Serbia: Gear Box Market 2025

Gear Box Market Size in Serbia

The Serbian gear box market expanded to $X in 2022, with an increase of 2.7% against the previous year. Over the period under review, consumption posted a buoyant expansion. Gear box consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Gear Box Production in Serbia

In value terms, gear box production reached $X in 2022 estimated in export price. Over the period under review, production continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 56% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Gear Box Exports

Exports from Serbia

In 2022, approx. X units of gear boxes were exported from Serbia; declining by -30% compared with the year before. In general, exports saw a abrupt decrease. The pace of growth was the most pronounced in 2019 with an increase of 18% against the previous year. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, gear box exports fell to $X in 2022. Over the period under review, exports recorded a perceptible reduction. The growth pace was the most rapid in 2019 when exports increased by 58% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Norway (X units) was the main destination for gear box exports from Serbia, with a 39% share of total exports. Moreover, gear box exports to Norway exceeded the volume sent to the second major destination, Egypt (X units), threefold. Bosnia and Herzegovina (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Norway stood at -2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (-3.3% per year) and Bosnia and Herzegovina (+16.4% per year).

In value terms, the largest markets for gear box exported from Serbia were Norway ($X), Germany ($X) and Bosnia and Herzegovina ($X), with a combined 77% share of total exports. The Czech Republic, Egypt, Nigeria, Mauritania, France and Slovenia lagged somewhat behind, together comprising a further 8.2%.

Among the main countries of destination, Mauritania, with a CAGR of +211.5%, saw 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 gear box export price stood at $X per unit in 2022, surging by 23% against the previous year. Overall, the export price continues to indicate a moderate expansion. The pace of growth was the most pronounced in 2016 an increase of 50%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Slovenia (+15.1%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Box Imports

Imports into Serbia

In 2022, supplies from abroad of gear boxes decreased by -11.7% to X units, falling for the second year in a row after four years of growth. Over the period under review, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 40% against the previous year. Over the period under review, imports hit record highs at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, gear box imports fell to $X in 2022. In general, imports, however, posted a strong increase. The pace of growth was the most pronounced in 2021 with an increase of 42% against the previous year. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

Bosnia and Herzegovina (X units), Germany (X units) and China (X units) were the main suppliers of gear box imports to Serbia, together comprising 53% of total imports.

From 2012 to 2022, the biggest increases were recorded for Bosnia and Herzegovina (with a CAGR of +45.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of gear boxes to Serbia, comprising 29% of total imports. The second position in the ranking was taken by China ($X), with an 11% share of total imports. It was followed by Italy, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+22.3% per year) and Italy (-6.2% per year).

Import Prices by Country

In 2022, the average gear box import price amounted to $X per unit, increasing by 6.5% against the previous year. Overall, the import price, however, continues to indicate a slight contraction. The growth pace was the most rapid in 2021 an increase of 43%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Hungary ($X per unit), while the price for Bosnia and Herzegovina ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovenia (+14.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform