India: 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 India

The Indian market for diesel engines (other than for motor vehicles and aircraft) contracted markedly to $X in 2022, shrinking by -23.4% against the previous year. Over the period under review, consumption, however, recorded a resilient expansion. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

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

In value terms, production of diesel engines (other than for motor vehicles and aircraft) fell to $X in 2022 estimated in export price. In general, production, however, continues to indicate a remarkable increase. The growth pace was the most rapid in 2019 with an increase of 62% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production of growth failed to regain momentum.

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

Exports from India

In 2022, approx. X units of diesel engines (other than for motor vehicles and aircraft) were exported from India; jumping by 20% on 2021. In general, total exports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +49.4% against 2020 indices. The pace of growth was the most pronounced in 2018 when exports increased by 37%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, exports of diesel engines (other than for motor vehicles and aircraft) skyrocketed to $X in 2022. Over the period under review, exports posted a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 61%. Over the period under review, the exports of attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Thailand (X units) was the main destination for exports of diesel engines (other than for motor vehicles and aircraft) from India, with a 37% share of total exports. Moreover, exports of diesel engines (other than for motor vehicles and aircraft) to Thailand exceeded the volume sent to the second major destination, Nigeria (X units), fourfold. The United States (X units) ranked third in terms of total exports with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Thailand totaled +9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+13.5% per year) and the United States (+0.6% per year).

In value terms, Thailand ($X), China ($X) and the United States ($X) constituted the largest markets for diesel engines (other than for motor vehicles and aircraft) exported from India worldwide, together accounting for 66% of total exports. Vietnam, Italy, the UK, Turkey, Brazil, South Africa, Lebanon, Nigeria, Egypt and Iraq lagged somewhat behind, together accounting for a further 20%.

In terms of the main countries of destination, Vietnam, with a CAGR of +75.8%, 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 export price for diesel engines (other than for motor vehicles and aircraft) stood at $X per unit in 2022, increasing by 20% against the previous year. Overall, the export price showed buoyant growth. The most prominent rate of growth was recorded in 2015 an increase of 32% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in years to come.

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 China ($X per unit), while the average price for exports to Nigeria ($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 Turkey (+25.2%), 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 India

In 2022, overseas purchases of diesel engines (other than for motor vehicles and aircraft) increased by 30% to X units, rising for the second consecutive year after two years of decline. In general, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.0% 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 +119.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 68%. Over the period under review, imports of reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, imports of diesel engines (other than for motor vehicles and aircraft) surged to $X in 2022. Overall, total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% 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 +79.3% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 50% against the previous year. Over the period under review, imports of attained the maximum at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Japan (X units) and the UK (X units) were the main suppliers of imports of diesel engines (other than for motor vehicles and aircraft) to India, with a combined 71% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +32.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Japan ($X) appeared to be the largest diesel engines (other than for motor vehicles and aircraft) suppliers to India, together accounting for 53% of total imports. Germany, the UK and Italy lagged somewhat behind, together accounting for a further 31%.

In terms of the main suppliers, Italy, with a CAGR of +9.7%, saw 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

The average import price for diesel engines (other than for motor vehicles and aircraft) stood at $X per unit in 2022, shrinking by -7.8% against the previous year. Overall, the import price continues to indicate a perceptible shrinkage. The pace of growth appeared the most rapid in 2019 an increase of 22%. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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