Scandinavia: Machinery Electrical Parts Market 2024

Machinery Electrical Parts Market Size in Scandinavia

After five years of decline, the Scandinavia machinery electrical parts market increased by 1.4% to $X in 2022. Over the period under review, consumption, however, saw a perceptible reduction. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Machinery Electrical Parts Production in Scandinavia

In value terms, machinery electrical parts production expanded markedly to $X in 2022 estimated in export price. Overall, production recorded a deep setback. The growth pace was the most rapid in 2016 when the production volume increased by 245%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Machinery Electrical Parts Exports

Exports in Scandinavia

In 2022, machinery electrical parts exports in Scandinavia contracted to X tons, shrinking by -10.4% on the previous year. In general, exports recorded a deep contraction. The most prominent rate of growth was recorded in 2016 with an increase of 40% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, machinery electrical parts exports reduced slightly to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 89% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Norway (X tons) and Sweden (X tons) represented roughly 77% of total exports in 2022. It was distantly followed by Finland (X tons), comprising a 23% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Finland (with a CAGR of +32.3%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest machinery electrical parts supplying countries in Scandinavia were Sweden ($X), Finland ($X) and Norway ($X).

Finland, with a CAGR of +16.6%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per ton, growing by 7.2% against the previous year. In general, the export price enjoyed a strong expansion. The most prominent rate of growth was recorded in 2014 an increase of 92% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Finland ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+3.1%), while the other leaders experienced a decline in the export price figures.

Machinery Electrical Parts Imports

Imports in Scandinavia

In 2022, purchases abroad of electrical parts of machinery or apparatus was finally on the rise to reach X tons after three years of decline. In general, imports, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2018 with an increase of 34%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, machinery electrical parts imports dropped to $X in 2022. Total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.9% 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 +15.8% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of 23%. As a result, imports reached the peak of $X, and then dropped in the following year.

Imports by Country

Sweden dominates imports structure, accounting for X tons, which was approx. 91% of total imports in 2022. It was distantly followed by Finland (X tons), making up a 6.2% share of total imports. Norway (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to machinery electrical parts imports into Sweden stood at -7.1%. At the same time, Finland (+14.0%) and Norway (+2.7%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +14.0% from 2012-2022. Finland (+5.3 p.p.) and Norway (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Sweden saw its share reduced by -7% from 2012 to 2022, respectively.

In value terms, Sweden ($X) constitutes the largest market for imported electrical parts of machinery or apparatus in Scandinavia, comprising 65% of total imports. The second position in the ranking was taken by Finland ($X), with a 26% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Sweden amounted to +3.7%. In the other countries, the average annual rates were as follows: Finland (-0.2% per year) and Norway (+9.9% per year).

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2022, declining by -31.8% against the previous year. In general, the import price, however, posted a resilient expansion. The pace of growth was the most pronounced in 2021 an increase of 81%. As a result, import price reached the peak level of $X per ton, and then dropped markedly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Finland ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+11.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform