Machinery Electrical Parts Market

The article delves into the global market for machinery electrical parts, analyzing trends in consumption, production, imports, and exports. Forecasts suggest a positive growth trajectory, with consumption expected to increase by +4.6% annually and reach 3.1M tons by 2030. Value terms are also anticipated to rise by +8.6% annually, reaching $310.1B by 2030. China leads in both consumption and production, with significant growth rates recorded over the years. Imports and exports show fluctuations, with top players such as Hong Kong SAR and Germany holding significant market shares. Per capita consumption levels vary across countries, with Belgium leading the pack. Overall, the article provides a comprehensive overview of the global machinery electrical parts market.

Market Forecast

Driven by increasing demand for electrical parts of machinery or apparatus worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market volume to 3.1M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +8.6% for the period from 2022 to 2030, which is projected to bring the market value to $310.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electrical Parts Of Machinery Or Apparatus

In 2022, the amount of electrical parts of machinery or apparatus consumed worldwide reduced modestly to 2.2M tons, approximately equating the previous year's figure. Over the period under review, the total consumption indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +5.8% against 2020 indices. Over the period under review, global consumption hit record highs at 2.2M tons in 2017; afterwards, it flattened through to 2022.

The global machinery electrical parts market value contracted to $160.2B in 2022, waning by -2.3% 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, however, enjoyed a strong increase. Global consumption peaked at $176.8B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

China (363K tons) constituted the country with the largest volume of machinery electrical parts consumption, accounting for 17% of total volume. Moreover, machinery electrical parts consumption in China exceeded the figures recorded by the second-largest consumer, the United States (167K tons), twofold. The third position in this ranking was taken by India (134K tons), with a 6.2% share.

In China, machinery electrical parts consumption expanded at an average annual rate of +8.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+8.0% per year) and India (+6.6% per year).

In value terms, Japan ($102.1B) led the market, alone. The second position in the ranking was taken by China ($16.1B). It was followed by the United States.

From 2012 to 2022, the average annual growth rate of value in Japan stood at +13.9%. The remaining consuming countries recorded the following average annual rates of market growth: China (+8.4% per year) and the United States (+6.2% per year).

In 2022, the highest levels of machinery electrical parts per capita consumption was registered in Belgium (6,741 kg per 1000 persons), followed by Italy (1,197 kg per 1000 persons), Japan (632 kg per 1000 persons) and the UK (613 kg per 1000 persons), while the world average per capita consumption of machinery electrical parts was estimated at 274 kg per 1000 persons.

In Belgium, machinery electrical parts per capita consumption increased at an average annual rate of +7.5% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Italy (+0.0% per year) and Japan (+11.7% per year).

Production

World Production of Electrical Parts Of Machinery Or Apparatus

In 2022, approx. 2.1M tons of electrical parts of machinery or apparatus were produced worldwide; stabilizing at the previous year's figure. Overall, the total production indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.5% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 30%. Global production peaked at 2.3M tons in 2017; however, from 2018 to 2022, production failed to regain momentum.

In value terms, machinery electrical parts production dropped modestly to $161.6B in 2022 estimated in export price. Over the period under review, production, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2016 when the production volume increased by 51% against the previous year. Over the period under review, global production reached the maximum level at $181.4B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

China (356K tons) constituted the country with the largest volume of machinery electrical parts production, accounting for 17% of total volume. Moreover, machinery electrical parts production in China exceeded the figures recorded by the second-largest producer, the United States (167K tons), twofold. The third position in this ranking was taken by India (133K tons), with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +7.7%. In the other countries, the average annual rates were as follows: the United States (+8.0% per year) and India (+6.6% per year).

Imports

World Imports of Electrical Parts Of Machinery Or Apparatus

After two years of growth, purchases abroad of electrical parts of machinery or apparatus decreased by -9.3% to 187K tons in 2022. Overall, imports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 48%. As a result, imports attained the peak of 206K tons, and then fell in the following year.

In value terms, machinery electrical parts imports dropped to $6.7B in 2022. In general, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -5.9% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 30% against the previous year. Global imports peaked at $7.2B in 2021, and then fell in the following year.

Imports By Country

Belgium was the major importing country with an import of around 87K tons, which reached 46% of total imports. Malaysia (12K tons) took a 6.3% share (based on physical terms) of total imports, which put it in second place, followed by Turkey (5.9%), Hong Kong SAR (4.8%) and Spain (4.8%). The following importers - China (6.7K tons), Germany (5.6K tons), Poland (4.2K tons), Mexico (3.7K tons), Sweden (3.7K tons), the Netherlands (3.3K tons) and Thailand (2.9K tons) - together made up 16% of total imports.

From 2012 to 2022, average annual rates of growth with regard to machinery electrical parts imports into Belgium stood at +7.5%. At the same time, Turkey (+79.9%), Malaysia (+38.5%), Thailand (+29.0%), Spain (+22.2%), Germany (+19.0%), Poland (+7.9%), Hong Kong SAR (+7.8%), China (+6.4%) and the Netherlands (+3.4%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the world, with a CAGR of +79.9% from 2012-2022. By contrast, Sweden (-1.4%) and Mexico (-4.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, Malaysia, Spain and Germany increased by +5.9, +5.7, +3.4 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($2.3B) constitutes the largest market for imported electrical parts of machinery or apparatus worldwide, comprising 35% of global imports. The second position in the ranking was taken by Hong Kong SAR ($980M), with a 15% share of global imports. It was followed by Germany, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +10.9%. The remaining importing countries recorded the following average annual rates of imports growth: Hong Kong SAR (+12.9% per year) and Germany (+10.5% per year).

Import Prices By Country

In 2022, the average machinery electrical parts import price amounted to $35,744 per ton, surging by 2.7% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 48% against the previous year. As a result, import price reached the peak level of $57,702 per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($346,559 per ton), while Thailand ($416 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+12.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Electrical Parts Of Machinery Or Apparatus

In 2022, global machinery electrical parts exports fell notably to 105K tons, dropping by -26.5% against the previous year's figure. Overall, exports, however, continue to indicate a slight increase. The pace of growth appeared the most rapid in 2017 when exports increased by 135% against the previous year. The global exports peaked at 249K tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, machinery electrical parts exports dropped remarkably to $4.5B in 2022. In general, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 198%. As a result, the exports attained the peak of $12.9B. From 2018 to 2022, the growth of the global exports failed to regain momentum.

Exports By Country

The shipments of the twelve major exporters of electrical parts of machinery or apparatus, namely France, Belgium, Ireland, Malaysia, Portugal, the UK, Taiwan (Chinese), Mexico, the Netherlands, Hong Kong SAR, Poland and Germany, represented more than half of total export. South Korea (3.4K tons) held a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +53.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($938M) remains the largest machinery electrical parts supplier worldwide, comprising 21% of global exports. The second position in the ranking was held by Germany ($342M), with a 7.6% share of global exports. It was followed by the UK, with a 6.8% share.

In Hong Kong SAR, machinery electrical parts exports increased at an average annual rate of +15.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+1.1% per year) and the UK (-1.7% per year).

Export Prices By Country

The average machinery electrical parts export price stood at $42,829 per ton in 2022, with a decrease of -10.4% against the previous year. In general, the export price recorded a slight descent. The pace of growth was the most pronounced in 2017 an increase of 27%. As a result, the export price attained the peak level of $56,778 per ton. From 2018 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Hong Kong SAR ($239,107 per ton), while Ireland ($758 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+11.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform