Greece: Market for Diesel Engines (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Greece

In 2022, the Greek market for diesel engines (other than for motor vehicles and aircraft) decreased by -7.6% to $X for the first time since 2017, thus ending a four-year rising trend. In general, consumption, however, continues to indicate buoyant growth. Consumption of peaked at $X in 2021, and then reduced in the following year.

Production of Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Greece

In value terms, production of diesel engines (other than for motor vehicles and aircraft) dropped to $X in 2022 estimated in export price. Overall, production, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 117%. Production of peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Exports from Greece

In 2022, approx. X units of diesel engines (other than for motor vehicles and aircraft) were exported from Greece; dropping by -43.8% on the previous year. Overall, exports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 when exports increased by 263% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of diesel engines (other than for motor vehicles and aircraft) shrank dramatically to $X in 2022. Over the period under review, exports recorded a abrupt slump. The pace of growth was the most pronounced in 2017 with an increase of 78%. Over the period under review, the exports of hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Cyprus (X units), Bulgaria (X units) and Albania (X units) were the main destinations of exports of diesel engines (other than for motor vehicles and aircraft) from Greece, with a combined 81% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cyprus (with a CAGR of +9.3%), while the other leaders experienced more modest paces of growth.

In value terms, Cyprus ($X) remains the key foreign market for diesel engines (other than for motor vehicles and aircraft) exports from Greece, comprising 45% of total exports. The second position in the ranking was taken by the UK ($X), with a 14% share of total exports. It was followed by Albania, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Cyprus totaled +2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+35.6% per year) and Albania (+7.0% per year).

Export Prices by Country

The average export price for diesel engines (other than for motor vehicles and aircraft) stood at $X per unit in 2022, increasing by 29% against the previous year. Overall, the export price continues to indicate a strong expansion. The pace of growth was the most pronounced in 2020 an increase of 473% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+39.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Imports into Greece

In 2022, supplies from abroad of diesel engines (other than for motor vehicles and aircraft) decreased by -30.2% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, imports showed a mild reduction. The pace of growth was the most pronounced in 2015 when imports increased by 67% against the previous year. Over the period under review, imports of hit record highs at X units in 2021, and then contracted notably in the following year.

In value terms, imports of diesel engines (other than for motor vehicles and aircraft) skyrocketed to $X in 2022. In general, total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +40.1% against 2020 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 39%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest diesel engines (other than for motor vehicles and aircraft) supplier to Greece, with a 55% share of total imports. Moreover, imports of diesel engines (other than for motor vehicles and aircraft) from China exceeded the figures recorded by the second-largest supplier, Italy (X units), sixfold. The third position in this ranking was held by France (X units), with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-1.2% per year) and France (+1.1% per year).

In value terms, the largest diesel engines (other than for motor vehicles and aircraft) suppliers to Greece were Italy ($X), China ($X) and the Netherlands ($X), with a combined 37% share of total imports. France, the UK, Belgium, Germany, Turkey and Japan lagged somewhat behind, together comprising a further 28%.

In terms of the main suppliers, Belgium, with a CAGR of +21.0%, saw the highest rates of growth with regard to 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 import price for diesel engines (other than for motor vehicles and aircraft) amounted to $X per unit, rising by 94% against the previous year. Overall, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue 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 UK ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+31.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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