Vietnam: Internal Combustion Engines Market 2024

Internal Combustion Engines Market Size in Vietnam

The Vietnamese internal combustion engines market soared to $X in 2021, with an increase of 29% 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). Overall, consumption saw significant growth. Internal combustion engines consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Internal Combustion Engines Exports

Exports from Vietnam

In 2021, the amount of motor vehicles compression-ignition internal combustion piston engines exported from Vietnam surged to X units, increasing by 88% on the year before. Over the period under review, exports continue to indicate a measured increase. The pace of growth was the most pronounced in 2019 with an increase of 918%. As a result, the exports reached the peak of X units. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, internal combustion engines exports skyrocketed to $X in 2021. Overall, exports, however, showed a noticeable setback. The pace of growth appeared the most rapid in 2019 with an increase of 1,159%. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cambodia (X units) was the main destination for internal combustion engines exports from Vietnam, with a 64% share of total exports. Moreover, internal combustion engines exports to Cambodia exceeded the volume sent to the second major destination, Malaysia (X units), threefold. The third position in this ranking was taken by Germany (X units), with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cambodia amounted to +57.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+6.7% per year) and Germany (+16.7% per year).

In value terms, Cambodia ($X) remains the key foreign market for motor vehicles compression-ignition internal combustion piston engines exports from Vietnam, comprising 68% of total exports. The second position in the ranking was held by Malaysia ($X), with a 9.8% share of total exports. It was followed by Germany, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Cambodia stood at +87.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-21.7% per year) and Germany (+3.9% per year).

Export Prices by Country

The average internal combustion engines export price stood at $X per unit in 2021, waning by -4.7% against the previous year. In general, the export price recorded a deep setback. The pace of growth appeared the most rapid in 2019 an increase of 22%. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Sri Lanka ($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 Singapore (+37.8%), while the prices for the other major destinations experienced mixed trend patterns.

Internal Combustion Engines Imports

Imports into Vietnam

In 2021, approx. X units of motor vehicles compression-ignition internal combustion piston engines were imported into Vietnam; rising by 45% against the previous year's figure. Overall, imports recorded significant growth. The pace of growth appeared the most rapid in 2019 when imports increased by 859% against the previous year. Imports peaked at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, internal combustion engines imports soared to $X in 2021. Over the period under review, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of 1,551% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, South Korea (X units) constituted the largest internal combustion engines supplier to Vietnam, accounting for a 55% share of total imports. Moreover, internal combustion engines imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was taken by Japan (X units), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea totaled +32.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+18.4% per year) and Japan (+30.5% per year).

In value terms, the largest internal combustion engines suppliers to Vietnam were South Korea ($X), Japan ($X) and China ($X), together accounting for 84% of total imports.

Japan, with a CAGR of +27.6%, 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

In 2021, the average internal combustion engines import price amounted to $X per unit, declining by -18.2% against the previous year. Overall, the import price recorded a pronounced decrease. The growth pace was the most rapid in 2019 when the average import price increased by 72%. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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