India: Machinery Electrical Parts Market 2024

Machinery Electrical Parts Market Size in India

The Indian machinery electrical parts market shrank modestly to $X in 2022, declining by -2.1% against the previous year. Over the period under review, consumption, however, showed a resilient expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Machinery Electrical Parts Production in India

In value terms, machinery electrical parts production fell to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed buoyant growth. The growth pace was the most rapid in 2013 with an increase of 41%. Machinery electrical parts production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Machinery Electrical Parts Exports

Exports from India

In 2022, machinery electrical parts exports from India declined dramatically to X tons, dropping by -73.2% compared with the year before. Over the period under review, exports saw a sharp contraction. The most prominent rate of growth was recorded in 2021 with an increase of 238% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, machinery electrical parts exports contracted sharply to $X in 2022. Overall, exports saw a deep reduction. The pace of growth was the most pronounced in 2021 with an increase of 407%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), the United Arab Emirates (X tons) and Hong Kong SAR (X tons) were the main destinations of machinery electrical parts exports from India, with a combined 66% share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +12.3%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, China ($X) remains the key foreign market for electrical parts of machinery or apparatus exports from India, comprising 58% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with an 11% share of total exports. It was followed by Bangladesh, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +38.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-20.6% per year) and Bangladesh (+7.0% per year).

Export Prices by Country

In 2022, the average machinery electrical parts export price amounted to $X per ton, picking up by 105% against the previous year. Over the period under review, the export price recorded a strong expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+23.3%), while the prices for the other major destinations experienced more modest paces of growth.

Machinery Electrical Parts Imports

Imports into India

Machinery electrical parts imports into India skyrocketed to X tons in 2022, growing by 23% on 2021. Overall, imports, however, showed a pronounced decline. The growth pace was the most rapid in 2019 with an increase of 231% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, machinery electrical parts imports shrank to $X in 2022. Over the period under review, imports, however, recorded a deep contraction. The pace of growth appeared the most rapid in 2015 with an increase of 36% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Germany (X tons) constituted the largest machinery electrical parts supplier to India, with a 62% share of total imports. Moreover, machinery electrical parts imports from Germany exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), fourfold. The third position in this ranking was taken by Singapore (X tons), with an 8% share.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +55.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+15.0% per year) and Singapore (+37.9% per year).

In value terms, the largest machinery electrical parts suppliers to India were the United Arab Emirates ($X), the United States ($X) and Germany ($X), with a combined 69% share of total imports. Singapore, China, Italy, Belgium, Hong Kong SAR and Mexico lagged somewhat behind, together accounting for a further 18%.

Among the main suppliers, Belgium, with a CAGR of +48.5%, 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

In 2022, the average machinery electrical parts import price amounted to $X per ton, which is down by -27.8% against the previous year. Overall, the import price saw a abrupt decrease. The most prominent rate of growth was recorded in 2016 when the average import price increased by 110%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, 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 United States ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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