Thailand: Gear Box Market 2025

Gear Box Market Size in Thailand

The Thai gear box market rose notably to $X in 2022, surging by 8.3% against the previous year. Overall, consumption saw modest growth. Gear box consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Gear Box Production in Thailand

In value terms, gear box production totaled $X in 2022 estimated in export price. In general, production showed a significant expansion. The pace of growth appeared the most rapid in 2015 when the production volume increased by 175%. Gear box production peaked at $X in 2020; afterwards, it flattened through to 2022.

Gear Box Exports

Exports from Thailand

In 2022, after two years of growth, there was significant decline in overseas shipments of gear boxes, when their volume decreased by -13.9% to X units. Overall, exports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2015 when exports increased by 67% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, gear box exports reduced rapidly to $X in 2022. In general, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2013 with an increase of 91% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units), Mexico (X units) and China (X units) were the main destinations of gear box exports from Thailand, together accounting for 46% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +56.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Mexico ($X) and China ($X) were the largest markets for gear box exported from Thailand worldwide, together accounting for 45% of total exports.

Mexico, with a CAGR of +57.9%, saw the highest rates of growth with regard to the value of exports, in terms of 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

In 2022, the average gear box export price amounted to $X per unit, with a decrease of -2.4% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the average export price increased by 24%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Japan ($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 Vietnam (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Box Imports

Imports into Thailand

In 2022, purchases abroad of gear boxes increased by 1.9% to X units, rising for the second year in a row after two years of decline. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 34%. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, gear box imports contracted modestly to $X in 2022. Over the period under review, imports, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2021 with an increase of 31%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of gear box to Thailand, with a 47% share of total imports. Moreover, gear box imports from Japan exceeded the figures recorded by the second-largest supplier, the Philippines (X units), threefold. The United States (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan amounted to -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+1.2% per year) and the United States (+13.4% per year).

In value terms, Japan ($X) constituted the largest supplier of gear boxes to Thailand, comprising 52% of total imports. The second position in the ranking was taken by the United States ($X), with a 16% share of total imports. It was followed by the Philippines, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at -4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+17.0% per year) and the Philippines (-1.4% per year).

Import Prices by Country

The average gear box import price stood at $X per unit in 2022, reducing by -3.2% against the previous year. Overall, the import price continues to indicate a slight decrease. The pace of growth was the most pronounced in 2019 when the average import price increased by 10%. Over the period under review, average import prices attained the peak figure 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 Mexico ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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