Sri Lanka: 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 Sri Lanka

The Sri Lankan market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) shrank sharply to $X in 2022, which is down by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a abrupt decline. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

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

Exports from Sri Lanka

In 2022, overseas shipments of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by X% to X units for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) expanded significantly to $X in 2022. Overall, exports, however, saw a drastic downturn. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, the exports of reached the maximum at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Maldives (X units) was the main destination for exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Sri Lanka, with a X% share of total exports. Moreover, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to Maldives exceeded the volume sent to the second major destination, Saudi Arabia (X units), fourfold.

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

In value terms, Maldives ($X) emerged as the key foreign market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with an X% share of total exports.

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

Export Prices by Country

The average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) stood at $X per unit in 2022, remaining relatively unchanged against the previous year. Overall, the export price posted a resilient expansion. The pace of growth was the most pronounced in 2013 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (X%), while the prices for the other major destinations experienced mixed trend patterns.

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

Imports into Sri Lanka

In 2022, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) into Sri Lanka shrank sharply to X units, reducing by X% on 2021. Overall, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) dropped dramatically to $X in 2022. Over the period under review, imports showed a drastic downturn. The pace of growth appeared the most rapid in 2015 when imports increased by X% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), India (X units) and Japan (X units) were the main suppliers of imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to Sri Lanka, together accounting for X% of total imports.

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

In value terms, the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) suppliers to Sri Lanka were Japan ($X), Thailand ($X) and China ($X), together accounting for X% of total imports.

Japan, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per unit, waning by X% against the previous year. Overall, the import price recorded a slight decrease. The most prominent rate of growth was recorded in 2015 an increase of X%. The import price peaked at $X per unit in 2021, and then contracted notably in the following year.

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 Thailand ($X per unit), while the price for India ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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