Philippines: Gear Box Market 2025

Gear Box Market Size in the Philippines

The Philippine gear box market dropped modestly to $X in 2022, with a decrease of -3.9% against the previous year. Over the period under review, consumption, however, saw a strong expansion. Gear box consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Gear Box Production in the Philippines

In value terms, gear box production fell modestly to $X in 2022 estimated in export price. In general, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.5% against 2019 indices. The growth pace was the most rapid in 2019 with an increase of 44% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Gear Box Exports

Exports from the Philippines

In 2022, overseas shipments of gear boxes increased by 18% to X units, rising for the second consecutive year after three years of decline. In general, exports, however, saw a abrupt downturn. The pace of growth was the most pronounced in 2016 when exports increased by 38%. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, gear box exports expanded sharply to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 42% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand (X units) was the main destination for gear box exports from the Philippines, accounting for a 58% share of total exports. Moreover, gear box exports to Thailand exceeded the volume sent to the second major destination, Argentina (X units), threefold. South Africa (X units) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Thailand totaled -6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (+77.2% per year) and South Africa (-5.6% per year).

In value terms, Thailand ($X) remains the key foreign market for gear boxes exports from the Philippines, comprising 58% of total exports. The second position in the ranking was taken by Argentina ($X), with an 18% share of total exports. It was followed by South Africa, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Thailand amounted to -1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (+83.4% per year) and South Africa (+3.6% per year).

Export Prices by Country

In 2022, the average gear box export price amounted to $X per unit, reducing by -9.4% against the previous year. Over the period under review, the export price, however, posted a strong expansion. The pace of growth was the most pronounced in 2019 an increase of 55% against the previous year. The export price peaked at $X per unit in 2021, and then shrank in the following year.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Argentina ($X per unit) and India ($X per unit), while the average price for exports to Thailand ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Box Imports

Imports into the Philippines

Gear box imports into the Philippines dropped slightly to X units in 2022, with a decrease of -4.2% on 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 131%. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, gear box imports dropped to $X in 2022. Over the period under review, imports, however, recorded prominent growth. The pace of growth appeared the most rapid in 2017 when imports increased by 119%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of gear box to the Philippines, accounting for a 53% share of total imports. Moreover, gear box imports from Japan exceeded the figures recorded by the second-largest supplier, Thailand (X units), threefold. Indonesia (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-2.0% per year) and Indonesia (+5.2% per year).

In value terms, Japan ($X) constituted the largest supplier of gear boxes to the Philippines, comprising 53% of total imports. The second position in the ranking was held by Thailand ($X), with a 19% share of total imports. It was followed by Indonesia, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan amounted to +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+7.0% per year) and Indonesia (+14.3% per year).

Import Prices by Country

The average gear box import price stood at $X per unit in 2022, declining by -3.4% against the previous year. In general, the import price, however, enjoyed strong growth. The growth pace was the most rapid in 2019 an increase of 59% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2021, and then reduced modestly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per unit) and China ($X per unit), while the price for Singapore ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+33.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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