmission Shaft Market Size in ASEAN

In 2022, the ASEAN transmission shaft market increased by 4.4% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, recorded a perceptible setback. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Transmission Shaft Production in ASEAN

In value terms, transmission shaft production shrank slightly to $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2013 with an increase of 39%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Transmission Shaft Exports

Exports in ASEAN

In 2022, shipments abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain increased by 9% to X tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 38%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, transmission shaft exports reached $X in 2022. The total export value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 28%. The level of export peaked at $X in 2018; afterwards, it flattened through to 2022.

Exports by Country

In 2022, Thailand (X tons) represented the major exporter of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain, achieving 39% of total exports. Indonesia (X tons) took an 18% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (14%), Singapore (13%) and Malaysia (12%). The Philippines (X tons) took a minor share of total exports.

Exports from Thailand increased at an average annual rate of +10.8% from 2012 to 2022. At the same time, the Philippines (+17.6%) and Vietnam (+9.3%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +17.6% from 2012-2022. Malaysia and Indonesia experienced a relatively flat trend pattern. By contrast, Singapore (-1.9%) illustrated a downward trend over the same period. While the share of Thailand (+19 p.p.), Vietnam (+5.5 p.p.) and the Philippines (+3.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-6.9 p.p.), Singapore (-10.1 p.p.) and Indonesia (-10.2 p.p.) displayed negative dynamics.

In value terms, the largest transmission shaft supplying countries in ASEAN were Singapore ($X), Thailand ($X) and Vietnam ($X), with a combined 72% share of total exports. Indonesia, the Philippines and Malaysia lagged somewhat behind, together accounting for a further 28%.

The Philippines, with a CAGR of +13.1%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, declining by -6.7% against the previous year. Overall, the export price showed a mild descent. The growth pace was the most rapid in 2017 when the export price increased by 12%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

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 Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.0%), while the other leaders experienced a decline in the export price figures.

Transmission Shaft Imports

Imports in ASEAN

In 2022, purchases abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain increased by 11% to X tons, rising for the second year in a row after two years of decline. Total imports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +4.0% 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 +51.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 37% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, transmission shaft imports rose remarkably to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 23%. Over the period under review, imports reached the peak figure at $X in 2018; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Thailand (X tons) and Indonesia (X tons) represented the largest importers of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain in ASEAN, together constituting 68% of total imports. It was distantly followed by Malaysia (X tons), Vietnam (X tons), Singapore (X tons) and the Philippines (X tons), together making up a 29% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Thailand (with a CAGR of +9.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Thailand ($X) and Singapore ($X) constituted the countries with the highest levels of imports in 2022, together comprising 66% of total imports. Malaysia, Vietnam and the Philippines lagged somewhat behind, together comprising a further 33%.

The Philippines, with a CAGR of +14.1%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, dropping by -4.1% against the previous year. Over the period under review, the import price showed a perceptible downturn. The most prominent rate of growth was recorded in 2019 when the import price increased by 14% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+7.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform