Scandinavia: Market for Machines For Balancing Mechanical Parts 2024

Market Size for Machines For Balancing Mechanical Parts in Scandinavia

The Scandinavia balancing mechanical parts machine market was finally on the rise to reach $X in 2021, after two years of decline. In general, consumption, however, continues to indicate a slight curtailment. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Machines For Balancing Mechanical Parts in Scandinavia

In value terms, balancing mechanical parts machine production surged to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a pronounced decrease. The most prominent rate of growth was recorded in 2018 with an increase of 57%. The level of production peaked at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Exports of Machines For Balancing Mechanical Parts

Exports in Scandinavia

For the third year in a row, Scandinavia recorded decline in overseas shipments of machines for balancing mechanical parts, which decreased by -5% to X units in 2021. Overall, exports recorded a perceptible descent. The growth pace was the most rapid in 2016 with an increase of 34%. The volume of export peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, balancing mechanical parts machine exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate a abrupt contraction. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Sweden represented the major exporting country with an export of around X units, which resulted at 53% of total exports. It was distantly followed by Denmark (X units) and Finland (X units), together mixing up a 44% share of total exports. Norway (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Finland (with a CAGR of +37.3%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Denmark ($X), Sweden ($X) and Norway ($X) constituted the countries with the highest levels of exports in 2021, with a combined 97% share of total exports.

Denmark, with a CAGR of +24.3%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Scandinavia stood at $X per unit in 2021, growing by 80% against the previous year. In general, the export price, however, saw a pronounced downturn. The level of export peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Norway ($X per unit), while Finland ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+20.3%), while the other leaders experienced mixed trends in the export price figures.

Imports of Machines For Balancing Mechanical Parts

Imports in Scandinavia

In 2021, approx. X units of machines for balancing mechanical parts were imported in Scandinavia; growing by 26% against the previous year's figure. Overall, imports recorded a relatively flat trend pattern. The volume of import peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, balancing mechanical parts machine imports shrank to $X in 2021. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 24%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Sweden represented the main importer of machines for balancing mechanical parts in Scandinavia, with the volume of imports accounting for X units, which was near 60% of total imports in 2021. Denmark (X units) ranks second in terms of the total imports with a 24% share, followed by Finland (11%). Norway (X units) and Iceland (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to balancing mechanical parts machine imports into Sweden stood at +4.7%. At the same time, Iceland (+6.2%) displayed positive paces of growth. Moreover, Iceland emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +6.2% from 2012-2021. Denmark and Norway experienced a relatively flat trend pattern. By contrast, Finland (-8.8%) illustrated a downward trend over the same period. Sweden (+17 p.p.) significantly strengthened its position in terms of the total imports, while Denmark and Finland saw its share reduced by -1.9% and -15.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest balancing mechanical parts machine importing markets in Scandinavia were Sweden ($X), Norway ($X) and Denmark ($X), with a combined 87% share of total imports. Finland and Iceland lagged somewhat behind, together comprising a further 13%.

In terms of the main importing countries, Iceland, with a CAGR of +18.5%, recorded the highest rates of growth with regard to 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 import price in Scandinavia stood at $X per unit in 2021, reducing by -26.2% against the previous year. Over the period under review, the import price showed a mild downturn. The most prominent rate of growth was recorded in 2020 when the import price increased by 20% against the previous year. As a result, import price attained the peak level of $X per unit, and then fell markedly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Norway ($X per unit), while Sweden ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iceland (+11.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform