Lithuania: Market for Gearboxes and Speed Changers 2024

Market Size for Gearboxes and Speed Changers in Lithuania

In 2022, the Lithuanian gearboxes and speed changers market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption showed a precipitous contraction. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Production of Gearboxes and Speed Changers in Lithuania

In value terms, gearboxes and speed changers production surged to $X in 2022 estimated in export price. Over the period under review, production, however, faced a sharp decline. The pace of growth appeared the most rapid in 2014 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Exports of Gearboxes and Speed Changers

Exports from Lithuania

In 2022, approx. X tons of gearboxes and speed changers were exported from Lithuania; reducing by X% on the previous year's figure. In general, exports saw a noticeable contraction. The most prominent rate of growth was recorded in 2016 when exports increased by X%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, gearboxes and speed changers exports dropped sharply to $X in 2022. Overall, exports saw a slight reduction. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons), Kazakhstan (X tons) and Turkey (X tons) were the main destinations of gearboxes and speed changers exports from Lithuania, together comprising X% of total exports.

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

In value terms, Russia ($X), Kazakhstan ($X) and Uzbekistan ($X) constituted the largest markets for gearboxes and speed changers exported from Lithuania worldwide, together comprising X% of total exports. Turkey, Latvia, Kyrgyzstan, Belarus and Ukraine lagged somewhat behind, together accounting for a further X%.

Turkey, with a CAGR of X%, recorded the highest growth rate of the value of exports, among 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, approximately equating the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Uzbekistan ($X per ton), while the average price for exports to Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kyrgyzstan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gearboxes and Speed Changers

Imports into Lithuania

Gearboxes and speed changers imports into Lithuania declined remarkably to X tons in 2022, waning by X% compared with 2021 figures. Over the period under review, imports, however, posted a notable expansion. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then shrank notably in the following year.

In value terms, gearboxes and speed changers imports contracted dramatically to $X in 2022. In general, total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Italy (X tons), Germany (X tons) and China (X tons) were the main suppliers of gearboxes and speed changers imports to Lithuania, with a combined X% share of total imports. Poland, the Netherlands, Estonia, Finland, Ukraine, Latvia and Russia lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Germany ($X) and Poland ($X) were the largest gearboxes and speed changers suppliers to Lithuania, together comprising X% of total imports. Finland, China, the Netherlands, Estonia, Latvia, Ukraine and Russia lagged somewhat behind, together accounting for a further X%.

The Netherlands, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average gearboxes and speed changers import price stood at $X per ton in 2022, increasing by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Finland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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