India: Gear Cutting Machine Market 2024

Gear Cutting Machine Market Size in India

In 2021, the Indian gear cutting machine market decreased by -33.7% to $X, falling for the third year in a row after seven years of growth. Over the period under review, consumption recorded a abrupt slump. Gear cutting machine consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Gear Cutting Machine Production in India

In value terms, gear cutting machine production totaled less than $X in 2021 estimated in export price. Over the period under review, production recorded a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of 193%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Gear Cutting Machine Exports

Exports from India

In 2021, overseas shipments of gear cutting, gear grinding or gear finishing machines increased by 174% to X units, rising for the second consecutive year after three years of decline. Over the period under review, exports, however, saw a dramatic contraction. The pace of growth appeared the most rapid in 2016 when exports increased by 310%. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, gear cutting machine exports surged to $X in 2021. In general, exports, however, saw a deep reduction. The pace of growth appeared the most rapid in 2018 with an increase of 244%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Yemen (X units), Kuwait (X units) and Qatar (X units) were the main destinations of gear cutting machine exports from India, with a combined 85% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kuwait (with a CAGR of +68.7%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) remains the key foreign market for gear cutting, gear grinding or gear finishing machines exports from India, comprising 9.3% of total exports. The second position in the ranking was held by Australia ($X), with a 4.2% share of total exports. It was followed by Yemen, with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the UK stood at +29.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+33.1% per year) and Yemen (+6.2% per year).

Export Prices by Country

The average gear cutting machine export price stood at $X per unit in 2021, declining by -12.4% against the previous year. In general, the export price, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2018 an increase of 337% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+170.8%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Cutting Machine Imports

Imports into India

In 2021, after two years of decline, there was significant growth in supplies from abroad of gear cutting, gear grinding or gear finishing machines, when their volume increased by 14% to X units. In general, imports, however, continue to indicate a perceptible slump. The pace of growth was the most pronounced in 2018 with an increase of 493%. As a result, imports reached the peak of X units. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, gear cutting machine imports contracted to $X in 2021. Overall, imports, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2018 when imports increased by 98% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) was the main supplier of gear cutting machine to India, accounting for a 90% share of total imports. Moreover, gear cutting machine imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), more than tenfold. The third position in this ranking was taken by the UK (X units), with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +20.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-16.4% per year) and the UK (-10.9% per year).

In value terms, Germany ($X), Japan ($X) and the United States ($X) were the largest gear cutting machine suppliers to India, with a combined 69% share of total imports. These countries were followed by China, Italy, South Korea and the UK, which together accounted for a further 9.3%.

South Korea, with a CAGR of +1.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average gear cutting machine import price amounted to $X per unit, declining by -16.7% against the previous year. In general, the import price showed a perceptible slump. The most prominent rate of growth was recorded in 2019 an increase of 374%. As a result, import price reached the peak level of $X per unit. From 2020 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+108.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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