Singapore: Gear Cutting Machine Market 2024

Gear Cutting Machine Market Size in Singapore

In 2021, after five years of growth, there was significant decline in the Singaporean gear cutting machine market, when its value decreased by -61.3% to $X. Overall, consumption, however, recorded strong growth. Gear cutting machine consumption peaked at $X in 2020, and then contracted significantly in the following year.

Gear Cutting Machine Exports

Exports from Singapore

Gear cutting machine exports from Singapore contracted markedly to X units in 2021, falling by -67.7% on the previous year's figure. Overall, exports faced a deep setback. The most prominent rate of growth was recorded in 2016 when exports increased by 369%. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, gear cutting machine exports declined markedly to $X in 2021. In general, exports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2015 when exports increased by 289% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X units) was the main destination for gear cutting machine exports from Singapore, with a 47% share of total exports. Moreover, gear cutting machine exports to Indonesia exceeded the volume sent to the second major destination, Sri Lanka (X units), twofold. The third position in this ranking was held by India (X units), with a 7.3% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia stood at -20.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (+71.0% per year) and India (+41.7% per year).

In value terms, the largest markets for gear cutting machine exported from Singapore were Sri Lanka ($X), Malaysia ($X) and India ($X), with a combined 69% share of total exports.

Sri Lanka, with a CAGR of +70.6%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average gear cutting machine export price stood at $X per unit in 2021, picking up by 119% against the previous year. Over the period under review, the export price, however, recorded a mild decline. The growth pace was the most rapid in 2017 an increase of 948% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (-10.8%), while the prices for the other major destinations experienced a decline.

Gear Cutting Machine Imports

Imports into Singapore

In 2021, supplies from abroad of gear cutting, gear grinding or gear finishing machines decreased by -63.1% to X units for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2019 with an increase of 242%. Imports peaked at X units in 2020, and then reduced rapidly in the following year.

In value terms, gear cutting machine imports fell dramatically to $X in 2021. Over the period under review, imports faced a abrupt slump. The most prominent rate of growth was recorded in 2014 when imports increased by 198%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Taiwan (Chinese) (X units) constituted the largest supplier of gear cutting machine to Singapore, accounting for a 65% share of total imports. Moreover, gear cutting machine imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, China (X units), sixfold. The third position in this ranking was held by the United States (X units), with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Taiwan (Chinese) amounted to +42.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.2% per year) and the United States (-1.2% per year).

In value terms, China ($X), Germany ($X) and Taiwan (Chinese) ($X) appeared to be the largest gear cutting machine suppliers to Singapore, together comprising 50% of total imports. Malaysia, the United States, the UK, Norway and Austria lagged somewhat behind, together comprising a further 25%.

In terms of the main suppliers, the UK, with a CAGR of +25.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average gear cutting machine import price amounted to $X per unit, jumping by 54% against the previous year. Over the period under review, the import price, however, recorded a sharp decrease. The most prominent rate of growth was recorded in 2018 an increase of 192%. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+22.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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