Vietnam: Transmission Shaft Market 2024

Transmission Shaft Market Size in Vietnam

The Vietnamese transmission shaft market stood at $X in 2022, surging by 6.4% against the previous year. Overall, consumption recorded a pronounced expansion. Transmission shaft consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Transmission Shaft Production in Vietnam

In value terms, transmission shaft production skyrocketed to $X in 2022 estimated in export price. In general, production posted a pronounced expansion. The pace of growth was the most pronounced in 2013 with an increase of 89%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Transmission Shaft Exports

Exports from Vietnam

Transmission shaft exports from Vietnam soared to X tons in 2022, growing by 23% against 2021 figures. Over the period under review, exports posted a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 44% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, transmission shaft exports declined to $X in 2022. Overall, exports showed a prominent expansion. The growth pace was the most rapid in 2021 when exports increased by 27%. As a result, the exports attained the peak of $X, and then declined in the following year.

Exports by Country

Myanmar (X tons) was the main destination for transmission shaft exports from Vietnam, accounting for a 63% share of total exports. Moreover, transmission shaft exports to Myanmar exceeded the volume sent to the second major destination, Japan (X tons), sixfold. The third position in this ranking was taken by the United States (X tons), with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Myanmar totaled +64.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+2.7% per year) and the United States (+7.8% per year).

In value terms, Myanmar ($X) emerged as the key foreign market for transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain exports from Vietnam, comprising 42% of total exports. The second position in the ranking was taken by Japan ($X), with a 14% share of total exports. It was followed by the United States, with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value to Myanmar amounted to +93.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+3.9% per year) and the United States (+9.8% per year).

Export Prices by Country

In 2022, the average transmission shaft export price amounted to $X per ton, falling by -27.1% against the previous year. Over the period under review, the export price saw a mild downturn. The growth pace was the most rapid in 2017 when the average export price increased by 12%. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+18.1%), while the prices for the other major destinations experienced more modest paces of growth.

Transmission Shaft Imports

Imports into Vietnam

In 2022, transmission shaft imports into Vietnam declined to X tons, dropping by -4.6% compared with 2021. In general, imports, however, showed a prominent increase. The growth pace was the most rapid in 2016 when imports increased by 56%. Imports peaked at X tons in 2021, and then shrank modestly in the following year.

In value terms, transmission shaft imports contracted to $X in 2022. Overall, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +17.0% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 36%. Over the period under review, imports reached the peak figure at $X in 2021, and then contracted in the following year.

Imports by Country

Myanmar (X tons), China (X tons) and Japan (X tons) were the main suppliers of transmission shaft imports to Vietnam, together comprising 82% of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +538.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest transmission shaft suppliers to Vietnam were China ($X), Myanmar ($X) and Japan ($X), together comprising 75% of total imports.

Myanmar, with a CAGR of +439.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers 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 transmission shaft import price amounted to $X per ton, shrinking by -8.5% against the previous year. Over the period under review, the import price showed a pronounced curtailment. The pace of growth was the most pronounced in 2021 when the average import price increased by 11% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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