Kuwait: Market for Gearboxes and Speed Changers 2024

Market Size for Gearboxes and Speed Changers in Kuwait

The Kuwaiti gearboxes and speed changers market surged to $X in 2022, with an increase of X% against the previous year. Over the period under review, consumption continues to indicate resilient growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Production of Gearboxes and Speed Changers in Kuwait

In value terms, gearboxes and speed changers production reached $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the production volume increased by X%. Gearboxes and speed changers production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Gearboxes and Speed Changers

Exports from Kuwait

In 2022, gearboxes and speed changers exports from Kuwait contracted remarkably to X kg, waning by X% compared with 2021. Overall, exports saw a dramatic setback. The growth pace was the most rapid in 2015 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, gearboxes and speed changers exports contracted dramatically to $X in 2022. In general, exports recorded a deep slump. The growth pace was the most rapid in 2016 when exports increased by X%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia (X kg), Oman (X kg) and the United Arab Emirates (X kg) were the main destinations of gearboxes and speed changers exports from Kuwait, with a combined X% share of total exports.

From 2013 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Saudi Arabia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), Oman ($X) and the United Arab Emirates ($X) constituted the largest markets for gearboxes and speed changers exported from Kuwait worldwide, together comprising X% of total exports.

Saudi Arabia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average gearboxes and speed changers export price stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, the export price saw a remarkable increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Qatar ($X per ton) and the United States ($X per ton), while the average price for exports to France ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gearboxes and Speed Changers

Imports into Kuwait

In 2022, overseas purchases of gearboxes and speed changers were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, imports recorded noticeable growth. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, gearboxes and speed changers imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a slight expansion from 2013 to 2022: its value increased at an average annual rate of X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X tons) constituted the largest gearboxes and speed changers supplier to Kuwait, accounting for a X% share of total imports. Moreover, gearboxes and speed changers imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with a X% share.

From 2013 to 2022, the average annual growth rate of volume from Japan stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Germany (X% per year).

In value terms, Japan ($X), the United States ($X) and Germany ($X) constituted the largest gearboxes and speed changers suppliers to Kuwait, with a combined X% share of total imports. South Korea, the UK, China, Italy, India, Turkey, South Africa, France and Spain lagged somewhat behind, together accounting for a further X%.

South Africa, with a CAGR of X%, saw the highest rates of growth with regard to 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 2022, the average gearboxes and speed changers import price amounted to $X per ton, waning by X% against the previous year. Overall, the import price saw a noticeable contraction. The pace of growth was the most pronounced in 2019 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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