Asia: Gear Box Market 2024

Gear Box Market Size in Asia

In 2022, the Asian gear box market was finally on the rise to reach $X after two years of decline. The total consumption indicated a remarkable increase from 2012 to 2022: its value 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 decreased by -1.6% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Gear Box Production in Asia

In value terms, gear box production declined slightly to $X in 2022 estimated in export price. The total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.8% against 2020 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 19% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Gear Box Exports

Exports in Asia

In 2022, gear box exports in Asia declined slightly to X units, falling by -2.7% compared with the previous year's figure. The total export volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 27%. The volume of export peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, gear box exports fell to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 23% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Japan (X units) was the major exporter of gear boxes, comprising 53% of total exports. It was distantly followed by China (X units) and South Korea (X units), together constituting a 35% share of total exports. The following exporters - India (X units) and Thailand (X units) - each resulted at a 7.9% share of total exports.

Japan experienced a relatively flat trend pattern with regard to volume of exports of gear boxes. At the same time, Thailand (+20.9%), India (+12.9%), China (+9.1%) and South Korea (+4.7%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, with a CAGR of +20.9% from 2012-2022. From 2012 to 2022, the share of China, Thailand, South Korea and India increased by +8.6, +3.1, +3 and +2.6 percentage points, respectively.

In value terms, Japan ($X) remains the largest gear box supplier in Asia, comprising 61% of total exports. The second position in the ranking was held by South Korea ($X), with a 16% share of total exports. It was followed by China, with an 11% share.

In Japan, gear box exports contracted by an average annual rate of -2.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+4.4% per year) and China (+7.0% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, shrinking by -8% against the previous year. In general, the export price continues to indicate a noticeable setback. The growth pace was the most rapid in 2017 when the export price increased by 1.6% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+0.9%), while the other leaders experienced a decline in the export price figures.

Gear Box Imports

Imports in Asia

In 2022, overseas purchases of gear boxes increased by 12% to X units, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.6% over the period 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 2013 when imports increased by 13%. The volume of import peaked at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, gear box imports declined to $X in 2022. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 20% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

China represented the key importer of gear boxes in Asia, with the volume of imports recording X units, which was approx. 47% of total imports in 2022. Thailand (X units) took the second position in the ranking, followed by Turkey (X units), Indonesia (X units), India (X units) and South Korea (X units). All these countries together held approx. 39% share of total imports. Japan (X units) held a little share of total imports.

Imports into China increased at an average annual rate of +3.6% from 2012 to 2022. At the same time, Indonesia (+15.2%), India (+10.7%), Turkey (+6.1%) and South Korea (+1.2%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in Asia, with a CAGR of +15.2% from 2012-2022. Thailand experienced a relatively flat trend pattern. By contrast, Japan (-1.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia, India and Turkey increased by +5, +3.2 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported gear boxes in Asia, comprising 48% of total imports. The second position in the ranking was taken by Thailand ($X), with an 11% share of total imports. It was followed by Turkey, with an 8.6% share.

In China, gear box imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-2.4% per year) and Turkey (+6.5% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per unit, declining by -17.4% against the previous year. Over the period under review, the import price showed a mild slump. The pace of growth was the most pronounced in 2021 an increase of 6.3%. As a result, import price reached the peak level of $X per unit, and then dropped sharply in the following year.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Japan ($X per unit) and South Korea ($X per unit), while Indonesia ($X per unit) and India ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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