India: Oil Dispensing Pump Market 2024

Oil Dispensing Pump Market Size in India

In 2021, the Indian oil dispensing pump market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. The market value increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Oil dispensing pump consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Oil Dispensing Pump Production in India

In value terms, oil dispensing pump production rose significantly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 30%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Oil Dispensing Pump Exports

Exports from India

In 2021, the amount of petrol and oil dispensing pumps exported from India surged to X units, jumping by 48% against 2020 figures. In general, exports recorded a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, oil dispensing pump exports skyrocketed to $X in 2021. Over the period under review, total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +8.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 64%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for oil dispensing pump exports from India, with a 52% share of total exports. Moreover, oil dispensing pump exports to the United States exceeded the volume sent to the second major destination, Nepal (X units), fourfold. Finland (X units) ranked third in terms of total exports with a 3.3% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +15.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nepal (+36.0% per year) and Finland (+10.3% per year).

In value terms, the United States ($X) remains the key foreign market for petrol and oil dispensing pumps exports from India, comprising 20% of total exports. The second position in the ranking was held by Nepal ($X), with a 6% share of total exports. It was followed by South Africa, with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nepal (+24.0% per year) and South Africa (+5.1% per year).

Export Prices by Country

In 2021, the average oil dispensing pump export price amounted to $X per unit, with a decrease of -4.3% against the previous year. Overall, the export price continues to indicate a noticeable reduction. The pace of growth appeared the most rapid in 2013 when the average export price increased by 34%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was South Africa ($X per unit), while the average price for exports to the UK ($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 Denmark (+27.2%), while the prices for the other major destinations experienced more modest paces of growth.

Oil Dispensing Pump Imports

Imports into India

In 2021, imports of petrol and oil dispensing pumps into India dropped rapidly to X units, shrinking by -56.6% against the year before. Over the period under review, imports, however, saw a resilient increase. The pace of growth was the most pronounced in 2014 with an increase of 496%. Over the period under review, imports hit record highs at X units in 2020, and then declined significantly in the following year.

In value terms, oil dispensing pump imports soared to $X in 2021. Overall, imports showed a deep setback. The pace of growth appeared the most rapid in 2016 when imports increased by 96% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest oil dispensing pump supplier to India, with a 76% share of total imports. Moreover, oil dispensing pump imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), tenfold. Japan (X units) ranked third in terms of total imports with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+12.9% per year) and Japan (+42.1% per year).

In value terms, the largest oil dispensing pump suppliers to India were Japan ($X), the UK ($X) and China ($X), with a combined 74% share of total imports.

Among the main suppliers, the UK, with a CAGR of +33.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average oil dispensing pump import price stood at $X per unit in 2021, surging by 250% against the previous year. Overall, the import price, however, saw a precipitous curtailment. Over the period under review, average import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the UK ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (-14.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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