India: Electrical Circuit Apparatus Market 2022

Electrical Circuit Apparatus Market Size in India

The Indian electrical circuit apparatus market reached $X in 2021, remaining constant against the previous year. Overall, consumption recorded a remarkable increase. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Electrical Circuit Apparatus Production in India

In value terms, electrical circuit apparatus production shrank modestly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded resilient growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 30%. Over the period under review, production hit record highs at $X in 2020, and then dropped modestly in the following year.

Electrical Circuit Apparatus Exports

Exports from India

In 2021, shipments abroad of electrical apparatus for circuit connection, switching and protection decreased by -4.1% to X tons, falling for the second consecutive year after two years of growth. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 16% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, electrical circuit apparatus exports rose to $X in 2021. The total export value increased at an average annual rate of +3.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 when exports increased by 28%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons), the UK (X tons) and the United Arab Emirates (X tons) were the main destinations of electrical circuit apparatus exports from India, together accounting for 23% of total exports. Nigeria, France, Germany, Turkey, Singapore, Saudi Arabia, Brazil, Poland, Hong Kong SAR, Italy, South Africa and Australia lagged somewhat behind, together comprising a further 43%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +24.7%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for electrical circuit apparatus exports from India, comprising 18% of total exports. The second position in the ranking was taken by Singapore ($X), with a 7% share of total exports. It was followed by Germany, with a 6.2% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+14.3% per year) and Germany (+4.2% per year).

Export Prices by Country

In 2021, the average electrical circuit apparatus export price amounted to $X per ton, picking up by 6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.9%. The pace of growth was the most pronounced in 2017 an increase of 18% 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, the country with the highest price was the United States ($X per ton), while the average price for exports to Nigeria ($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 Australia (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Circuit Apparatus Imports

Imports into India

In 2021, purchases abroad of electrical apparatus for circuit connection, switching and protection was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, saw a relatively flat trend pattern. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, electrical circuit apparatus imports soared to $X in 2021. Over the period under review, total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of electrical circuit apparatus to India, accounting for a 37% share of total imports. Moreover, electrical circuit apparatus imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. Japan (X tons) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.9% per year) and Japan (-4.9% per year).

In value terms, China ($X) constituted the largest supplier of electrical circuit apparatus to India, comprising 25% of total imports. The second position in the ranking was held by Germany ($X), with a 12% share of total imports. It was followed by Singapore, with an 8.2% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.2% per year) and Singapore (+14.4% per year).

Import Prices by Country

In 2021, the average electrical circuit apparatus import price amounted to $X per ton, rising by 18% against the previous year. Over the period under review, import price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, electrical circuit apparatus import price increased by +70.4% against 2016 indices. The pace of growth appeared the most rapid in 2017 an increase of 21% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was France ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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