U.S.: Gear Box Market 2024

Gear Box Market Size in the U.S.

The U.S. gear box market rose markedly to $X in 2022, with an increase of 7.4% against the previous year. Overall, consumption enjoyed a remarkable increase. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Gear Box Production in the U.S.

In value terms, gear box production rose notably to $X in 2022. Overall, production recorded prominent growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 45%. Gear box production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Gear Box Exports

Exports from the U.S.

In 2022, overseas shipments of gear boxes increased by 25% to X units, rising for the second consecutive year after two years of decline. Overall, exports, however, saw a noticeable decrease. Over the period under review, the exports attained the maximum at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, gear box exports surged to $X in 2022. The total export value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 16%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Mexico (X units) was the main destination for gear box exports from the United States, with a 84% share of total exports. Moreover, gear box exports to Mexico exceeded the volume sent to the second major destination, China (X units), more than tenfold. The third position in this ranking was taken by Italy (X units), with a 2% share.

From 2012 to 2022, the average annual growth rate of volume to Mexico amounted to +6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-2.5% per year) and Italy (+22.2% per year).

In value terms, the largest markets for gear box exported from the United States were Mexico ($X), Canada ($X) and China ($X), with a combined 66% share of total exports. Germany, Italy and the UK lagged somewhat behind, together accounting for a further 6.3%.

Italy, with a CAGR of +29.9%, saw the highest growth rate of 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 box export price stood at $X per unit in 2022, which is down by -7.5% against the previous year. Overall, the export price, however, saw a strong increase. The growth pace was the most rapid in 2020 an increase of 65%. As a result, the export price reached the peak level of $X per unit. From 2021 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per unit), while the average price for exports to Mexico ($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 Canada (+47.9%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Box Imports

Imports into the U.S.

In 2022, purchases abroad of gear boxes increased by 11% to X units, rising for the second year in a row after four years of decline. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 34% against the previous year. Over the period under review, imports attained the maximum at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, gear box imports soared to $X in 2022. The total import value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 22% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the near future.

Imports by Country

Japan (X units), South Korea (X units) and Canada (X units) were the main suppliers of gear box imports to the United States, with a combined 66% share of total imports. Mexico, Germany, China and India lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +17.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest gear box suppliers to the United States were Mexico ($X), Japan ($X) and Germany ($X), with a combined 77% share of total imports. Canada, South Korea, China and India lagged somewhat behind, together accounting for a further 19%.

Among the main suppliers, India, with a CAGR of +11.2%, 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 more modest paces of growth.

Import Prices by Country

The average gear box import price stood at $X per unit in 2022, increasing by 5.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2020 when the average import price increased by 27%. As a result, import price attained the peak level of $X per unit. From 2021 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 Mexico (+12.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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