Greece: Internal Combustion Engines Market 2024

Internal Combustion Engines Market Size in Greece

In 2021, the Greek internal combustion engines market increased by 2.6% to $X, rising for the second consecutive year after six years of decline. In general, consumption, however, showed a perceptible decline. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Internal Combustion Engines Production in Greece

In value terms, internal combustion engines production shrank to $X in 2021 estimated in export price. In general, production continues to indicate a deep contraction. The growth pace was the most rapid in 2013 when the production volume increased by 4.2%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Internal Combustion Engines Exports

Exports from Greece

In 2021, the amount of motor vehicles compression-ignition internal combustion piston engines exported from Greece skyrocketed to X units, jumping by 250% against the year before. In general, exports, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2016 with an increase of 1,220% against the previous year. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, internal combustion engines exports soared to $X in 2021. Overall, exports, however, showed a deep reduction. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X units), Albania (X units) and Australia (X units) were the main destinations of internal combustion engines exports from Greece, with a combined 86% share of total exports. These countries were followed by Norway, South Africa and the United States, which together accounted for a further 21%.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Norway ($X) and Albania ($X) constituted the largest markets for internal combustion engines exported from Greece worldwide, together accounting for 78% of total exports.

In terms of the main countries of destination, Australia, with a CAGR of +57.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average internal combustion engines export price stood at $X per unit in 2021, increasing by 50% against the previous year. In general, the export price continues to indicate a tangible increase. The growth pace was the most rapid in 2017 an increase of 3,524% against the previous year. The export price peaked in 2021 and is expected to retain growth in years to come.

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 Norway ($X per unit), while the average price for exports to the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+164.8%), while the prices for the other major destinations experienced more modest paces of growth.

Internal Combustion Engines Imports

Imports into Greece

In 2021, approx. X units of motor vehicles compression-ignition internal combustion piston engines were imported into Greece; growing by 204% compared with the previous year's figure. Overall, imports enjoyed a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, internal combustion engines imports soared to $X in 2021. In general, imports recorded prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Germany (X units) constituted the largest internal combustion engines supplier to Greece, with a 72% share of total imports. Moreover, internal combustion engines imports from Germany exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X units), sevenfold. Italy (X units) ranked third in terms of total imports with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany totaled +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+103.5% per year) and Italy (+51.6% per year).

In value terms, Germany ($X), the UK ($X) and the United Arab Emirates ($X) appeared to be the largest internal combustion engines suppliers to Greece, together accounting for 78% of total imports.

The United Arab Emirates, with a CAGR of +121.8%, saw the highest rates of growth with regard to 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

The average internal combustion engines import price stood at $X per unit in 2021, waning by -13.7% against the previous year. Over the period under review, the import price showed a mild shrinkage. The most prominent rate of growth was recorded in 2018 an increase of 49%. As a result, import price attained the peak level of $X per unit. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per unit), while the price for Poland ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+24.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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