Sri Lanka: Motor Vehicle Engine Market 2024

Motor Vehicle Engine Market Size in Sri Lanka

In 2021, the Sri Lankan motor vehicle engine market increased by 154% to $X, rising for the second consecutive year after four years of decline. In general, consumption, however, saw a relatively flat trend pattern. Motor vehicle engine consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Motor Vehicle Engine Exports

Exports from Sri Lanka

In 2021, the amount of motor vehicle engines (spark-ignition) exported from Sri Lanka contracted markedly to X tons, dropping by -15.8% against 2020 figures. In general, exports recorded a noticeable setback. The most prominent rate of growth was recorded in 2019 with an increase of 95%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, motor vehicle engine exports surged to $X in 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when exports increased by 111% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Maldives (X tons) was the main destination for motor vehicle engine exports from Sri Lanka, with a 54% share of total exports. Moreover, motor vehicle engine exports to Maldives exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), twofold. The third position in this ranking was taken by Malaysia (X kg), with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Maldives amounted to -8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+7.3% per year) and Malaysia (+40.3% per year).

In value terms, Maldives ($X), Malaysia ($X) and the United Arab Emirates ($X) appeared to be the largest markets for motor vehicle engine exported from Sri Lanka worldwide, together accounting for 94% of total exports.

Among the main countries of destination, Malaysia, with a CAGR of +54.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average motor vehicle engine export price stood at $X per ton in 2021, jumping by 43% against the previous year. Over the period under review, export price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, motor vehicle engine export price increased by +93.5% against 2015 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Motor Vehicle Engine Imports

Imports into Sri Lanka

In 2021, purchases abroad of motor vehicle engines (spark-ignition) increased by 139% to X tons, rising for the second consecutive year after four years of decline. In general, imports, however, showed a perceptible slump. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, motor vehicle engine imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. Imports peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Indonesia (X tons), Japan (X tons) and China (X tons) were the main suppliers of motor vehicle engine imports to Sri Lanka, with a combined 84% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +93.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Japan ($X) and India ($X) constituted the largest motor vehicle engine suppliers to Sri Lanka, together accounting for 85% of total imports.

Indonesia, with a CAGR of +111.9%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average motor vehicle engine import price amounted to $X per ton, with an increase of 6.5% against the previous year. Over the period under review, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, motor vehicle engine import price increased by +13.2% against 2017 indices. The pace of growth appeared the most rapid in 2017 an increase of 23% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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