Vietnam: Gear Cutting Machine Market 2024

Gear Cutting Machine Market Size in Vietnam

The Vietnamese gear cutting machine market soared to $X in 2021, with an increase of 79% 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 showed a significant increase. Over the period under review, the market hit record highs in 2021 and is likely to see gradual growth in the near future.

Gear Cutting Machine Exports

Exports from Vietnam

In 2021, shipments abroad of gear cutting, gear grinding or gear finishing machines increased by 8.9% to X units, rising for the third consecutive year after three years of decline. Overall, exports, however, saw a abrupt downturn. The growth pace was the most rapid in 2019 with an increase of 367%. Over the period under review, the exports attained the maximum at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, gear cutting machine exports rose remarkably to $X in 2021. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 727%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Australia (X units) was the main destination for gear cutting machine exports from Vietnam, accounting for a 29% share of total exports. Moreover, gear cutting machine exports to Australia exceeded the volume sent to the second major destination, South Korea (X units), twofold. Japan (X units) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Australia stood at +34.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+8.0% per year) and Japan (-18.6% per year).

In value terms, Australia ($X) remains the key foreign market for gear cutting, gear grinding or gear finishing machines exports from Vietnam, comprising 36% of total exports. The second position in the ranking was taken by India ($X), with a 14% share of total exports. It was followed by Japan, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Australia stood at +78.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+0.0% per year) and Japan (-13.8% per year).

Export Prices by Country

In 2021, the average gear cutting machine export price amounted to $X per unit, waning by -1.6% against the previous year. Overall, the export price, however, saw a remarkable increase. The pace of growth was the most pronounced in 2014 when the average export price increased by 182%. As a result, the export price reached the peak level of $X per unit. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Thailand ($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 Australia (+32.9%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Cutting Machine Imports

Imports into Vietnam

In 2021, overseas purchases of gear cutting, gear grinding or gear finishing machines increased by 86% to X units, rising for the seventh consecutive year after two years of decline. Overall, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2019 when imports increased by 186% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, gear cutting machine imports shrank sharply to $X in 2021. Over the period under review, imports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2014 with an increase of 45% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Switzerland (X units) constituted the largest supplier of gear cutting machine to Vietnam, with a 54% share of total imports. Moreover, gear cutting machine imports from Switzerland exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. Germany (X units) ranked third in terms of total imports with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Switzerland amounted to +62.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+12.4% per year) and Germany (+69.1% per year).

In value terms, Switzerland ($X) constituted the largest supplier of gear cutting, gear grinding or gear finishing machines to Vietnam, comprising 52% of total imports. The second position in the ranking was taken by Japan ($X), with a 25% share of total imports. It was followed by Germany, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland totaled +18.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-18.2% per year) and Germany (+14.4% per year).

Import Prices by Country

The average gear cutting machine import price stood at $X per unit in 2021, reducing by -68.2% against the previous year. Over the period under review, the import price continues to indicate a sharp reduction. The most prominent rate of growth was recorded in 2013 an increase of 82%. Over the period under review, average import prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Switzerland ($X per unit) and Japan ($X per unit), while the price for Italy ($X per unit) and Turkey ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (-19.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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