India: Hydraulic Jack Market 2024

Hydraulic Jack Market Size in India

In 2022, the Indian hydraulic jack market decreased by -0.2% to $X, falling for the third year in a row after five years of growth. In general, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.7% 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 -1.2% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; afterwards, it flattened through to 2022.

Hydraulic Jack Production in India

In value terms, hydraulic jack production amounted to $X in 2022 estimated in export price. In general, the total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 -0.0% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 18% against the previous year. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Hydraulic Jack Exports

Exports from India

For the fifth year in a row, India recorded growth in overseas shipments of hydraulic jacks and hoists for raising vehicles, which increased by 17% to X units in 2022. In general, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 159%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, hydraulic jack exports skyrocketed to $X in 2022. Over the period under review, exports recorded prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 106%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for hydraulic jack exports from India, with a 78% share of total exports. Moreover, hydraulic jack exports to the United States exceeded the volume sent to the second major destination, the UK (X units), eightfold. Nepal (X units) ranked third in terms of total exports with a 1.8% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +70.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+34.3% per year) and Nepal (+42.7% per year).

In value terms, the United States ($X) remains the key foreign market for hydraulic jacks and hoists for raising vehicles exports from India, comprising 37% of total exports. The second position in the ranking was taken by the UK ($X), with a 4.6% share of total exports. It was followed by Nepal, with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +47.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+24.4% per year) and Nepal (+30.3% per year).

Export Prices by Country

The average hydraulic jack export price stood at $X per unit in 2022, surging by 8% against the previous year. Overall, the export price, however, recorded a abrupt decline. The pace of growth appeared the most rapid in 2017 when the average export price increased by 15% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sri Lanka ($X per unit), while the average price for exports to the United States ($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 Sri Lanka (+0.8%), while the prices for the other major destinations experienced a decline.

Hydraulic Jack Imports

Imports into India

Hydraulic jack imports into India expanded significantly to X units in 2022, increasing by 11% compared with the previous year. Over the period under review, imports recorded a resilient increase. The most prominent rate of growth was recorded in 2021 when imports increased by 133%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, hydraulic jack imports reduced rapidly to $X in 2022. In general, imports recorded perceptible growth. The most prominent rate of growth was recorded in 2021 with an increase of 120% against the previous year. As a result, imports reached the peak of $X, and then fell remarkably in the following year.

Imports by Country

In 2022, China (X units) was the main hydraulic jack supplier to India, accounting for a 92% share of total imports. It was followed by Belgium (X units), with a 1.6% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +17.7%.

In value terms, China ($X) constituted the largest supplier of hydraulic jacks and hoists for raising vehicles to India, comprising 44% of total imports. The second position in the ranking was held by Belgium ($X), with a 2.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +10.1%.

Import Prices by Country

The average hydraulic jack import price stood at $X per unit in 2022, declining by -36% against the previous year. Overall, the import price showed a drastic downturn. The pace of growth was the most pronounced in 2018 when the average import price increased by 50%. Over the period under review, average import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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 Belgium ($X per unit), while the price for China totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-6.5%).

Source: IndexBox Platform

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