Kenya: Gear Box Market 2024

Gear Box Market Size in Kenya

After four years of growth, the Kenyan gear box market decreased by -0.2% to $X in 2022. Over the period under review, consumption, however, posted a temperate increase. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Gear Box Exports

Exports from Kenya

In 2022, shipments abroad of gear boxes decreased by -13.2% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2014 when exports increased by 703%. As a result, the exports attained the peak of X units. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, gear box exports declined remarkably to $X in 2022. In general, exports, however, enjoyed a buoyant increase. The pace of growth was the most pronounced in 2014 when exports increased by 525% against the previous year. The exports peaked at $X in 2021, and then contracted significantly in the following year.

Exports by Country

Tanzania (X units), Uganda (X units) and Germany (X units) were the main destinations of gear box exports from Kenya, together comprising 52% of total exports. The United States, South Africa, Democratic Republic of the Congo, Sweden, Belgium and Somalia lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +61.5%), while the other leaders experienced more modest paces of growth.

In value terms, Tanzania ($X) remains the key foreign market for gear boxes exports from Kenya, comprising 40% of total exports. The second position in the ranking was held by South Africa ($X), with a 15% share of total exports. It was followed by the United States, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Tanzania stood at +56.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+45.6% per year) and the United States (+29.7% per year).

Export Prices by Country

The average gear box export price stood at $X per unit in 2022, dropping by -7.4% against the previous year. Overall, export price indicated a tangible expansion from 2012 to 2022: its price 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. The most prominent rate of growth was recorded in 2018 when the average export price increased by 70% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2021, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Africa ($X per unit), while the average price for exports to Democratic Republic of the Congo ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+94.2%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Box Imports

Imports into Kenya

In 2022, after four years of growth, there was decline in overseas purchases of gear boxes, when their volume decreased by -2.1% to X units. Over the period under review, imports, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 136% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, gear box imports reached $X in 2022. In general, imports, however, showed a perceptible expansion. The most prominent rate of growth was recorded in 2013 with an increase of 47% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of gear box to Kenya, with a 46% share of total imports. Moreover, gear box imports from Japan exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X units), twofold. The third position in this ranking was taken by China (X units), with a 19% share.

From 2012 to 2022, the average annual growth rate of volume from Japan amounted to +23.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+13.3% per year) and China (-0.1% per year).

In value terms, Japan ($X), China ($X) and Uganda ($X) constituted the largest gear box suppliers to Kenya, with a combined 56% share of total imports.

Uganda, with a CAGR of +94.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average gear box import price stood at $X per unit in 2022, rising by 2.7% against the previous year. Overall, the import price, however, saw a pronounced slump. The most prominent rate of growth was recorded in 2014 when the average import price increased by 59% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Uganda ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uganda (+14.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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