Northern America: Market for Machines For Balancing Mechanical Parts 2024

Market Size for Machines For Balancing Mechanical Parts in Northern America

In 2021, the North American balancing mechanical parts machine market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, recorded a perceptible decline. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Production of Machines For Balancing Mechanical Parts in Northern America

In value terms, balancing mechanical parts machine production soared to $X in 2021 estimated in export price. In general, production, however, showed a perceptible decrease. The level of production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Exports of Machines For Balancing Mechanical Parts

Exports in Northern America

In 2021, after six years of decline, there was significant growth in overseas shipments of machines for balancing mechanical parts, when their volume increased by 40% to X units. In general, exports, however, recorded a deep setback. Over the period under review, the exports reached the peak figure at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, balancing mechanical parts machine exports soared to $X in 2021. Overall, exports, however, saw a slight slump. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, the United States (X units) was the major exporter of machines for balancing mechanical parts in Northern America, comprising 100% of total export.

The United States was also the fastest-growing in terms of the machines for balancing mechanical parts exports, with a CAGR of -7.2% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) also remains the largest balancing mechanical parts machine supplier in Northern America.

In the United States, balancing mechanical parts machine exports decreased by an average annual rate of -1.3% over the period from 2012-2021.

Export Prices by Country

The export price in Northern America stood at $X per unit in 2021, growing by 1.8% against the previous year. Export price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, balancing mechanical parts machine export price increased by +74.2% against 2012 indices. The growth pace was the most rapid in 2019 when the export price increased by 16% against the previous year. Over the period under review, the export prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to +6.4% per year.

Imports of Machines For Balancing Mechanical Parts

Imports in Northern America

In 2021, purchases abroad of machines for balancing mechanical parts increased by 20% to X units, rising for the second consecutive year after two years of decline. Total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +45.1% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 65% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, balancing mechanical parts machine imports expanded sharply to $X in 2021. Total imports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -38.4% against 2017 indices. The growth pace was the most rapid in 2017 when imports increased by 63% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The United States represented the key importing country with an import of about X units, which amounted to 80% of total imports. It was distantly followed by Canada (X units), making up a 20% share of total imports.

The United States was also the fastest-growing in terms of the machines for balancing mechanical parts imports, with a CAGR of +8.5% from 2012 to 2021. At the same time, Canada (+2.3%) displayed positive paces of growth. From 2012 to 2021, the share of the United States increased by +9.8 percentage points.

In value terms, the United States ($X) and Canada ($X) constituted the countries with the highest levels of imports in 2021.

Among the main importing countries, Canada, with a CAGR of +3.1%, saw the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

The import price in Northern America stood at $X per unit in 2021, with a decrease of -9.9% against the previous year. In general, the import price continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2014 an increase of 7.7%. As a result, import price reached the peak level of $X per unit. From 2015 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Canada ($X per unit), while the United States totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+0.7%).

Source: IndexBox Platform

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