Kuwait: Gear Box Market 2024

Gear Box Market Size in Kuwait

The Kuwaiti gear box market reduced to $X in 2022, which is down by -4.6% 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 a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Gear Box Exports

Exports from Kuwait

In 2022, overseas shipments of gear boxes were finally on the rise to reach X units after two years of decline. Overall, exports recorded a noticeable expansion. The pace of growth was the most pronounced in 2016 when exports increased by 402%. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, gear box exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed slight growth. The growth pace was the most rapid in 2013 with an increase of 385%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Egypt (X units) was the main destination for gear box exports from Kuwait, with a 39% share of total exports. Moreover, gear box exports to Egypt exceeded the volume sent to the second major destination, Hong Kong SAR (X units), threefold. The third position in this ranking was held by Spain (X units), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Egypt stood at +58.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-12.3% per year) and Spain (0.0% per year).

In value terms, the largest markets for gear box exported from Kuwait were Egypt ($X), Hong Kong SAR ($X) and the United States ($X), with a combined 86% share of total exports.

Egypt, with a CAGR of +76.4%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average gear box export price stood at $X per unit in 2022, with an increase of 20% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by 94%. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Spain ($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 Iran (+51.4%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Box Imports

Imports into Kuwait

In 2022, the amount of gear boxes imported into Kuwait fell to X units, declining by -6.7% on the previous year. The total import volume increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 36%. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, gear box imports contracted slightly to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 41%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United States (X units), Japan (X units) and South Africa (X units) were the main suppliers of gear box imports to Kuwait, together comprising 45% of total imports. China, Germany, Italy and Turkey lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +18.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), the United States ($X) and Germany ($X) appeared to be the largest gear box suppliers to Kuwait, with a combined 49% share of total imports. China, Italy, Turkey and South Africa lagged somewhat behind, together comprising a further 20%.

China, with a CAGR of +18.9%, recorded the highest rates of growth with regard to the value of imports, among 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, picking up by 3.8% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 32%. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a 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 Japan ($X per unit), while the price for South Africa ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+737.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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