Vietnam: Internal Combustion Engines Market 2024

Internal Combustion Engines Market Size in Vietnam

The Vietnamese internal combustion engines market soared to $X in 2022, rising 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). Overall, consumption saw a strong expansion. Internal combustion engines consumption peaked in 2022 and is likely to see steady growth in years to come.

Internal Combustion Engines Exports

Exports from Vietnam

In 2022, the amount of motor vehicles compression-ignition internal combustion piston engines exported from Vietnam fell dramatically to X units, shrinking by X% compared with 2021. In general, exports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, internal combustion engines exports fell remarkably to $X in 2022. Over the period under review, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X units) was the main destination for internal combustion engines exports from Vietnam, with a X% share of total exports. Moreover, internal combustion engines exports to Japan exceeded the volume sent to the second major destination, the United States (X units), twofold. South Korea (X units) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and South Korea (X% per year).

In value terms, Japan ($X) emerged as the key foreign market for motor vehicles compression-ignition internal combustion piston engines exports from Vietnam, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and South Korea (X% per year).

Export Prices by Country

The average internal combustion engines export price stood at $X per unit in 2022, dropping by X% against the previous year. Over the period under review, the export price continues to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2017 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 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to India ($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 the United States (X%), while the prices for the other major destinations experienced a decline.

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Internal Combustion Engines Imports

Imports into Vietnam

In 2022, internal combustion engines imports into Vietnam soared to X units, growing by X% against the previous year. Overall, imports recorded a resilient increase. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, internal combustion engines imports soared to $X in 2022. In general, imports posted buoyant growth. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

South Korea (X units), Japan (X units) and China (X units) were the main suppliers of internal combustion engines imports to Vietnam, together comprising X% of total imports. India and Thailand lagged somewhat behind, together accounting for a further X%.

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

In value terms, South Korea ($X), Japan ($X) and China ($X) constituted the largest internal combustion engines suppliers to Vietnam, with a combined X% share of total imports. India and Thailand lagged somewhat behind, together accounting for a further X%.

India, with a CAGR of X%, recorded the highest rates of growth with regard to 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 internal combustion engines import price stood at $X per unit in 2022, approximately reflecting the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2016 when the average import price increased by X%. The import price peaked at $X per unit in 2020; however, from 2021 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 India ($X per unit) and South Korea ($X per unit), while the price for Thailand ($X per unit) and China ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform

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