India: Boring Machinery Market 2024

Boring Machinery Market Size in India

In 2022, after ten years of growth, there was decline in the Indian boring machinery market, when its value decreased by -2% to $X. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Boring machinery consumption peaked at $X in 2021, and then fell modestly in the following year.

Boring Machinery Production in India

In value terms, boring machinery production shrank to $X in 2022 estimated in export price. In general, production, however, showed a resilient increase. The pace of growth was the most pronounced in 2018 when the production volume increased by 23%. Over the period under review, production hit record highs at $X in 2019; afterwards, it flattened through to 2022.

Boring Machinery Exports

Exports from India

After two years of decline, shipments abroad of boring or sinking machinery increased by 29% to X units in 2022. In general, exports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2019 when exports increased by 135% against the previous year. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, boring machinery exports shrank notably to $X in 2022. Over the period under review, exports, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2019 with an increase of 135%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X units), the United Arab Emirates (X units) and the United States (X units) were the main destinations of boring machinery exports from India, with a combined 50% share of total exports. Maldives, Brazil, Saudi Arabia, Singapore, Ghana, Cote d'Ivoire, Senegal and Peru lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for Maldives (with a CAGR of +29.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for boring machinery exported from India were Malaysia ($X), the United States ($X) and the United Arab Emirates ($X), together accounting for 58% of total exports. Maldives, Brazil, Singapore, Saudi Arabia, Ghana, Cote d'Ivoire, Peru and Senegal lagged somewhat behind, together accounting for a further 30%.

Maldives, with a CAGR of +130.4%, saw the highest growth rate of the value of exports, in terms of 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 boring machinery export price stood at $X per unit in 2022, dropping by -43.1% against the previous year. Over the period under review, the export price showed a perceptible contraction. The pace of growth was the most pronounced in 2016 an increase of 19%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Senegal ($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 Maldives (+78.3%), while the prices for the other major destinations experienced mixed trend patterns.

Boring Machinery Imports

Imports into India

For the fourth consecutive year, India recorded decline in purchases abroad of boring or sinking machinery, which decreased by -52.3% to X units in 2022. In general, imports showed a abrupt shrinkage. The pace of growth was the most pronounced in 2016 when imports increased by 77% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, boring machinery imports shrank markedly to $X in 2022. Over the period under review, imports faced a deep downturn. The pace of growth was the most pronounced in 2016 when imports increased by 81%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of boring machinery to India, with a 45% share of total imports. Moreover, boring machinery imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), twofold. The third position in this ranking was held by Nepal (X units), with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+10.9% per year) and Nepal (+86.7% per year).

In value terms, China ($X) constituted the largest supplier of boring or sinking machinery to India, comprising 51% of total imports. The second position in the ranking was taken by Italy ($X), with a 21% share of total imports. It was followed by the Netherlands, with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+10.5% per year) and the Netherlands (+13.1% per year).

Import Prices by Country

The average boring machinery import price stood at $X per unit in 2022, picking up by 5.5% against the previous year. In general, the import price, however, saw a slight contraction. The most prominent rate of growth was recorded in 2019 an increase of 7.1% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nepal (+15.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :