India: Market for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in India

The Indian market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) was finally on the rise to reach $X in 2021, after six years of decline. Over the period under review, consumption, however, faced a deep downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in India

In value terms, production of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) rose remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a deep reduction. The pace of growth was the most pronounced in 2014 when the production volume increased by 30%. Production of peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Exports from India

In 2021, overseas shipments of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) decreased by -13.9% to X tons for the first time since 2017, thus ending a three-year rising trend. Over the period under review, exports recorded a pronounced slump. The pace of growth was the most pronounced in 2020 when exports increased by 263% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) reduced to $X in 2021. In general, exports continue to indicate a pronounced reduction. The growth pace was the most rapid in 2020 when exports increased by 226%. Over the period under review, the exports of attained the peak figure at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from India, with a 83% share of total exports. Moreover, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to the United States exceeded the volume sent to the second major destination, Bangladesh (X tons), more than tenfold. Canada (X tons) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+33.9% per year) and Canada (+44.9% per year).

In value terms, the United States ($X) remains the key foreign market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) exports from India, comprising 84% of total exports. The second position in the ranking was held by Bangladesh ($X), with a 5% share of total exports. It was followed by Canada, with a 2.5% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+338.8% per year) and Canada (+41.7% per year).

Export Prices by Country

The average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) stood at $X per ton in 2021, surging by 9.4% against the previous year. Overall, the export price, however, showed a slight slump. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the United Arab Emirates ($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 Indonesia (+3.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Imports into India

After three years of growth, supplies from abroad of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) decreased by -17% to X tons in 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 59%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) reduced to $X in 2021. Overall, imports, however, enjoyed a slight expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 66%. Over the period under review, imports of reached the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) supplier to India, accounting for a 51% share of total imports. Moreover, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), twofold. Japan (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+5.9% per year) and Japan (-3.8% per year).

In value terms, the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) suppliers to India were China ($X), Thailand ($X) and Japan ($X), with a combined 86% share of total imports.

Among the main suppliers, China, with a CAGR of +18.1%, 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 2021, the average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per ton, with an increase of 13% against the previous year. Over the last nine years, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2014 when the average import price increased by 22%. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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