Hungary: Market for Machines For Balancing Mechanical Parts 2024

Market Size for Machines For Balancing Mechanical Parts in Hungary

The Hungarian balancing mechanical parts machine market declined sharply to $X in 2021, shrinking by -61.1% against the previous year. Over the period under review, consumption continues to indicate a abrupt downturn. As a result, consumption reached the peak level of $X, and then fell rapidly in the following year.

Production of Machines For Balancing Mechanical Parts in Hungary

In value terms, balancing mechanical parts machine production declined significantly to $X in 2021 estimated in export price. Overall, production continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2020 when the production volume increased by 101% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Exports of Machines For Balancing Mechanical Parts

Exports from Hungary

In 2021, overseas shipments of machines for balancing mechanical parts increased by 134% to X units, rising for the second year in a row after three years of decline. Over the period under review, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, balancing mechanical parts machine exports soared to $X in 2021. Overall, exports, however, showed a precipitous contraction. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for balancing mechanical parts machine exports from Hungary, accounting for a 36% share of total exports. Moreover, balancing mechanical parts machine exports to the United States exceeded the volume sent to the second major destination, Romania (X units), twofold. The third position in this ranking was held by Slovakia (X units), with a 17% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +886.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+1.1% per year) and Slovakia (+11.4% per year).

In value terms, Mexico ($X), the United States ($X) and Romania ($X) were the largest markets for balancing mechanical parts machine exported from Hungary worldwide, with a combined 63% share of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +752.5%, recorded the highest rates of growth with regard to 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 balancing mechanical parts machine export price stood at $X per unit in 2021, rising by 8.5% against the previous year. In general, the export price, however, recorded a significant curtailment. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Mexico ($X per unit), while the average price for exports to Austria ($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 Romania (-4.7%), while the prices for the other major destinations experienced a decline.

Imports of Machines For Balancing Mechanical Parts

Imports into Hungary

Balancing mechanical parts machine imports into Hungary dropped sharply to X units in 2021, shrinking by -37.6% on 2020 figures. Overall, imports, however, showed mild growth. The growth pace was the most rapid in 2014 when imports increased by 112%. Imports peaked at X units in 2020, and then reduced rapidly in the following year.

In value terms, balancing mechanical parts machine imports shrank markedly to $X in 2021. In general, imports recorded a deep setback. The pace of growth was the most pronounced in 2014 when imports increased by 108% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Slovenia (X units), China (X units) and Italy (X units) were the main suppliers of balancing mechanical parts machine imports to Hungary, with a combined 78% share of total imports. Germany, Poland, Russia and the United States lagged somewhat behind, together comprising a further 20%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +35.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest balancing mechanical parts machine suppliers to Hungary were Italy ($X), Germany ($X) and China ($X), with a combined 61% share of total imports. These countries were followed by Slovenia, the United States, Poland and Russia, which together accounted for a further 29%.

In terms of the main suppliers, Poland, with a CAGR of +43.8%, recorded the highest growth rate of 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 2021, the average balancing mechanical parts machine import price amounted to $X per unit, picking up by 3.1% against the previous year. In general, the import price, however, saw a deep downturn. The growth pace was the most rapid in 2019 when the average import price increased by 9.1% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per unit), while the price for Slovenia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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