Vietnam: Motor Vehicle Engine Market 2024

Motor Vehicle Engine Market Size in Vietnam

After three years of growth, the Vietnamese motor vehicle engine market decreased by -3.7% to $X in 2021. The market value increased at an average annual rate of +3.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2020, and then fell in the following year.

Motor Vehicle Engine Production in Vietnam

In value terms, motor vehicle engine production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when the production volume increased by 18% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Motor Vehicle Engine Exports

Exports from Vietnam

In 2021, approx. X tons of motor vehicle engines (spark-ignition) were exported from Vietnam; surging by 31% against the previous year. In general, exports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 152% against the previous year. The exports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, motor vehicle engine exports skyrocketed to $X in 2021. Overall, exports continue to indicate a prominent increase. The growth pace was the most rapid in 2016 when exports increased by 129%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for motor vehicle engine exports from Vietnam, with a 71% share of total exports. Moreover, motor vehicle engine exports to Japan exceeded the volume sent to the second major destination, Italy (X tons), threefold. China (X tons) ranked third in terms of total exports with a 1.7% share.

From 2012 to 2021, the average annual growth rate of volume to Japan stood at +18.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+154.5% per year) and China (+87.1% per year).

In value terms, the largest markets for motor vehicle engine exported from Vietnam were Japan ($X), Italy ($X) and China ($X), with a combined 100% share of total exports.

Italy, with a CAGR of +94.5%, recorded the highest rates of growth with regard to 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

The average motor vehicle engine export price stood at $X per ton in 2021, falling by -11.7% against the previous year. In general, the export price continues to indicate a perceptible decrease. The pace of growth was the most pronounced in 2020 when the average export price increased by 38%. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Malaysia ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (-0.2%), while the prices for the other major destinations experienced a decline.

Motor Vehicle Engine Imports

Imports into Vietnam

In 2021, imports of motor vehicle engines (spark-ignition) into Vietnam surged to X tons, increasing by 17% on the year before. Overall, imports showed buoyant growth. The growth pace was the most rapid in 2016 with an increase of 74%. Imports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, motor vehicle engine imports skyrocketed to $X in 2021. Over the period under review, imports showed a significant increase. The growth pace was the most rapid in 2016 when imports increased by 62% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

Indonesia (X tons), China (X tons) and South Korea (X tons) were the main suppliers of motor vehicle engine imports to Vietnam, together comprising 68% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +38.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Indonesia ($X) were the largest motor vehicle engine suppliers to Vietnam, with a combined 63% share of total imports.

South Korea, with a CAGR of +31.9%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average motor vehicle engine import price stood at $X per ton in 2021, growing by 9.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 11% against the previous year. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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