Iran: Market for Machines For Balancing Mechanical Parts 2024

Market Size for Machines For Balancing Mechanical Parts in Iran

The Iranian balancing mechanical parts machine market dropped remarkably to $X in 2021, falling by -44.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded moderate growth. Balancing mechanical parts machine consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Exports of Machines For Balancing Mechanical Parts

Exports from Iran

In 2021, the amount of machines for balancing mechanical parts exported from Iran dropped sharply to X units, with a decrease of -81% against the year before. Overall, exports, however, enjoyed a resilient expansion. The growth pace was the most rapid in 2013 when exports increased by 2,900% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, balancing mechanical parts machine exports contracted notably to $X in 2021. In general, exports, however, showed prominent growth. The growth pace was the most rapid in 2013 when exports increased by 2,535%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Australia (X units), Italy (X units) and Azerbaijan (X units) were the main destinations of balancing mechanical parts machine exports from Iran.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +8.0%), while the other leaders experienced mixed trend patterns.

In value terms, Italy ($X), Australia ($X) and Azerbaijan ($X) constituted the largest markets for balancing mechanical parts machine exported from Iran worldwide.

Azerbaijan, with a CAGR of +25.5%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average balancing mechanical parts machine export price stood at $X per unit in 2021, surging by 92% against the previous year. Overall, the export price, however, saw a noticeable curtailment. The most prominent rate of growth was recorded in 2019 when the average export price increased by 94% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2021, the country with the highest price was Italy ($X per unit), while the average price for exports to Azerbaijan ($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 the United Arab Emirates (+45.3%), while the prices for the other major destinations experienced a decline.

Imports of Machines For Balancing Mechanical Parts

Imports into Iran

For the third consecutive year, Iran recorded decline in purchases abroad of machines for balancing mechanical parts, which decreased by -60.3% to X units in 2021. Overall, imports continue to indicate a noticeable shrinkage. The pace of growth appeared the most rapid in 2016 with an increase of 534% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, balancing mechanical parts machine imports fell to $X in 2021. Over the period under review, imports, however, posted a resilient increase. The pace of growth appeared the most rapid in 2016 with an increase of 410% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Turkey (X units), China (X units) and Russia (X units) were the main suppliers of balancing mechanical parts machine imports to Iran, together accounting for 72% of total imports. These countries were followed by France, Germany, the United Arab Emirates, India and Italy, which together accounted for a further 24%.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +48.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of machines for balancing mechanical parts to Iran, comprising 81% of total imports. The second position in the ranking was held by Russia ($X), with a 6.7% share of total imports. It was followed by Germany, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +20.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+3.8% per year) and Germany (+17.3% per year).

Import Prices by Country

In 2021, the average balancing mechanical parts machine import price amounted to $X per unit, growing by 115% against the previous year. Overall, the import price enjoyed buoyant growth. The most prominent rate of growth was recorded in 2019 an increase of 235%. The import price peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+74.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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