India: Gear Box Market 2024

Gear Box Market Size in India

The Indian gear box market shrank slightly to $X in 2022, leveling off at the previous year. 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 +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.7% against 2019 indices. Gear box consumption peaked at $X in 2019; afterwards, it flattened through to 2022.

Gear Box Production in India

In value terms, gear box production totaled $X in 2022 estimated in export price. Overall, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.4% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by 20%. Gear box production peaked at $X in 2020; afterwards, it flattened through to 2022.

Gear Box Exports

Exports from India

In 2022, shipments abroad of gear boxes increased by 21% to X units, rising for the second consecutive year after two years of decline. In general, exports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 66% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, gear box exports surged to $X in 2022. Overall, exports showed resilient growth. The pace of growth appeared the most rapid in 2013 with an increase of 63% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

The United States (X units), Spain (X units) and Japan (X units) were the main destinations of gear box exports from India, together accounting for 45% of total exports. Turkey, Thailand, Italy, Canada, Germany, Brazil, France, China, Chile and Belgium lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +109.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for gear box exported from India were the United States ($X), Spain ($X) and Japan ($X), together accounting for 43% of total exports. Thailand, Turkey, Germany, Canada, China, Brazil, Italy, France, Belgium and Chile lagged somewhat behind, together comprising a further 42%.

Chile, with a CAGR of +116.3%, 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

In 2022, the average gear box export price amounted to $X per unit, remaining stable against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 15% against the previous year. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Italy ($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 China (+5.2%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Box Imports

Imports into India

In 2022, approx. X units of gear boxes were imported into India; increasing by 11% on 2021. In general, imports recorded a buoyant increase. The pace of growth was the most pronounced in 2021 when imports increased by 73%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, gear box imports totaled $X in 2022. Over the period under review, imports enjoyed buoyant growth. The pace of growth was the most pronounced in 2021 when imports increased by 60%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

South Korea (X units), Japan (X units) and Vietnam (X units) were the main suppliers of gear box imports to India, together comprising 64% of total imports. China, Singapore, the United States, Germany and Spain lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +53.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest gear box suppliers to India were Japan ($X), South Korea ($X) and the United States ($X), together comprising 64% of total imports. China, Singapore, Germany, Vietnam and Spain lagged somewhat behind, together comprising a further 20%.

Singapore, with a CAGR of +56.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average gear box import price stood at $X per unit in 2022, falling by -7.4% against the previous year. Over the period under review, the import price showed a mild descent. The most prominent rate of growth was recorded in 2015 when the average import price increased by 28%. Over the period under review, average import prices reached the maximum at $X per unit in 2016; however, from 2017 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 United States ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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