Vietnam: Ignition Magneto Market 2024

Ignition Magneto Market Size in Vietnam

The Vietnamese ignition magneto market soared to $X in 2021, jumping by 39% 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). In general, consumption enjoyed a noticeable expansion. Ignition magneto consumption peaked in 2021 and is expected to retain growth in the immediate term.

Ignition Magneto Exports

Exports from Vietnam

In 2021, the amount of ignition magnetos, magneto-dynamos and magnetic flywheels exported from Vietnam shrank remarkably to X units, which is down by -67.5% against the previous year. In general, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 923%. Over the period under review, the exports attained the peak figure at X units in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, ignition magneto exports dropped dramatically to $X in 2021. Over the period under review, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 937%. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Italy (X units) was the main destination for ignition magneto exports from Vietnam, accounting for a 39% share of total exports. Moreover, ignition magneto exports to Italy exceeded the volume sent to the second major destination, Malaysia (X units), twofold. Taiwan (Chinese) (X units) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Italy totaled +22.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+86.2% per year) and Taiwan (Chinese) (+58.8% per year).

In value terms, the largest markets for ignition magneto exported from Vietnam were Italy ($X), Taiwan (Chinese) ($X) and Malaysia ($X), together accounting for 74% of total exports.

Among the main countries of destination, Malaysia, with a CAGR of +83.9%, recorded 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

The average ignition magneto export price stood at $X per unit in 2021, reducing by -4.8% against the previous year. Overall, the export price, however, recorded a pronounced expansion. The most prominent rate of growth was recorded in 2016 an increase of 69%. As a result, the export price attained the peak level of $X per unit. From 2017 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, 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 Taiwan (Chinese) (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Ignition Magneto Imports

Imports into Vietnam

In 2021, supplies from abroad of ignition magnetos, magneto-dynamos and magnetic flywheels increased by 71% to X units, rising for the second consecutive year after three years of decline. Over the period under review, imports showed a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 168% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, ignition magneto imports fell to $X in 2021. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 177% against the previous year. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

In 2021, China (X units) was the main supplier of ignition magneto to Vietnam, accounting for a 96% share of total imports. It was followed by Thailand (X units), with a 0.5% share of total imports. The third position in this ranking was taken by Japan (X units), with a 0.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +38.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-26.0% per year) and Japan (-12.5% per year).

In value terms, China ($X) constituted the largest supplier of ignition magnetos, magneto-dynamos and magnetic flywheels to Vietnam, comprising 96% of total imports. The second position in the ranking was taken by Thailand ($X), with a 0.5% share of total imports. It was followed by Japan, with a 0.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +30.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-30.5% per year) and Japan (-17.8% per year).

Import Prices by Country

In 2021, the average ignition magneto import price amounted to $X per unit, reducing by -48.3% against the previous year. Over the period under review, the import price continues to indicate a drastic downturn. The growth pace was the most rapid in 2016 an increase of 5.4% against the previous year. The import price peaked at $X per unit in 2020, and then contracted markedly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-6.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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