Vietnam: Electrical Transformer Market 2024

Electrical Transformer Market Size in Vietnam

The Vietnamese electrical transformer market surged to $X in 2022, growing by X% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Electrical Transformer Production in Vietnam

In value terms, electrical transformer production soared to $X in 2022 estimated in export price. Over the period under review, production faced a abrupt decrease. The pace of growth was the most pronounced in 2020 with an increase of X%. Electrical transformer production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Electrical Transformer Exports

Exports from Vietnam

In 2022, overseas shipments of electrical transformers decreased by X% to X units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at X units in 2021, and then fell rapidly in the following year.

In value terms, electrical transformer exports rose remarkably to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Myanmar (X units) was the main destination for electrical transformer exports from Vietnam, with a X% share of total exports. Moreover, electrical transformer exports to Myanmar exceeded the volume sent to the second major destination, the United Arab Emirates (X units), twofold. Japan (X units) ranked third in terms of total exports with less than X% share.

From 2012 to 2022, the average annual growth rate of volume to Myanmar stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Japan (X% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for electrical transformers exports from Vietnam, comprising X% of total exports. The second position in the ranking was taken by Myanmar ($X), with a X% share of total exports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (X% per year) and Japan (X% per year).

Export Prices by Country

In 2022, the average electrical transformer export price amounted to $X per unit, picking up by X% against the previous year. Over the period under review, the export price, however, faced a precipitous descent. Over the period under review, the average export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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 Japan ($X per unit), while the average price for exports to Myanmar ($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 (X%), while the prices for the other major destinations experienced a decline.

Electrical Transformer Imports

Imports into Vietnam

In 2022, after four years of growth, there was significant decline in supplies from abroad of electrical transformers, when their volume decreased by X% to X units. In general, imports, however, posted prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, imports attained the peak of X units, and then contracted remarkably in the following year.

In value terms, electrical transformer imports rose remarkably to $X in 2022. Overall, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The growth pace was the most rapid in 2019 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X units) was the main electrical transformer supplier to Vietnam, accounting for a X% share of total imports. It was followed by China (X units), with a X% share of total imports. South Korea (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and South Korea (X% per year).

In value terms, the United Arab Emirates ($X), China ($X) and South Korea ($X) constituted the largest electrical transformer suppliers to Vietnam, together comprising X% of total imports.

The United Arab Emirates, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average electrical transformer import price stood at $X per unit in 2022, picking up by X% against the previous year. In general, the import price, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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