United Kingdom: Market for Equipment For Internal Combustion Engines 2024

Market Size for Equipment For Internal Combustion Engines in the UK

The UK internal combustion engine equipment market declined to $X in 2022, shrinking by -9% against the previous year. Overall, consumption recorded a abrupt setback. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Equipment For Internal Combustion Engines in the UK

In value terms, internal combustion engine equipment production contracted to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible decline. The growth pace was the most rapid in 2017 with an increase of 3.6% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Equipment For Internal Combustion Engines

Exports from the UK

In 2022, exports of equipment for internal combustion engines from the UK declined significantly to X units, which is down by -25.5% against 2021 figures. Overall, exports continue to indicate a pronounced decline. The most prominent rate of growth was recorded in 2014 when exports increased by 95% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, internal combustion engine equipment exports contracted remarkably to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 71% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for internal combustion engine equipment exports from the UK, accounting for a 26% share of total exports. Moreover, internal combustion engine equipment exports to the United States exceeded the volume sent to the second major destination, France (X units), twofold. Spain (X units) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+6.3% per year) and Spain (+7.8% per year).

In value terms, the United States ($X), France ($X) and Spain ($X) appeared to be the largest markets for internal combustion engine equipment exported from the UK worldwide, together accounting for 50% of total exports. Germany, Belgium, Brazil, Malaysia, Norway, Lithuania, Turkey, Hong Kong SAR, China and Ireland lagged somewhat behind, together comprising a further 32%.

Hong Kong SAR, with a CAGR of +29.8%, saw the highest growth rate of 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

The average internal combustion engine equipment export price stood at $X per unit in 2022, rising by 2.9% against the previous year. Overall, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, internal combustion engine equipment export price increased by +98.0% against 2016 indices. The pace of growth appeared the most rapid in 2019 an increase of 28% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Lithuania ($X per unit) and Turkey ($X per unit), while the average price for exports to Malaysia ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ireland (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Equipment For Internal Combustion Engines

Imports into the UK

In 2022, approx. X units of equipment for internal combustion engines were imported into the UK; with a decrease of -33.6% against the previous year's figure. Over the period under review, imports recorded a deep reduction. The most prominent rate of growth was recorded in 2013 when imports increased by 21%. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, internal combustion engine equipment imports soared to $X in 2022. In general, imports continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2013 with an increase of 38%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X units), Germany (X units) and Japan (X units) were the main suppliers of internal combustion engine equipment imports to the UK, with a combined 57% share of total imports. France, Slovenia, Italy, Thailand, China and Spain lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +53.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest internal combustion engine equipment suppliers to the UK were the United States ($X), Germany ($X) and Japan ($X), with a combined 58% share of total imports. France, Slovenia, Italy, Thailand, China and Spain lagged somewhat behind, together comprising a further 37%.

In terms of the main suppliers, Thailand, with a CAGR of +74.3%, recorded 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

In 2022, the average internal combustion engine equipment import price amounted to $X per unit, jumping by 91% against the previous year. Overall, the import price showed prominent growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Slovenia ($X per unit) and Japan ($X per unit), while the price for Spain ($X per unit) and Italy ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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