Asia: Motor Vehicle Engine Market 2024

Motor Vehicle Engine Market Size in Asia

In 2021, the Asian motor vehicle engine market decreased by -5.3% to $X for the first time since 2015, thus ending a five-year rising trend. The total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +59.0% against 2012 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then dropped in the following year.

Motor Vehicle Engine Production in Asia

In value terms, motor vehicle engine production declined modestly to $X in 2021 estimated in export price. The total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +64.5% against 2012 indices. The pace of growth was the most pronounced in 2017 with an increase of 14%. The level of production peaked at $X in 2020, and then fell in the following year.

Motor Vehicle Engine Exports

Exports in Asia

In 2021, overseas shipments of motor vehicle engines (spark-ignition) increased by 13% to X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, motor vehicle engine exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan represented the key exporting country with an export of about X tons, which recorded 50% of total exports. South Korea (X tons) held a 20% share (based on physical terms) of total exports, which put it in second place, followed by China (15%). Indonesia (X tons), Turkey (X tons), Taiwan (Chinese) (X tons) and Thailand (X tons) followed a long way behind the leaders.

Japan experienced a relatively flat trend pattern with regard to volume of exports of motor vehicle engines (spark-ignition). At the same time, Turkey (+20.5%), Indonesia (+14.0%), Taiwan (Chinese) (+13.4%), China (+10.2%) and South Korea (+4.1%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +20.5% from 2012-2021. By contrast, Thailand (-6.4%) illustrated a downward trend over the same period. While the share of China (+7.1 p.p.), Indonesia (+2.7 p.p.), South Korea (+2.6 p.p.), Turkey (+2.5 p.p.) and Taiwan (Chinese) (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Thailand (-2.5 p.p.) and Japan (-15.2 p.p.) displayed negative dynamics.

In value terms, the largest motor vehicle engine supplying countries in Asia were Japan ($X), South Korea ($X) and China ($X), together accounting for 78% of total exports. These countries were followed by Turkey, Thailand, Indonesia and Taiwan (Chinese), which together accounted for a further 17%.

Turkey, with a CAGR of +28.6%, recorded the highest rates of growth with regard to 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 2021, the export price in Asia amounted to $X per ton, rising by 4% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 6.8%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Thailand ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+6.7%), while the other leaders experienced more modest paces of growth.

Motor Vehicle Engine Imports

Imports in Asia

In 2021, purchases abroad of motor vehicle engines (spark-ignition) increased by 10% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 14%. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, motor vehicle engine imports soared to $X in 2021. The total import value increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Turkey was the major importing country with an import of about X tons, which amounted to 33% of total imports. It was distantly followed by China (X tons), the United Arab Emirates (X tons), Vietnam (X tons), Taiwan (Chinese) (X tons), India (X tons) and Kazakhstan (X tons), together generating a 46% share of total imports. Thailand (X tons), Japan (X tons), Malaysia (X tons), Indonesia (X tons), Iran (X tons) and South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to motor vehicle engine imports into Turkey stood at +13.1%. At the same time, Kazakhstan (+21.0%), Vietnam (+19.0%), India (+12.4%) and the United Arab Emirates (+11.0%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing importer imported in Asia, with a CAGR of +21.0% from 2012-2021. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Indonesia (-1.2%), Malaysia (-5.8%), Japan (-6.4%), Iran (-6.9%), China (-9.9%), Thailand (-10.7%) and South Korea (-16.6%) illustrated a downward trend over the same period. Turkey (+22 p.p.), Vietnam (+5.3 p.p.), Kazakhstan (+4.7 p.p.), the United Arab Emirates (+4.3 p.p.) and India (+3.8 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia, Japan, Thailand, South Korea and China saw its share reduced by -1.6%, -1.9%, -5.3%, -6.2% and -22.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X), China ($X) and India ($X) were the countries with the highest levels of imports in 2021, with a combined 63% share of total imports. These countries were followed by Vietnam, Taiwan (Chinese), the United Arab Emirates, Thailand, Japan, Malaysia, South Korea, Kazakhstan, Indonesia and Iran, which together accounted for a further 33%.

Vietnam, with a CAGR of +20.5%, recorded 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

The import price in Asia stood at $X per ton in 2021, growing by 6.8% against the previous year. Over the last nine years, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2018 when the import price increased by 10% against the previous year. Over the period under review, import prices hit record highs in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was South Korea ($X per ton), while Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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