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

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

After two years of decline, the Greek market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by 48% to $X in 2021. Over the period under review, consumption continues to indicate a buoyant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Exports from Greece

In 2021, shipments abroad of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) decreased by -7.6% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 78% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) fell remarkably to $X in 2021. Overall, exports, however, showed prominent growth. The growth pace was the most rapid in 2019 with an increase of 87% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Syrian Arab Republic (X tons), Bulgaria (X tons) and Romania (X tons) were the main destinations of exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Greece, together comprising 48% of total exports. These countries were followed by Turkey, Cyprus, the United Arab Emirates, Hungary, Denmark, Malta, Saudi Arabia, Albania and Egypt, which together accounted for a further 42%.

From 2012 to 2021, the biggest increases were recorded for Hungary (with a CAGR of +1,871.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Bulgaria ($X), Romania ($X) and Turkey ($X) were the largest markets for internal combustion engine (excl. diesel, moto vehicle and aircraft) exported from Greece worldwide, together accounting for 60% of total exports. These countries were followed by Cyprus, the United Arab Emirates, Hungary, Denmark, Malta, Albania, Saudi Arabia, Egypt and Syrian Arab Republic, which together accounted for a further 30%.

Hungary, with a CAGR of +2,133.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) stood at $X per ton in 2021, dropping by -29% against the previous year. Overall, the export price saw a noticeable setback. The most prominent rate of growth was recorded in 2017 an increase of 53% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2020, and then shrank significantly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Gabon (+9,350.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Imports into Greece

In 2021, after two years of decline, there was significant growth in purchases abroad of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft), when their volume increased by 43% to X tons. In general, imports recorded a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) surged to $X in 2021. Overall, imports recorded a buoyant increase. The growth pace was the most rapid in 2016 with an increase of 48%. Over the period under review, imports of attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) supplier to Greece, with a 45% share of total imports. Moreover, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was taken by Belgium (X tons), with a 16% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+11.0% per year) and Belgium (+8.7% per year).

In value terms, the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) suppliers to Greece were Japan ($X), Bulgaria ($X) and Belgium ($X), with a combined 64% share of total imports.

Bulgaria, with a CAGR of +181.2%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.3%. The pace of growth was the most pronounced in 2017 an increase of 38%. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Bulgaria ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bulgaria (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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