Vietnam: Market for Drive-Axles with Differential and Non-Driving Axles 2024

Market Size for Drive-Axles with Differential and Non-Driving Axles in Vietnam

The Vietnamese driving and non-driving axle market fell significantly to $X in 2021, dropping by -23.9% 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). Over the period under review, consumption, however, showed a remarkable increase. Driving and non-driving axle consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Exports of Drive-Axles with Differential and Non-Driving Axles

Exports from Vietnam

Driving and non-driving axle exports from Vietnam soared to X tons in 2021, with an increase of 551% on the previous year's figure. Over the period under review, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 559% against the previous year. As a result, the exports attained the peak of X tons; afterwards, it flattened through to 2021.

In value terms, driving and non-driving axle exports soared to $X in 2021. In general, exports saw a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), China (X tons) and the Czech Republic (X tons) were the main destinations of driving and non-driving axle exports from Vietnam, together comprising 93% of total exports. Thailand, Myanmar, Germany and Lao People's Democratic Republic lagged somewhat behind, together comprising a further 6.3%.

From 2012 to 2021, the biggest increases were in Thailand (with a CAGR of +147.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and the Czech Republic ($X) constituted the largest markets for driving and non-driving axle exported from Vietnam worldwide, together comprising 94% of total exports. Thailand, Myanmar, Germany and Lao People's Democratic Republic lagged somewhat behind, together comprising a further 5.9%.

Among the main countries of destination, Thailand, with a CAGR of +156.4%, 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 2021, the average driving and non-driving axle export price amounted to $X per ton, picking up by 7.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2018 an increase of 30%. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while the average price for exports to Myanmar ($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 Thailand (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Drive-Axles with Differential and Non-Driving Axles

Imports into Vietnam

In 2021, imports of drive-axles with differential and non-driving axles into Vietnam amounted to X tons, increasing by 1.9% compared with the previous year's figure. Overall, imports recorded a strong increase. The pace of growth appeared the most rapid in 2016 when imports increased by 147% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, driving and non-driving axle imports contracted notably to $X in 2021. In general, imports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2016 with an increase of 182% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), Japan (X tons) and South Korea (X tons) were the main suppliers of driving and non-driving axle imports to Vietnam, together accounting for 76% of total imports. These countries were followed by Indonesia, Germany and Thailand, which together accounted for a further 21%.

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 +13.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and South Korea ($X) were the largest driving and non-driving axle suppliers to Vietnam, together accounting for 76% of total imports. These countries were followed by Indonesia, Germany and Thailand, which together accounted for a further 21%.

Among the main suppliers, Indonesia, with a CAGR of +11.3%, 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

The average driving and non-driving axle import price stood at $X per ton in 2021, dropping by -29.2% against the previous year. Over the period under review, the import price saw a slight setback. The pace of growth was the most pronounced in 2014 when the average import price increased by 62% against the previous year. The import price peaked at $X per ton in 2020, and then shrank rapidly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Japan ($X per ton) and Thailand ($X per ton), while the price for Indonesia ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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