Portugal: Market for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Portugal

In 2021, the Portuguese market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by 5.2% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Production of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Portugal

In value terms, production of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) expanded markedly to $X in 2021 estimated in export price. In general, production, however, saw a slight decrease. The most prominent rate of growth was recorded in 2017 when the production volume increased by 60%. Over the period under review, production of hit record highs at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Exports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Exports from Portugal

For the seventh consecutive year, Portugal recorded growth in overseas shipments of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft), which increased by 58% to X tons in 2021. Over the period under review, exports showed a remarkable increase. The pace of growth was the most pronounced in 2016 when exports increased by 60% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) soared to $X in 2021. In general, exports showed a resilient increase. The pace of growth was the most pronounced in 2020 with an increase of 80%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Spain (X tons) was the main destination for exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Portugal, with a 42% share of total exports. Moreover, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to Spain exceeded the volume sent to the second major destination, Sweden (X tons), threefold. Norway (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Spain totaled +26.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+77.9% per year) and Norway (+78.1% per year).

In value terms, Spain ($X) remains the key foreign market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) exports from Portugal, comprising 52% of total exports. The second position in the ranking was taken by Norway ($X), with a 14% share of total exports. It was followed by Sweden, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Spain amounted to +26.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (+68.2% per year) and Sweden (+83.8% per year).

Export Prices by Country

In 2021, the average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per ton, reducing by -17.2% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by +52.3% against 2016 indices. The pace of growth appeared the most rapid in 2017 when the average export price increased by 43% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2020, and then declined significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Cabo Verde ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bolivia (+62.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Imports into Portugal

In 2021, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) into Portugal expanded notably to X tons, picking up by 14% on the previous year's figure. Overall, total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +26.6% against 2019 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 47%. Over the period under review, imports of hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) expanded remarkably to $X in 2021. In general, imports saw a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 41%. Over the period under review, imports of reached the peak figure in 2021 and are likely to see steady growth in years to come.

Imports by Country

Spain (X tons), Belgium (X tons) and China (X tons) were the main suppliers of imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to Portugal, with a combined 66% share of total imports. The Netherlands, France, Japan, Austria, Germany and Italy lagged somewhat behind, together comprising a further 32%.

From 2012 to 2021, the biggest increases were recorded for Austria (with a CAGR of +219.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to Portugal, comprising 43% of total imports. The second position in the ranking was held by Belgium ($X), with a 17% share of total imports. It was followed by France, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain amounted to +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+7.8% per year) and France (+22.0% per year).

Import Prices by Country

In 2021, the average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per ton, remaining constant against the previous year. Overall, import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by +61.1% against 2014 indices. The growth pace was the most rapid in 2016 an increase of 19% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2020, and then contracted in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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