Serbia: Brakes And Servo-Brakes Market 2024

Brakes And Servo-Brakes Market Size in Serbia

For the third year in a row, the Serbian brakes and servo-brakes market recorded growth in sales value, which increased by 3.9% to $X in 2022. In general, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -13.7% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Brakes And Servo-Brakes Production in Serbia

In value terms, brakes and servo-brakes production amounted to $X in 2022 estimated in export price. Overall, production, however, recorded a notable increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 75% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Brakes And Servo-Brakes Exports

Exports from Serbia

In 2022, shipments abroad of brakes and servo-brakes increased by 2.5% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, faced a drastic downturn. The most prominent rate of growth was recorded in 2019 with an increase of 24%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, brakes and servo-brakes exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a abrupt curtailment. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Germany (X tons), Bosnia and Herzegovina (X tons) and Hungary (X tons) were the main destinations of brakes and servo-brakes exports from Serbia, together comprising 64% of total exports. The UK, North Macedonia, Montenegro, Albania, Slovenia and Romania lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the biggest increases were recorded for Albania (with a CAGR of +242.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for brakes and servo-brakes exported from Serbia were Hungary ($X), Bosnia and Herzegovina ($X) and Montenegro ($X), together accounting for 52% of total exports. Albania, Germany, North Macedonia, the UK, Slovenia and Romania lagged somewhat behind, together accounting for a further 29%.

Among the main countries of destination, Albania, with a CAGR of +189.3%, recorded the highest rates of growth with regard to 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

The average brakes and servo-brakes export price stood at $X per ton in 2022, surging by 23% against the previous year. Over the period under review, the export price saw strong growth. The growth pace was the most rapid in 2020 when the average export price increased by 40%. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+25.3%), while the prices for the other major destinations experienced more modest paces of growth.

Brakes And Servo-Brakes Imports

Imports into Serbia

Brakes and servo-brakes imports into Serbia expanded remarkably to X tons in 2022, surging by 10% against 2021. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 22%. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, brakes and servo-brakes imports expanded remarkably to $X in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 +46.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 38%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of brakes and servo-brakes to Serbia, accounting for a 35% share of total imports. Moreover, brakes and servo-brakes imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. Germany (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +19.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+22.0% per year) and Germany (+7.9% per year).

In value terms, China ($X) constituted the largest supplier of brakes and servo-brakes to Serbia, comprising 31% of total imports. The second position in the ranking was held by Germany ($X), with a 14% share of total imports. It was followed by Italy, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +20.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+4.3% per year) and Italy (+2.6% per year).

Import Prices by Country

The average brakes and servo-brakes import price stood at $X per ton in 2022, falling by -3.4% against the previous year. Overall, the import price, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2017 when the average import price increased by 40% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then declined in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Slovenia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+0.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform