Serbia: Market for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Serbia

In 2023, the Serbian market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by X% to $X for the first time since 2020, thus ending a two-year declining trend. Over the period under review, consumption enjoyed prominent growth. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2023, consumption stood at a somewhat lower figure.

Exports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Exports from Serbia

In 2023, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Serbia shrank markedly to X units, reducing by X% against the year before. Over the period under review, exports, however, saw strong growth. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. As a result, the exports reached the peak of X units, and then shrank sharply in the following year.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) rose rapidly to $X in 2023. Overall, exports, however, posted strong growth. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the exports of reached the peak figure in 2023 and are likely to see steady growth in the near future.

Exports by Country

Italy (X units), Bosnia and Herzegovina (X units) and Tunisia (X units) were the main destinations of exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Serbia, together comprising X% of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Tunisia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Croatia ($X), Montenegro ($X) and Slovenia ($X) were the largest markets for internal combustion engine (excl. diesel, moto vehicle and aircraft) exported from Serbia worldwide, together accounting for X% of total exports.

Montenegro, with a CAGR of X%, saw 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

In 2023, the average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per unit, picking up by X% against the previous year. Over the period under review, the export price recorded a buoyant expansion. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Croatia ($X per unit), while the average price for exports to Greece ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Hungary (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Imports into Serbia

After two years of decline, supplies from abroad of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by X% to X units in 2023. Overall, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Over the period under review, imports of reached the peak figure at X units in 2020; however, from 2021 to 2023, imports stood at a somewhat lower figure.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) declined to $X in 2023. In general, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports of hit record highs at $X in 2021; however, from 2022 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, China (X units) constituted the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) supplier to Serbia, accounting for a X% share of total imports. Moreover, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sixfold. The third position in this ranking was held by Italy (X units), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Italy (X% per year).

In value terms, Japan ($X) constituted the largest supplier of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to Serbia, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from Japan stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the United States (X% per year).

Import Prices by Country

The average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) stood at $X per unit in 2023, shrinking by X% against the previous year. In general, the import price continues to indicate a abrupt slump. The growth pace was the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for the Czech Republic ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Austria (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform