Middle East: Gear Box Market 2024

Gear Box Market Size in the Middle East

In 2022, the Middle Eastern gear box market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, saw a buoyant increase. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Gear Box Production in the Middle East

In value terms, gear box production rose to $X in 2022 estimated in export price. In general, production showed a strong expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Gear Box Exports

Exports in the Middle East

In 2022, the amount of gear boxes exported in the Middle East skyrocketed to X units, jumping by X% compared with 2021. Over the period under review, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, gear box exports skyrocketed to $X in 2022. In general, exports enjoyed buoyant growth. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Turkey was the largest exporter of gear boxes in the Middle East, with the volume of exports finishing at X units, which was approx. X% of total exports in 2022. It was distantly followed by the United Arab Emirates (X units), creating a X% share of total exports. Oman (X units) took a relatively small share of total exports.

Exports from Turkey increased at an average annual rate of X% from 2012 to 2022. At the same time, Oman (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of X% from 2012-2022. The United Arab Emirates (X p.p.) and Oman (X p.p.) significantly strengthened its position in terms of the total exports, while Turkey saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Turkey ($X) remains the largest gear box supplier in the Middle East, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports.

In Turkey, gear box exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Oman (X% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per unit, with an increase of X% against the previous year. Overall, the export price, however, showed a mild downturn. Over the period under review, the export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Oman ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced mixed trends in the export price figures.

Gear Box Imports

Imports in the Middle East

After two years of growth, supplies from abroad of gear boxes decreased by X% to X units in 2022. Total imports indicated a strong expansion from 2012 to 2022: its volume 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, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, imports reached the peak figure at X units in 2021, and then dropped in the following year.

In value terms, gear box imports shrank to $X in 2022. Total imports indicated a buoyant 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, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2017 when imports increased by X%. The level of import peaked at $X in 2021, and then dropped in the following year.

Imports by Country

Turkey dominates imports structure, recording X units, which was near X% of total imports in 2022. It was distantly followed by Iran (X units), achieving a X% share of total imports. The United Arab Emirates (X units) held a relatively small share of total imports.

Turkey was also the fastest-growing in terms of the gear boxes imports, with a CAGR of X% from 2012 to 2022. At the same time, the United Arab Emirates (X%) displayed positive paces of growth. Iran experienced a relatively flat trend pattern. While the share of Turkey (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Iran (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported gear boxes in the Middle East, comprising X% of total imports. The second position in the ranking was held by Iran ($X), with a X% share of total imports.

In Turkey, gear box imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Iran (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per unit, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2020 an increase of X%. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, the import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Iran ($X per unit), while Turkey ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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