Eastern Asia: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Eastern Asia

In 2022, the East Asian cranks and crankshafts market decreased by -1.6% to $X, falling for the fourth consecutive year after three years of growth. Over the period under review, consumption recorded a mild decline. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Cranks And Crankshafts Production in Eastern Asia

In value terms, cranks and crankshafts production declined slightly to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the production volume increased by 3.6%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Cranks And Crankshafts Exports

Exports in Eastern Asia

After four years of growth, overseas shipments of cranks and crankshafts decreased by -0.7% to X tons in 2022. Total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.1% 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 +64.4% against 2017 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 39% against the previous year. As a result, the exports reached the peak of X tons, leveling off in the following year.

In value terms, cranks and crankshafts exports contracted to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 28%. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

In 2022, China (X tons) represented the largest exporter of cranks and crankshafts, generating 56% of total exports. South Korea (X tons) ranks second in terms of the total exports with a 22% share, followed by Japan (19%).

China was also the fastest-growing in terms of the cranks and crankshafts exports, with a CAGR of +17.9% from 2012 to 2022. At the same time, South Korea (+3.2%) displayed positive paces of growth. By contrast, Japan (-5.0%) illustrated a downward trend over the same period. While the share of China (+38 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-4.4 p.p.) and Japan (-33.9 p.p.) displayed negative dynamics.

In value terms, China ($X), Japan ($X) and South Korea ($X) constituted the countries with the highest levels of exports in 2022, together comprising 94% of total exports.

China, with a CAGR of +5.5%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, the export price saw a perceptible reduction. The growth pace was the most rapid in 2017 when the export price increased by 9.1%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-0.8%), while the other leaders experienced a decline in the export price figures.

Cranks And Crankshafts Imports

Imports in Eastern Asia

In 2022, cranks and crankshafts imports in Eastern Asia declined slightly to X tons, dropping by -4.5% against the previous year. In general, imports continue to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2018 with an increase of 12%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, cranks and crankshafts imports reduced to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; afterwards, it flattened through to 2022.

Imports by Country

China (X tons) and Japan (X tons) represented roughly 77% of total imports in 2022. It was distantly followed by South Korea (X tons), generating an 18% share of total imports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +2.0%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, China ($X) constitutes the largest market for imported cranks and crankshafts in Eastern Asia, comprising 62% of total imports. The second position in the ranking was taken by Japan ($X), with a 20% share of total imports. It was followed by South Korea, with a 13% share.

In China, cranks and crankshafts imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-1.6% per year) and South Korea (+3.1% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, with an increase of 1.7% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2021 an increase of 16%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

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 ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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