Asia: Machinery Electrical Parts Market 2024

Machinery Electrical Parts Market Size in Asia

The Asian machinery electrical parts market dropped slightly to $X in 2022, waning by -4.6% against the previous year. In general, consumption, however, saw prominent growth. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Machinery Electrical Parts Production in Asia

In value terms, machinery electrical parts production reduced to $X in 2022 estimated in export price. Overall, production, however, showed a remarkable increase. The growth pace was the most rapid in 2016 with an increase of 71%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Machinery Electrical Parts Exports

Exports in Asia

Machinery electrical parts exports reduced to X tons in 2022, which is down by -11.2% on 2021. Overall, exports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2017 when exports increased by 418% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, machinery electrical parts exports amounted to $X in 2022. Over the period under review, exports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2017 when exports increased by 308%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China prevails in exports structure, recording X tons, which was near 57% of total exports in 2022. Hong Kong SAR (X tons) held an 8% share (based on physical terms) of total exports, which put it in second place, followed by Taiwan (Chinese) (7.5%), South Korea (7.1%), Vietnam (5.6%) and Malaysia (4.8%). Sri Lanka (X tons) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to machinery electrical parts exports from China stood at +8.8%. At the same time, Sri Lanka (+90.4%), Vietnam (+28.7%), Malaysia (+15.1%), Hong Kong SAR (+13.4%) and South Korea (+6.9%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing exporter exported in Asia, with a CAGR of +90.4% from 2012-2022. By contrast, Taiwan (Chinese) (-3.6%) illustrated a downward trend over the same period. While the share of China (+13 p.p.), Vietnam (+4.8 p.p.), Hong Kong SAR (+3.9 p.p.), Malaysia (+2.7 p.p.) and Sri Lanka (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Taiwan (Chinese) (-12.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest machinery electrical parts supplier in Asia, comprising 51% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with an 18% share of total exports. It was followed by Taiwan (Chinese), with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +21.2%. In the other countries, the average annual rates were as follows: Hong Kong SAR (+15.0% per year) and Taiwan (Chinese) (+0.4% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, surging by 14% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 19% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while Sri Lanka ($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 (+11.4%), while the other leaders experienced more modest paces of growth.

Machinery Electrical Parts Imports

Imports in Asia

In 2022, overseas purchases of electrical parts of machinery or apparatus decreased by -31.7% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of 171%. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, machinery electrical parts imports contracted significantly to $X in 2022. Overall, imports, however, showed a perceptible increase. The most prominent rate of growth was recorded in 2017 with an increase of 223% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Turkey (X tons) and Thailand (X tons) were the largest importers of electrical parts of machinery or apparatus in 2022, recording near 36% and 27% of total imports, respectively. Hong Kong SAR (X tons) held the next position in the ranking, distantly followed by Vietnam (X tons). All these countries together held near 18% share of total imports. Malaysia (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +93.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported electrical parts of machinery or apparatus in Asia, comprising 43% of total imports. The second position in the ranking was held by Turkey ($X), with a 17% share of total imports. It was followed by Vietnam, with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Hong Kong SAR amounted to +12.9%. In the other countries, the average annual rates were as follows: Turkey (+71.4% per year) and Vietnam (+11.8% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, falling by -15.7% against the previous year. Overall, the import price saw a drastic downturn. The most prominent rate of growth was recorded in 2014 when the import price increased by 24%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+3.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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