ASEAN: Accumulator Market 2023

Accumulator Market Size in ASEAN

For the third year in a row, the ASEAN accumulator market recorded growth in sales value, which increased by 77% to $X in 2021. Over the period under review, consumption saw a buoyant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Accumulator Production in ASEAN

In value terms, accumulator production reduced to $X in 2021 estimated in export price. The total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +79.3% against 2016 indices. The pace of growth appeared the most rapid in 2020 with an increase of 21% against the previous year. As a result, production reached the peak level of $X, and then reduced in the following year.

Accumulator Exports

Exports in ASEAN

Accumulator exports soared to X units in 2021, jumping by 27% compared with 2020. Overall, exports showed a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 89%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, accumulator exports expanded significantly to $X in 2021. Over the period under review, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 46%. The level of export peaked in 2021 and is expected to retain growth in the near future.

Exports by Country

In 2021, Malaysia (X units) and Singapore (X units) were the major exporters of electric accumulators in ASEAN, together recording near 61% of total exports. Vietnam (X units) held a 19% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (13%) and Indonesia (4.9%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Thailand (with a CAGR of +39.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest accumulator supplying countries in ASEAN were Vietnam ($X), Singapore ($X) and Malaysia ($X), with a combined 83% share of total exports.

Vietnam, with a CAGR of +15.9%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per unit, reducing by -10.2% against the previous year. Overall, the export price showed a deep slump. The pace of growth appeared the most rapid in 2018 when the export price increased by 15%. Over the period under review, the export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Vietnam ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (-1.4%), while the other leaders experienced a decline in the export price figures.

Accumulator Imports

Imports in ASEAN

In 2021, the amount of electric accumulators imported in ASEAN skyrocketed to X units, jumping by 152% against 2020. In general, imports enjoyed a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, accumulator imports soared to $X in 2021. Overall, imports enjoyed a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Vietnam dominates imports structure, amounting to X units, which was near 64% of total imports in 2021. Indonesia (X units) took the second position in the ranking, followed by Singapore (X units), Malaysia (X units), Thailand (X units) and the Philippines (X units). All these countries together took approx. 36% share of total imports.

Vietnam was also the fastest-growing in terms of the electric accumulators imports, with a CAGR of +26.7% from 2012 to 2021. At the same time, the Philippines (+24.7%), Indonesia (+14.8%), Malaysia (+4.8%), Thailand (+2.8%) and Singapore (+1.6%) displayed positive paces of growth. While the share of Vietnam (+37 p.p.) and the Philippines (+2.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Malaysia (-10.1 p.p.), Thailand (-10.1 p.p.) and Singapore (-17 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported electric accumulators in ASEAN, comprising 57% of total imports. The second position in the ranking was held by Malaysia ($X), with a 9.4% share of total imports. It was followed by Thailand, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam amounted to +31.3%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+3.5% per year) and Thailand (+7.5% per year).

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2021, which is down by -48.5% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 19% against the previous year. The level of import peaked at $X per unit in 2020, and then shrank notably in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Thailand ($X per unit), while Indonesia ($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 (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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