India: Special Vehicle Body Market 2024

Special Vehicle Body Market Size in India

In 2022, the Indian special vehicle body market decreased by X% to $X, falling for the fourth consecutive year after seven years of growth. In general, the total consumption indicated pronounced 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, consumption decreased by X% against 2018 indices. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Special Vehicle Body Production in India

In value terms, special vehicle body production contracted to $X in 2022 estimated in export price. Over the period under review, the total production indicated a moderate increase 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, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2018; afterwards, it flattened through to 2022.

Special Vehicle Body Exports

Exports from India

In 2022, approx. X units of bodies for special purpose motor vehicles were exported from India; increasing by X% compared with 2021. Over the period under review, exports recorded a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, special vehicle body exports surged to $X in 2022. Overall, exports, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Slovakia (X units), Slovenia (X units) and Peru (X units) were the main destinations of special vehicle body exports from India, together comprising X% of total exports. Guinea, Djibouti, Australia, Bangladesh, Sri Lanka, South Korea, Belgium, the Philippines, Canada and Romania lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Guinea (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Bangladesh ($X), South Korea ($X) and Australia ($X) appeared to be the largest markets for special vehicle body exported from India worldwide, with a combined X% share of total exports. Belgium, Sri Lanka, Slovakia, the Philippines, Peru, Guinea, Slovenia, Romania, Canada and Djibouti lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Guinea, with a CAGR of X%, recorded the highest growth rate of 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 special vehicle body export price amounted to $X per unit, reducing by X% against the previous year. Overall, the export price saw a dramatic decline. The most prominent rate of growth was recorded in 2018 an increase of X%. The export price peaked at $X per unit 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 export markets. In 2022, amid the top suppliers, the country with the highest price was Bangladesh ($X per unit), while the average price for exports to Djibouti ($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 Romania (X.4%), while the prices for the other major destinations experienced a decline.

Special Vehicle Body Imports

Imports into India

In 2022, supplies from abroad of bodies for special purpose motor vehicles increased by X% to X units, rising for the second consecutive year after two years of decline. Over the period under review, imports enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by X%. Imports peaked at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, special vehicle body imports surged to $X in 2022. Overall, imports showed a resilient increase. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany (X units), the Czech Republic (X units) and Mexico (X units) were the main suppliers of special vehicle body imports to India, with a combined X% share of total imports. Turkey, China and Spain lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest special vehicle body suppliers to India were Germany ($X), the Czech Republic ($X) and Turkey ($X), together comprising X% of total imports.

Turkey, 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

In 2022, the average special vehicle body import price amounted to $X per unit, increasing by X% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Turkey ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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