India: Static Converter Market 2024

Static Converter Market Size in India

The Indian static converter market shrank slightly to $X in 2021, waning by -4.7% against the previous year. In general, consumption showed a noticeable contraction. The most prominent rate of growth was recorded in 2020 when the market value increased by 8.2%. Static converter consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Static Converter Production in India

In value terms, static converter production dropped dramatically to $X in 2021 estimated in export price. Over the period under review, production saw a abrupt contraction. The pace of growth was the most pronounced in 2020 when the production volume increased by 97% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Static Converter Exports

Exports from India

In 2021, overseas shipments of static converters decreased by -32.5% to X units, falling for the second year in a row after three years of growth. In general, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2014 when exports increased by 334% against the previous year. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, static converter exports soared to $X in 2021. Overall, exports, however, posted a strong expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 60%. The exports peaked in 2021 and are likely to see gradual growth in years to come.

Exports by Country

China (X units) was the main destination for static converter exports from India, with a 39% share of total exports. Moreover, static converter exports to China exceeded the volume sent to the second major destination, Hong Kong SAR (X units), threefold. The third position in this ranking was taken by the Netherlands (X units), with a 9.7% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +23.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+37.0% per year) and the Netherlands (+13.5% per year).

In value terms, the United States ($X) remains the key foreign market for static converters exports from India, comprising 47% of total exports. The second position in the ranking was held by China ($X), with a 10% share of total exports. It was followed by the Netherlands, with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +16.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+26.0% per year) and the Netherlands (+7.8% per year).

Export Prices by Country

The average static converter export price stood at $X per unit in 2021, rising by 82% against the previous year. Overall, the export price, however, showed a pronounced reduction. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per unit), while the average price for exports to Hong Kong SAR ($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 Germany (+20.8%), while the prices for the other major destinations experienced more modest paces of growth.

Static Converter Imports

Imports into India

In 2021, overseas purchases of static converters decreased by -13.3% to X units, falling for the second consecutive year after eight years of growth. In general, imports, however, posted a significant increase. The growth pace was the most rapid in 2018 when imports increased by 122% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, static converter imports surged to $X in 2021. Overall, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +8.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest supplier of static converter to India, accounting for a 29% share of total imports. Moreover, static converter imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X units), threefold. Vietnam (X units) ranked third in terms of total imports with a 9.9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+12.6% per year) and Vietnam (+53.6% per year).

In value terms, China ($X) constituted the largest supplier of static converters to India, comprising 61% of total imports. The second position in the ranking was taken by Germany ($X), with a 5.7% share of total imports. It was followed by Hong Kong SAR, with a 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.1% per year) and Hong Kong SAR (+32.2% per year).

Import Prices by Country

The average static converter import price stood at $X per unit in 2021, increasing by 66% against the previous year. Overall, the import price, however, saw a abrupt downturn. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was China ($X per unit), while the price for Vietnam ($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 (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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