Sri Lanka: Market for Drive-Axles with Differential and Non-Driving Axles 2024

Market Size for Drive-Axles with Differential and Non-Driving Axles in Sri Lanka

In 2021, the Sri Lankan driving and non-driving axle market increased by 159% to $X, rising for the second year in a row after three years of decline. In general, consumption enjoyed notable growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Drive-Axles with Differential and Non-Driving Axles

Exports from Sri Lanka

Driving and non-driving axle exports from Sri Lanka shrank significantly to X kg in 2021, declining by -86.4% on the year before. Overall, exports faced a dramatic slump. The most prominent rate of growth was recorded in 2016 when exports increased by 384% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, driving and non-driving axle exports dropped significantly to $X in 2021. Over the period under review, exports continue to indicate a dramatic slump. The pace of growth was the most pronounced in 2016 when exports increased by 340% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Sweden (X kg) was the main destination for driving and non-driving axle exports from Sri Lanka, with a 64% share of total exports. Moreover, driving and non-driving axle exports to Sweden exceeded the volume sent to the second major destination, China (X kg), fivefold. Maldives (X kg) ranked third in terms of total exports with a 7.8% share.

From 2012 to 2021, the average annual growth rate of volume to Sweden amounted to -12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+0.6% per year) and Maldives (-33.0% per year).

In value terms, Sweden ($X) remains the key foreign market for driving and non-driving axle exports from Sri Lanka, comprising 74% of total exports. The second position in the ranking was taken by Maldives ($X), with a 6.1% share of total exports. It was followed by Australia, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Sweden stood at -23.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (-29.8% per year) and Australia (+7.9% per year).

Export Prices by Country

The average driving and non-driving axle export price stood at $X per ton in 2021, which is down by -7.5% against the previous year. Over the period under review, the export price showed a pronounced setback. The most prominent rate of growth was recorded in 2019 an increase of 105% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Australia ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+43.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Drive-Axles with Differential and Non-Driving Axles

Imports into Sri Lanka

In 2021, overseas purchases of drive-axles with differential and non-driving axles increased by 99% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports enjoyed a tangible expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, driving and non-driving axle imports surged to $X in 2021. Overall, imports continue to indicate a measured increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, India (X tons) constituted the largest supplier of driving and non-driving axle to Sri Lanka, accounting for a 69% share of total imports. Moreover, driving and non-driving axle imports from India exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. China (X tons) ranked third in terms of total imports with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India amounted to +14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.2% per year) and China (-10.8% per year).

In value terms, India ($X) constituted the largest supplier of driving and non-driving axle to Sri Lanka, comprising 85% of total imports. The second position in the ranking was taken by Japan ($X), with a 5.4% share of total imports. It was followed by China, with a 3.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India stood at +14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-4.2% per year) and China (-19.2% per year).

Import Prices by Country

In 2021, the average driving and non-driving axle import price amounted to $X per ton, jumping by 44% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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