Sri Lanka: Market for Gearboxes and Speed Changers 2024

Market Size for Gearboxes and Speed Changers in Sri Lanka

In 2022, the Sri Lankan gearboxes and speed changers market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption continues to indicate a mild decline. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Exports of Gearboxes and Speed Changers

Exports from Sri Lanka

In 2022, overseas shipments of gearboxes and speed changers decreased by X% to X kg, falling for the second year in a row after two years of growth. Over the period under review, exports continue to indicate a sharp contraction. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, gearboxes and speed changers exports dropped rapidly to $X in 2022. Overall, exports continue to indicate a precipitous slump. The pace of growth was the most pronounced in 2020 when exports increased by X%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Oman (X kg) was the main destination for gearboxes and speed changers exports from Sri Lanka, accounting for a X% share of total exports. Moreover, gearboxes and speed changers exports to Oman exceeded the volume sent to the second major destination, Maldives (X kg), threefold. The third position in this ranking was taken by Australia (X kg), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Oman amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (X% per year) and Australia (X% per year).

In value terms, Oman ($X), Maldives ($X) and Australia ($X) constituted the largest markets for gearboxes and speed changers exported from Sri Lanka worldwide, with a combined X% share of total exports.

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

Export Prices by Country

In 2022, the average gearboxes and speed changers export price amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Nepal ($X per ton), while the average price for exports to Oman ($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 Switzerland (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gearboxes and Speed Changers

Imports into Sri Lanka

In 2022, supplies from abroad of gearboxes and speed changers decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, gearboxes and speed changers imports reduced remarkably to $X in 2022. In general, imports continue to indicate a mild downturn. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), Germany (X tons) and India (X tons) were the main suppliers of gearboxes and speed changers imports to Sri Lanka, with a combined X% share of total imports. Hong Kong SAR, Italy, South Korea, Denmark, Japan, the UK and Singapore lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hong Kong SAR (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Germany ($X) and India ($X) were the largest gearboxes and speed changers suppliers to Sri Lanka, with a combined X% share of total imports. Hong Kong SAR, Italy, South Korea, Denmark, Japan, the UK and Singapore lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Hong Kong SAR, with a CAGR of X%, 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 gearboxes and speed changers import price stood at $X per ton in 2022, approximately mirroring the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Japan ($X per ton) and Denmark ($X per ton), while the price for Singapore ($X per ton) and the UK ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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