Asia: Transmission Shaft Market 2024

Transmission Shaft Market Size in Asia

In 2022, the Asian transmission shaft market increased by 2.6% to $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption showed a mild reduction. The growth pace was the most rapid in 2019 with an increase of 6.3%. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Transmission Shaft Production in Asia

In value terms, transmission shaft production fell to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 25%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Transmission Shaft Exports

Exports in Asia

For the seventh year in a row, Asia recorded growth in overseas shipments of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain, which increased by 6.1% to X tons in 2022. Over the period under review, exports posted strong growth. The growth pace was the most rapid in 2021 with an increase of 42%. The volume of export peaked in 2022 and is expected to retain 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 +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced 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 represented the major exporting country with an export of about X tons, which resulted at 62% of total exports. Japan (X tons) ranks second in terms of the total exports with a 13% share, followed by South Korea (7.9%) and Taiwan (Chinese) (4.9%). Turkey (X tons), India (X tons) and Thailand (X tons) took a relatively small share 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%), Turkey (+7.9%), 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. China (+28 p.p.) significantly strengthened its position in terms of the total exports, while South Korea and Japan saw its share reduced by -5.3% and -20.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest transmission shaft supplying countries in Asia were China ($X), Japan ($X) and Taiwan (Chinese) ($X), together comprising 74% of total exports. India, South Korea, Turkey and Thailand lagged somewhat behind, together comprising a further 20%.

In terms of the main exporting countries, India, with a CAGR of +15.0%, saw the highest growth rate of 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

In 2022, the export price in Asia amounted to $X per ton, shrinking by -6.2% against the previous year. Over the period under review, the export price recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 an increase of 4.4%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 Turkey (+1.5%), while the other leaders experienced more modest paces of growth.

Transmission Shaft Imports

Imports in Asia

In 2022, purchases abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain increased by 4.2% 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 +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 21%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, transmission shaft imports stood at $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 23% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

The purchases of the seven major importers of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain, namely China, Japan, Thailand, Indonesia, South Korea, India and Turkey, represented more than two-thirds of total import. Malaysia (X tons), Taiwan (Chinese) (X tons), Vietnam (X tons), Singapore (X tons), the United Arab Emirates (X tons) and Iran (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 leading 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 ($X) constitutes the largest market for imported transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain in Asia, comprising 28% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports. It was followed by India, with a 9.6% share.

In China, transmission shaft imports remained relatively stable over the period from 2012-2022. 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

In 2022, the import price in Asia amounted to $X per ton, waning by -2.6% against the previous year. Over the period under review, the import price showed a slight shrinkage. The most prominent rate of growth was recorded in 2019 an increase of 6%. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: 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 Singapore (+1.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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