Iran: Machinery Electrical Parts Market 2024

Machinery Electrical Parts Market Size in Iran

The Iranian machinery electrical parts market contracted to $X in 2022, which is down by -6.9% against the previous year. In general, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 +8.0% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Machinery Electrical Parts Production in Iran

In value terms, machinery electrical parts production declined to $X in 2022 estimated in export price. Over the period under review, the total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +9.1% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 35% against the previous year. Machinery electrical parts production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Machinery Electrical Parts Exports

Exports from Iran

After three years of growth, overseas shipments of electrical parts of machinery or apparatus decreased by -58.9% to X tons in 2022. Over the period under review, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of 5,419%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, machinery electrical parts exports dropped significantly to $X in 2022. Overall, exports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by 4,406% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for machinery electrical parts exports from Iran, with a 84% share of total exports. Moreover, machinery electrical parts exports to China exceeded the volume sent to the second major destination, Turkey (X kg), sevenfold.

From 2012 to 2022, the average annual growth rate of volume to China stood at +107.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (-5.9% per year) and the United Arab Emirates (+45.0% per year).

In value terms, China ($X) remains the key foreign market for electrical parts of machinery or apparatus exports from Iran, comprising 61% of total exports. The second position in the ranking was held by Turkey ($X), with a 25% share of total exports.

From 2012 to 2022, the average annual growth rate of value to China amounted to +110.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (-0.6% per year) and the United Arab Emirates (+12.7% per year).

Export Prices by Country

The average machinery electrical parts export price stood at $X per ton in 2022, surging by 99% against the previous year. Overall, the export price, however, saw a perceptible shrinkage. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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 Turkey ($X per ton), while the average price for exports to the United Arab Emirates ($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 a decline.

Machinery Electrical Parts Imports

Imports into Iran

In 2022, machinery electrical parts imports into Iran surged to X tons, with an increase of 18% compared with 2021 figures. Overall, imports, however, showed a abrupt decline. The pace of growth appeared the most rapid in 2016 when imports increased by 1,313%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, machinery electrical parts imports skyrocketed to $X in 2022. Over the period under review, imports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2016 with an increase of 691% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest machinery electrical parts supplier to Iran, with a 50% share of total imports. Moreover, machinery electrical parts imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. Spain (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+93.6% per year) and Spain (-15.1% per year).

In value terms, the largest machinery electrical parts suppliers to Iran were China ($X), Spain ($X) and Turkey ($X), together accounting for 51% of total imports.

In terms of the main suppliers, Turkey, with a CAGR of +66.0%, saw 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 machinery electrical parts import price stood at $X per ton in 2022, surging by 1.8% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 159% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for China ($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 (+19.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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