GCC: Market for Equipment For Internal Combustion Engines 2024

Market Size for Equipment For Internal Combustion Engines in GCC

The GCC internal combustion engine equipment market declined to $X in 2022, shrinking by -3.3% against the previous year. In general, consumption, however, posted a resilient expansion. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Production of Equipment For Internal Combustion Engines in GCC

In value terms, internal combustion engine equipment production reached $X in 2022 estimated in export price. Overall, production recorded a buoyant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 54% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Exports of Equipment For Internal Combustion Engines

Exports in GCC

In 2022, the amount of equipment for internal combustion engines exported in GCC soared to X units, growing by 220% against the previous year. Overall, exports showed a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 3,983%. As a result, the exports reached the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, internal combustion engine equipment exports soared to $X in 2022. In general, exports continue to indicate significant growth. The growth pace was the most rapid in 2020 when exports increased by 1,391% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia dominates exports structure, finishing at X units, which was near 92% of total exports in 2022. It was distantly followed by Bahrain (X units), mixing up a 6.6% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to internal combustion engine equipment exports from Saudi Arabia stood at +36.3%. At the same time, Bahrain (+72.8%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +72.8% from 2012-2022. While the share of Saudi Arabia (+22 p.p.) and Bahrain (+6.1 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) remains the largest internal combustion engine equipment supplier in GCC, comprising 96% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 0.1% share of total exports.

In Saudi Arabia, internal combustion engine equipment exports expanded at an average annual rate of +35.6% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, shrinking by -29.8% against the previous year. Overall, the export price continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2015 when the export price increased by 112%. The level of export peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while Bahrain stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-0.5%).

Imports of Equipment For Internal Combustion Engines

Imports in GCC

In 2022, internal combustion engine equipment imports in GCC dropped to X units, reducing by -11.1% on 2021. Overall, imports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 85%. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, internal combustion engine equipment imports surged to $X in 2022. Over the period under review, imports continue to indicate a slight curtailment. The pace of growth was the most pronounced in 2019 with an increase of 196% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, resulting at X units, which was near 80% of total imports in 2022. Oman (X units) ranks second in terms of the total imports with a 9.1% share, followed by Bahrain (5.5%). Qatar (X units) and Kuwait (X units) held a minor share of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of -6.7% from 2012 to 2022. At the same time, Bahrain (+9.7%) and Qatar (+4.3%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +9.7% from 2012-2022. By contrast, Oman (-3.0%) and Kuwait (-6.5%) illustrated a downward trend over the same period. Bahrain (+4.3 p.p.), Oman (+2.3 p.p.) and Qatar (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -8.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported equipment for internal combustion engines in GCC, comprising 30% of total imports. The second position in the ranking was taken by Qatar ($X), with a 6.3% share of total imports. It was followed by Oman, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +4.5%. In the other countries, the average annual rates were as follows: Qatar (-16.6% per year) and Oman (+1.1% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, growing by 30% against the previous year. Overall, the import price saw a noticeable expansion. The most prominent rate of growth was recorded in 2020 an increase of 93% against the previous year. As a result, import price attained the peak level of $X per unit. From 2021 to 2022, the 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 Qatar ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+12.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform