Vietnam: Gear Box Market 2024

Gear Box Market Size in Vietnam

The Vietnamese gear box market totaled $X in 2022, growing by 3.5% against the previous year. In general, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.2% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Gear Box Production in Vietnam

In value terms, gear box production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +5.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when the production volume increased by 22%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Gear Box Exports

Exports from Vietnam

In 2022, approx. X units of gear boxes were exported from Vietnam; falling by -7.9% compared with 2021 figures. Overall, total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +8.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +9.4% against 2020 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 117% against the previous year. Over the period under review, the exports attained the maximum at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, gear box exports declined modestly to $X in 2022. In general, total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +13.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +3.7% against 2020 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 188%. The exports peaked at $X in 2021, and then shrank slightly in the following year.

Exports by Country

China (X units) was the main destination for gear box exports from Vietnam, accounting for a 44% share of total exports. Moreover, gear box exports to China exceeded the volume sent to the second major destination, Japan (X units), threefold. Mexico (X units) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +20.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-6.4% per year) and Mexico (+21.9% per year).

In value terms, China ($X) remains the key foreign market for gear boxes exports from Vietnam, comprising 44% of total exports. The second position in the ranking was held by Japan ($X), with a 17% share of total exports. It was followed by Mexico, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +25.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-2.2% per year) and Mexico (+26.8% per year).

Export Prices by Country

The average gear box export price stood at $X per unit in 2022, with an increase of 4.9% against the previous year. Over the last decade, it increased at an average annual rate of +4.4%. The pace of growth appeared the most rapid in 2013 an increase of 33% against the previous year. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Germany ($X per unit) and Thailand ($X per unit), while the average price for exports to South Korea ($X per unit) and India ($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 Thailand (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Box Imports

Imports into Vietnam

In 2022, the amount of gear boxes imported into Vietnam contracted to X units, with a decrease of -9.7% against the year before. Over the period under review, imports, however, posted prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 61%. Over the period under review, imports attained the maximum at X units in 2021, and then reduced in the following year.

In value terms, gear box imports fell to $X in 2022. In general, imports, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2013 with an increase of 49% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell in the following year.

Imports by Country

South Korea (X units), Japan (X units) and the Netherlands (X units) were the main suppliers of gear box imports to Vietnam, with a combined 68% share of total imports. Thailand, Germany, China, the United States and the Philippines lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +43.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest gear box suppliers to Vietnam were South Korea ($X), Japan ($X) and the Netherlands ($X), with a combined 69% share of total imports. Thailand, Germany, China, the United States and the Philippines lagged somewhat behind, together accounting for a further 27%.

In terms of the main suppliers, the United States, with a CAGR of +48.2%, recorded the highest growth rate of 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 gear box import price amounted to $X per unit, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.5%. The growth pace was the most rapid in 2013 when the average import price increased by 41%. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per unit) and the Netherlands ($X per unit), while the price for the Philippines ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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