India: Transmission Shaft Market 2024

Transmission Shaft Market Size in India

In 2022, the Indian transmission shaft market increased by 92% to $X, rising for the second year in a row after four years of decline. Overall, the total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +124.7% against 2020 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Transmission Shaft Production in India

In value terms, transmission shaft production reduced to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 22% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Transmission Shaft Exports

Exports from India

In 2022, approx. X tons of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain were exported from India; rising by 21% on 2021. In general, exports continue to indicate a remarkable increase. The growth pace was the most rapid in 2021 with an increase of 44% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, transmission shaft exports expanded significantly to $X in 2022. Over the period under review, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 50%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in years to come.

Exports by Country

The United States (X tons) was the main destination for transmission shaft exports from India, with a 39% share of total exports. Moreover, transmission shaft exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), fourfold. Brazil (X tons) ranked third in terms of total exports with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +19.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+14.0% per year) and Brazil (+22.3% per year).

In value terms, the United States ($X) remains the key foreign market for transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain exports from India, comprising 41% of total exports. The second position in the ranking was held by Germany ($X), with a 10% share of total exports. It was followed by Brazil, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +20.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+12.6% per year) and Brazil (+22.9% per year).

Export Prices by Country

The average transmission shaft export price stood at $X per ton in 2022, declining by -9.7% against the previous year. Over the period under review, the export price, however, showed a slight expansion. The pace of growth was the most pronounced in 2020 when the average export price increased by 20% against the previous year. The export price peaked at $X per ton in 2021, and then contracted in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Transmission Shaft Imports

Imports into India

In 2022, overseas purchases of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain increased by 23% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports posted a resilient increase. The most prominent rate of growth was recorded in 2021 when imports increased by 46%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, transmission shaft imports skyrocketed to $X in 2022. In general, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +77.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 50% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest transmission shaft supplier to India, accounting for a 49% share of total imports. Moreover, transmission shaft imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The third position in this ranking was held by the United States (X tons), with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.0% per year) and the United States (+2.8% per year).

In value terms, China ($X) constituted the largest supplier of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain to India, comprising 45% of total imports. The second position in the ranking was taken by Germany ($X), with a 14% share of total imports. It was followed by the United States, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+2.5% per year) and the United States (+0.3% per year).

Import Prices by Country

In 2022, the average transmission shaft import price amounted to $X per ton, declining by -4% against the previous year. In general, the import price continues to indicate a slight reduction. The most prominent rate of growth was recorded in 2013 an increase of 5.3%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, 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 Taiwan (Chinese) ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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