Philippines: Market for Gearboxes and Speed Changers 2024

Market Size for Gearboxes and Speed Changers in the Philippines

The Philippine gearboxes and speed changers market surged to $X in 2022, rising by X% 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 continues to indicate buoyant growth. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Exports of Gearboxes and Speed Changers

Exports from the Philippines

In 2022, approx. X tons of gearboxes and speed changers were exported from the Philippines; waning by X% on 2021 figures. In general, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, gearboxes and speed changers exports dropped to $X in 2022. Over the period under review, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X tons), the United States (X tons) and Germany (X tons) were the main destinations of gearboxes and speed changers exports from the Philippines, together accounting for X% of total exports. Japan, Indonesia, Italy, Singapore, the UK and China lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for gearboxes and speed changers exported from the Philippines were Mexico ($X), the United States ($X) and Germany ($X), together comprising X% of total exports. Japan, Indonesia, Italy, Singapore, the UK and China lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Italy, with a CAGR of X%, 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 gearboxes and speed changers export price amounted to $X per ton, declining by X% against the previous year. Overall, the export price showed a mild descent. The most prominent rate of growth was recorded in 2014 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Mexico ($X per ton) and Indonesia ($X per ton), while the average price for exports to China ($X per ton) and the UK ($X per ton) were amongst the lowest.

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

Imports of Gearboxes and Speed Changers

Imports into the Philippines

In 2022, purchases abroad of gearboxes and speed changers increased by X% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, imports recorded a strong expansion. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, gearboxes and speed changers imports soared to $X in 2022. In general, imports recorded resilient growth. The pace of growth appeared the most rapid in 2016 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of gearboxes and speed changers imports to the Philippines, with a combined X% share of total imports. Germany, Indonesia, the United States, Italy, Singapore, Thailand and South Korea lagged somewhat behind, together comprising a further X%.

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

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) were the largest gearboxes and speed changers suppliers to the Philippines, with a combined X% share of total imports. Germany, Indonesia, the United States, Italy, Singapore, Thailand and South Korea lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Thailand, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average gearboxes and speed changers import price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Overall, the import price, however, recorded a strong increase. The most prominent rate of growth was recorded in 2019 an increase of X%. The import price peaked at $X per ton in 2021, and then fell in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Indonesia ($X per ton) and Japan ($X per ton), while the price for Singapore ($X per ton) and Thailand ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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