Asia-Pacific: Transmission Shaft Market 2024

Transmission Shaft Market Size in Asia-Pacific

In 2022, after two years of decline, there was growth in the Asia-Pacific transmission shaft market, when its value increased by 3% to $X. Overall, consumption continues to indicate a pronounced setback. The pace of growth appeared the most rapid in 2019 with an increase of 6.6%. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Transmission Shaft Production in Asia-Pacific

In value terms, transmission shaft production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 9.7% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Transmission Shaft Exports

Exports in Asia-Pacific

In 2022, exports of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain in Asia-Pacific rose notably to X tons, surging by 6.3% compared with 2021. Over the period under review, exports recorded a buoyant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 43%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in years to come.

In value terms, transmission shaft exports shrank modestly to $X in 2022. The total export value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 32% against the previous year. As a result, the exports reached the peak of $X, leveling off in the following year.

Exports by Country

China was the major exporting country with an export of around X tons, which accounted for 65% of total exports. It was distantly followed by Japan (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons), together generating a 27% share of total exports. The following exporters - India (X tons) and Thailand (X tons) - together made up 5.2% of total exports.

China was also the fastest-growing in terms of the transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain exports, with a CAGR of +14.8% from 2012 to 2022. At the same time, India (+13.9%), Thailand (+10.8%), Taiwan (Chinese) (+6.1%) and South Korea (+2.7%) displayed positive paces of growth. By contrast, Japan (-1.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +30 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) constituted the countries with the highest levels of exports in 2022, together comprising 77% of total exports. India, South Korea and Thailand lagged somewhat behind, together accounting for a further 17%.

Among the main exporting countries, India, with a CAGR of +15.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, declining by -6.8% against the previous year. Over the period under review, the export price saw a noticeable decline. The most prominent rate of growth was recorded in 2018 when the export price increased by 4.5%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per ton), while China ($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 (+1.0%), while the other leaders experienced mixed trends in the export price figures.

Transmission Shaft Imports

Imports in Asia-Pacific

In 2022, supplies from abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain increased by 3.8% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 24%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, transmission shaft imports reached $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 24%. The level of import peaked in 2022 and is likely to continue growth in years to come.

Imports by Country

In 2022, China (X tons), Japan (X tons), Thailand (X tons), Indonesia (X tons), South Korea (X tons) and India (X tons) was the major importer of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain in Asia-Pacific, creating 78% of total import. Australia (X tons), Malaysia (X tons), Taiwan (Chinese) (X tons), Vietnam (X tons), Singapore (X tons) and the Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key 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, China ($X) constitutes the largest market for imported transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain in Asia-Pacific, comprising 31% of total imports. The second position in the ranking was held by Japan ($X), with a 12% share of total imports. It was followed by India, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in China was relatively modest. In the other countries, the average annual rates were as follows: Japan (+0.5% per year) and India (+5.5% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, waning by -2.9% against the previous year. Over the period under review, the import price showed a mild downturn. The pace of growth was the most pronounced in 2019 when the import price increased by 6.8%. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 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 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 the Philippines (+7.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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