Vietnam: Market for Vacuum Pumps and Air or Gas Compressors 2024

Market Size for Vacuum Pumps and Air or Gas Compressors in Vietnam

The Vietnamese market for vacuum pumps and air or gas compressors shrank slightly to $X in 2022, dropping by -4.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a prominent expansion. Consumption of peaked at $X in 2021, and then declined in the following year.

Exports of Vacuum Pumps and Air or Gas Compressors

Exports from Vietnam

After four years of growth, shipments abroad of vacuum pumps and air or gas compressors decreased by -14.6% to X units in 2022. Over the period under review, exports, however, recorded prominent growth. The growth pace was the most rapid in 2020 when exports increased by 105%. The exports peaked at X units in 2021, and then fell in the following year.

In value terms, exports of vacuum pumps and air or gas compressors contracted rapidly to $X in 2022. Overall, exports recorded a mild downturn. The pace of growth was the most pronounced in 2021 when exports increased by 91% against the previous year. As a result, the exports reached the peak of $X, and then fell sharply in the following year.

Exports by Country

The United States (X units), Indonesia (X units) and Canada (X units) were the main destinations of exports of vacuum pumps and air or gas compressors from Vietnam, with a combined 76% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +41.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for vacuum pump and air or gas compressor exported from Vietnam were the United States ($X), Japan ($X) and South Korea ($X), together comprising 67% of total exports. Canada, Indonesia, India, Thailand, Hong Kong SAR and Germany lagged somewhat behind, together accounting for a further 14%.

In terms of the main countries of destination, Canada, with a CAGR of +60.1%, saw the highest growth rate of the value of exports, 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 export price for vacuum pumps and air or gas compressors amounted to $X per unit, waning by -10.7% against the previous year. In general, the export price continues to indicate a deep contraction. The pace of growth was the most pronounced in 2013 when the average export price increased by 48% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Indonesia ($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 Japan (+29.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Vacuum Pumps and Air or Gas Compressors

Imports into Vietnam

In 2022, after four years of growth, there was significant decline in overseas purchases of vacuum pumps and air or gas compressors, when their volume decreased by -6.9% to X units. Overall, imports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2018 when imports increased by 81% against the previous year. Imports peaked at X units in 2021, and then dropped in the following year.

In value terms, imports of vacuum pumps and air or gas compressors shrank to $X in 2022. In general, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -6.5% against 2019 indices. The pace of growth was the most pronounced in 2015 when imports increased by 88%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest vacuum pump and air or gas compressor supplier to Vietnam, accounting for a 67% share of total imports. Moreover, imports of vacuum pumps and air or gas compressors from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), tenfold. The third position in this ranking was taken by India (X units), with a 4.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+29.5% per year) and India (+36.8% per year).

In value terms, China ($X) constituted the largest supplier of vacuum pumps and air or gas compressors to Vietnam, comprising 59% of total imports. The second position in the ranking was held by Thailand ($X), with an 8.3% share of total imports. It was followed by Japan, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+8.4% per year) and Japan (+3.2% per year).

Import Prices by Country

In 2022, the average import price for vacuum pumps and air or gas compressors amounted to $X per unit, growing by 3.4% against the previous year. Overall, the import price, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2015 when the average import price increased by 56%. Over the period under review, average import prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+9.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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