Norway: Relay Market 2024

Relay Market Size in Norway

In 2022, the Norwegian relay market increased by 21% to $X, rising for the sixth year in a row after two years of decline. In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +126.4% against 2016 indices. Relay consumption peaked in 2022 and is expected to retain growth in the near future.

Relay Exports

Exports from Norway

In 2022, approx. X units of relays were exported from Norway; with an increase of 14% on 2021 figures. Over the period under review, total exports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +80.7% against 2018 indices. The pace of growth was the most pronounced in 2021 with an increase of 47%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, relay exports soared to $X in 2022. In general, total exports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +26.7% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 52% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

China (X units), Sweden (X units) and the Netherlands (X units) were the main destinations of relay exports from Norway, together accounting for 36% of total exports. Hungary, Germany, Spain, Singapore, Qatar, Brazil, Denmark, the UK, the United States and Lithuania lagged somewhat behind, together comprising a further 45%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +61.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for relay exported from Norway were Germany ($X), Sweden ($X) and China ($X), together comprising 39% of total exports. The Netherlands, the United States, Spain, the UK, Singapore, Hungary, Denmark, Brazil, Lithuania and Qatar lagged somewhat behind, together comprising a further 38%.

Among the main countries of destination, Spain, with a CAGR of +50.0%, recorded the highest growth rate of the value of exports, 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 relay export price amounted to $X per unit, increasing by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2013 an increase of 38%. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Hungary ($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 Sweden (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Relay Imports

Imports into Norway

In 2022, purchases abroad of relays increased by 25% to X units, rising for the fifth consecutive year after three years of decline. Overall, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 32% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, relay imports surged to $X in 2022. In general, total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.6% 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 +109.2% against 2016 indices. The pace of growth was the most pronounced in 2021 when imports increased by 23%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

China (X units), Germany (X units) and France (X units) were the main suppliers of relay imports to Norway, with a combined 52% share of total imports. Thailand, Singapore, the UK, Sweden, Indonesia, Japan, the Czech Republic, Hungary and Finland lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +64.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest relay suppliers to Norway were China ($X), Germany ($X) and Finland ($X), with a combined 40% share of total imports. Thailand, France, Singapore, the UK, Sweden, Japan, Hungary, the Czech Republic and Indonesia lagged somewhat behind, together accounting for a further 41%.

Singapore, with a CAGR of +50.7%, saw the highest growth rate of 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 relay import price stood at $X per unit in 2022, dropping by -5.5% against the previous year. Over the period under review, the import price showed a abrupt slump. The most prominent rate of growth was recorded in 2017 when the average import price increased by 25%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Finland ($X per unit), while the price for France ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+3.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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