Vietnam: Electric Heating Resistor Market 2024

Electric Heating Resistor Market Size in Vietnam

In 2021, the Vietnamese electric heating resistor market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption continues to indicate a moderate increase. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Electric Heating Resistor Production in Vietnam

In value terms, electric heating resistor production rose notably to $X in 2021 estimated in export price. Over the period under review, production saw measured growth. The most prominent rate of growth was recorded in 2016 with an increase of 33%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Electric Heating Resistor Exports

Exports from Vietnam

In 2021, approx. X units of electric heating resistors were exported from Vietnam; jumping by 23% on the previous year's figure. Overall, exports showed a strong expansion. The pace of growth appeared the most rapid in 2019 with an increase of 95%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, electric heating resistor exports skyrocketed to $X in 2021. Over the period under review, exports showed a strong increase. The most prominent rate of growth was recorded in 2019 when exports increased by 46% against the previous year. The exports peaked in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Japan (X units), South Korea (X units) and the United States (X units) were the main destinations of electric heating resistor exports from Vietnam, with a combined 70% share of total exports. These countries were followed by China, Thailand, Germany and Mexico, which together accounted for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +73.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electric heating resistor exported from Vietnam were Japan ($X), South Korea ($X) and the United States ($X), together comprising 71% of total exports. China, Germany, Mexico and Thailand lagged somewhat behind, together comprising a further 18%.

Mexico, with a CAGR of +57.5%, 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

In 2021, the average electric heating resistor export price amounted to $X per unit, picking up by 3.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +5.4%. The most prominent rate of growth was recorded in 2013 an increase of 57% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Electric Heating Resistor Imports

Imports into Vietnam

In 2021, approx. X units of electric heating resistors were imported into Vietnam; jumping by 40% on 2020. Over the period under review, imports saw a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of 114%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, electric heating resistor imports expanded rapidly to $X in 2021. In general, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 39%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X units) constituted the largest supplier of electric heating resistor to Vietnam, with a 63% share of total imports. Moreover, electric heating resistor imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), threefold. The third position in this ranking was taken by Thailand (X units), with an 8% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +29.8%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+36.5% per year) and Thailand (+25.4% per year).

In value terms, China ($X) constituted the largest supplier of electric heating resistors to Vietnam, comprising 53% of total imports. The second position in the ranking was taken by Japan ($X), with a 15% share of total imports. It was followed by South Korea, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +20.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+22.5% per year) and South Korea (+18.5% per year).

Import Prices by Country

The average electric heating resistor import price stood at $X per unit in 2021, with a decrease of -20.7% against the previous year. Overall, the import price saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when the average import price increased by 17% against the previous year. As a result, import price reached the peak level of $X per unit. From 2016 to 2021, 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 Japan ($X per unit), while the price for Sweden ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-4.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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