China: Transmission Shaft Market 2024

Transmission Shaft Market Size in China

In 2022, the Chinese transmission shaft market decreased by -11.9% to $X, falling for the third year in a row after two years of growth. Over the period under review, consumption recorded a noticeable curtailment. Transmission shaft consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Transmission Shaft Production in China

In value terms, transmission shaft production fell to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by 13% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Transmission Shaft Exports

Exports from China

For the seventh consecutive year, China recorded growth in shipments abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain, which increased by 12% to X tons in 2022. Over the period under review, exports posted a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of 60% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, transmission shaft exports totaled $X in 2022. Overall, total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +45.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 35% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

Exports by Country

The United States (X tons), Brazil (X tons) and India (X tons) were the main destinations of transmission shaft exports from China, together comprising 28% of total exports. Japan, Germany, Indonesia, Italy, Russia, South Korea, Vietnam, Thailand, Mexico and the Netherlands lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +23.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain exports from China, comprising 16% of total exports. The second position in the ranking was taken by India ($X), with a 6.4% share of total exports. It was followed by Brazil, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+10.0% per year) and Brazil (+12.4% per year).

Export Prices by Country

The average transmission shaft export price stood at $X per ton in 2022, which is down by -4.2% against the previous year. Over the period under review, the export price saw a abrupt slump. The pace of growth appeared the most rapid in 2018 an increase of 6.7% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (-1.5%), while the prices for the other major destinations experienced a decline.

Transmission Shaft Imports

Imports into China

In 2022, imports of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain into China contracted to X tons, waning by -9.7% compared with the year before. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 15%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, transmission shaft imports reduced to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 22%. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

Japan (X tons), Germany (X tons) and South Korea (X tons) were the main suppliers of transmission shaft imports to China, together comprising 55% of total imports. The United States, Italy, India and France lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +13.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest transmission shaft suppliers to China were Germany ($X), Japan ($X) and the United States ($X), together comprising 58% of total imports. Italy, South Korea, France and India lagged somewhat behind, together accounting for a further 14%.

Among the main suppliers, India, with a CAGR of +5.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average transmission shaft import price amounted to $X per ton, surging by 3.6% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average import price increased by 14%. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($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 United States (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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