Cuba: Engine Generator Market 2024

Engine Generator Market Size in Cuba

In 2021, the Cuban engine generator market decreased by -20.5% to $X, falling for the fourth consecutive year after two years of growth. In general, consumption recorded a deep contraction. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Engine Generator Exports

Exports from Cuba

In 2021, overseas shipments of generators for internal combustion engines decreased by 0% to X units, falling for the second year in a row after three years of growth. Overall, exports enjoyed a significant increase. The growth pace was the most rapid in 2013 with an increase of 900%. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, engine generator exports reduced to $X in 2021. In general, exports posted a significant increase. The pace of growth was the most pronounced in 2013 with an increase of 1,872%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X units) was the main destination for engine generator exports from Cuba, accounting for a 89% share of total exports. Moreover, engine generator exports to Russia exceeded the volume sent to the second major destination, Belgium (X units), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Russia totaled +24.2%.

In value terms, Russia ($X) remains the key foreign market for engine generator exports from Cuba, comprising 100% of total exports. The second position in the ranking was held by Belgium ($X), with a 0.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Russia stood at +58.6%.

Export Prices by Country

The average engine generator export price stood at $X per unit in 2021, falling by -5.1% against the previous year. Overall, export price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, engine generator export price increased by +52.6% against 2017 indices. The most prominent rate of growth was recorded in 2018 an increase of 41%. The export price peaked at $X per unit in 2020, and then dropped in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Russia ($X per unit), while the average price for exports to Belgium totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+11.3%), while the prices for the other major destinations experienced a decline.

Engine Generator Imports

Imports into Cuba

In 2021, purchases abroad of generators for internal combustion engines decreased by -19.3% to X units, falling for the fourth year in a row after two years of growth. Over the period under review, imports recorded a deep downturn. The pace of growth appeared the most rapid in 2016 when imports increased by 52%. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, engine generator imports declined rapidly to $X in 2021. In general, imports faced a abrupt downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 37% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Bulgaria (X units), Russia (X units) and China (X units) were the main suppliers of engine generator imports to Cuba, with a combined 62% share of total imports. Germany, Belgium, Panama, Austria, Spain, France, Canada and Brazil lagged somewhat behind, together comprising a further 30%.

From 2012 to 2021, the biggest increases were in Austria (with a CAGR of +17.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest engine generator suppliers to Cuba were Russia ($X), Bulgaria ($X) and China ($X), together accounting for 66% of total imports. These countries were followed by Germany, Belgium, Panama, Brazil, Austria, Spain, France and Canada, which together accounted for a further 27%.

Among the main suppliers, Austria, with a CAGR of +18.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average engine generator import price stood at $X per unit in 2021, dropping by -1.6% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 27% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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