Asia: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Asia

In 2022, the Asian cranks and crankshafts market decreased by -1.4% to $X, falling for the fourth consecutive year after three years of growth. In general, consumption recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 4.1% against the previous year. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Cranks And Crankshafts Production in Asia

In value terms, cranks and crankshafts production declined modestly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 5.3%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Cranks And Crankshafts Exports

Exports in Asia

In 2022, overseas shipments of cranks and crankshafts decreased by -0.1% to X tons for the first time since 2017, thus ending a four-year rising trend. Total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +56.7% against 2017 indices. The growth pace was the most rapid in 2021 when exports increased by 38%. As a result, the exports attained the peak of X tons, leveling off in the following year.

In value terms, cranks and crankshafts exports totaled $X in 2022. The total export value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 29%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

China represented the largest exporter of cranks and crankshafts in Asia, with the volume of exports accounting for X tons, which was near 48% of total exports in 2022. It was distantly followed by South Korea (X tons), Japan (X tons) and India (X tons), together constituting a 40% share of total exports. Turkey (X tons) and Thailand (X tons) took a minor share of total exports.

China was also the fastest-growing in terms of the cranks and crankshafts exports, with a CAGR of +17.9% from 2012 to 2022. At the same time, Thailand (+13.2%), India (+10.3%), Turkey (+5.4%) and South Korea (+3.2%) displayed positive paces of growth. By contrast, Japan (-5.0%) illustrated a downward trend over the same period. While the share of China (+32 p.p.) and India (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-4.5 p.p.) and Japan (-30.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest cranks and crankshafts supplying countries in Asia were China ($X), Japan ($X) and India ($X), with a combined 72% share of total exports.

India, with a CAGR of +10.3%, saw the highest growth rate of the value of exports, in terms of 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 Asia amounted to $X per ton, remaining constant against the previous year. In general, the export price, however, recorded a perceptible downturn. The growth pace was the most rapid in 2017 when the export price increased by 9.5% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the 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 India ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+0.0%), while the other leaders experienced a decline in the export price figures.

Cranks And Crankshafts Imports

Imports in Asia

In 2022, overseas purchases of cranks and crankshafts increased by 2.9% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 21%. The volume of import peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, cranks and crankshafts imports expanded modestly 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 when imports increased by 23%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Thailand (X tons), China (X tons) and Japan (X tons) represented roughly 53% of total imports in 2022. It was distantly followed by Indonesia (X tons), South Korea (X tons), India (X tons) and Turkey (X tons), together committing a 27% share of total imports. Vietnam (X tons), Malaysia (X tons), Singapore (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +14.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported cranks and crankshafts in Asia, comprising 32% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports. It was followed by India, with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-1.6% per year) and India (+5.5% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, approximately mirroring the previous year. In general, the import price continues to indicate a slight slump. The pace of growth appeared the most rapid in 2019 an increase of 6.4% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat 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 China ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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