Lithuania: Transmission Shaft Market 2024

Transmission Shaft Market Size in Lithuania

In 2022, the Lithuanian transmission shaft market increased by 7.5% to $X, rising for the fifth consecutive year after two years of decline. Over the period under review, consumption recorded a resilient expansion. Transmission shaft consumption peaked in 2022 and is expected to retain growth in the near future.

Transmission Shaft Production in Lithuania

In value terms, transmission shaft production surged to $X in 2022 estimated in export price. In general, the total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 50%. Transmission shaft production peaked in 2022 and is expected to retain growth in years to come.

Transmission Shaft Exports

Exports from Lithuania

In 2022, exports of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain from Lithuania declined sharply to X tons, shrinking by -21% compared with 2021 figures. Over the period under review, total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% 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 2017 with an increase of 36%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then declined markedly in the following year.

In value terms, transmission shaft exports declined notably to $X in 2022. Overall, exports, however, showed a strong increase. The pace of growth was the most pronounced in 2017 when exports increased by 46%. The exports peaked at $X in 2021, and then declined sharply in the following year.

Exports by Country

Russia (X tons), Kazakhstan (X tons) and Kyrgyzstan (X tons) were the main destinations of transmission shaft exports from Lithuania, with a combined 42% share of total exports. Germany, Latvia, Uzbekistan, Poland, Turkey, Belarus, Estonia, France, Ukraine and Armenia lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2022, the biggest increases were recorded for Armenia (with a CAGR of +167.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for transmission shaft exported from Lithuania were Russia ($X), Germany ($X) and Kazakhstan ($X), with a combined 42% share of total exports. Kyrgyzstan, Latvia, Turkey, France, Armenia, Poland, Uzbekistan, Estonia, Belarus and Ukraine lagged somewhat behind, together comprising a further 46%.

Armenia, with a CAGR of +348.0%, 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

In 2022, the average transmission shaft export price amounted to $X per ton, shrinking by -4.6% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The pace of growth appeared the most rapid in 2016 when the average export price increased by 11%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Armenia ($X per ton), while the average price for exports to Ukraine ($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 Armenia (+67.3%), while the prices for the other major destinations experienced more modest paces of growth.

Transmission Shaft Imports

Imports into Lithuania

In 2022, approx. X tons of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain were imported into Lithuania; reducing by -10.2% against 2021. In general, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +7.1% 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 +97.6% against 2012 indices. The growth pace was the most rapid in 2021 with an increase of 18% against the previous year. As a result, imports attained the peak of X tons, and then fell in the following year.

In value terms, transmission shaft imports shrank to $X in 2022. Over the period under review, imports, however, saw a buoyant increase. The pace of growth appeared the most rapid in 2013 when imports increased by 47%. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

Germany (X tons), China (X tons) and Italy (X tons) were the main suppliers of transmission shaft imports to Lithuania, together accounting for 62% of total imports. Poland, the Netherlands, Sweden, Belarus, the Czech Republic, Spain, Latvia, France, Finland and Russia lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +26.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain to Lithuania, comprising 38% of total imports. The second position in the ranking was held by Poland ($X), with a 14% share of total imports. It was followed by Italy, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from Germany totaled +14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+13.4% per year) and Italy (+12.2% per year).

Import Prices by Country

In 2022, the average transmission shaft import price amounted to $X per ton, with a decrease of -2.9% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 26%. Over the period under review, average import prices attained the peak figure at $X per ton in 2020; however, from 2021 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 Sweden ($X per ton), while the price for China ($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 Netherlands (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform