Balancing Mechanical Parts Machine Market

The article discusses the growing demand for machines for balancing mechanical parts worldwide, with projections of market expansion in terms of volume and value. It highlights key insights such as market performance, consumption trends, production volumes, import and export numbers, as well as key players and countries leading the market. The data shows a steady increase in consumption and production volumes, with countries like Thailand, the United States, and China playing significant roles in the industry. Overall, the article provides a comprehensive overview of the global market for machines for balancing mechanical parts and its potential for growth in the coming years.

Market Forecast

Driven by increasing demand for machines for balancing mechanical parts worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.9% for the period from 2022 to 2030, which is projected to bring the market volume to 1.5M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.1% for the period from 2022 to 2030, which is projected to bring the market value to $2.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Machines For Balancing Mechanical Parts

In 2022, consumption of machines for balancing mechanical parts increased by 46% to 1.2M units for the first time since 2019, thus ending a two-year declining trend. The total consumption volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The global balancing mechanical parts machine market size surged to $2B in 2022, rising by 65% 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). In general, consumption recorded a relatively flat trend pattern. Over the period under review, the global market reached the peak level at $2B in 2019; afterwards, it flattened through to 2022.

Consumption By Country

The country with the largest volume of balancing mechanical parts machine consumption was the United States (335K units), comprising approx. 29% of total volume. Moreover, balancing mechanical parts machine consumption in the United States exceeded the figures recorded by the second-largest consumer, China (132K units), threefold. The third position in this ranking was held by Thailand (131K units), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in the United States stood at +2.4%. In the other countries, the average annual rates were as follows: China (-3.0% per year) and Thailand (+8.2% per year).

In value terms, the United States ($821M) led the market, alone. The second position in the ranking was taken by Japan ($134M). It was followed by Germany.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at -1.3%. In the other countries, the average annual rates were as follows: Japan (+2.1% per year) and Germany (+4.6% per year).

The countries with the highest levels of balancing mechanical parts machine per capita consumption in 2022 were Israel (5.3 units per 1000 persons), Kuwait (4 units per 1000 persons) and Sweden (2.6 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Italy (with a CAGR of +21.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Machines For Balancing Mechanical Parts

For the third consecutive year, the global market recorded growth in production of machines for balancing mechanical parts, which increased by 3.5% to 3.7M units in 2022. In general, production posted resilient growth. The most prominent rate of growth was recorded in 2021 when the production volume increased by 121%. Over the period under review, global production hit record highs in 2022 and is likely to continue growth in years to come.

In value terms, balancing mechanical parts machine production reduced slightly to $1.2B in 2022 estimated in export price. Overall, production, however, recorded a slight decline. The pace of growth was the most pronounced in 2017 when the production volume increased by 7.9%. Global production peaked at $1.5B in 2014; however, from 2015 to 2022, production failed to regain momentum.

Production By Country

Thailand (2.7M units) remains the largest balancing mechanical parts machine producing country worldwide, comprising approx. 72% of total volume. Moreover, balancing mechanical parts machine production in Thailand exceeded the figures recorded by the second-largest producer, the United States (375K units), sevenfold. China (234K units) ranked third in terms of total production with a 6.2% share.

In Thailand, balancing mechanical parts machine production increased at an average annual rate of +39.2% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+0.5% per year) and China (+0.0% per year).

Imports

World Imports of Machines For Balancing Mechanical Parts

In 2022, approx. 1.3M units of machines for balancing mechanical parts were imported worldwide; surging by 11% on the previous year's figure. In general, imports posted a strong expansion. The pace of growth was the most pronounced in 2018 with an increase of 78%. Global imports peaked at 1.3M units in 2020; afterwards, it flattened through to 2022.

In value terms, balancing mechanical parts machine imports dropped to $449M in 2022. Over the period under review, imports, however, saw a perceptible downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 25%. Global imports peaked at $651M in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, Thailand (598K units) represented the main importer of machines for balancing mechanical parts, creating 47% of total imports. It was distantly followed by the United States (373K units), mixing up a 29% share of total imports. India (41K units) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the United States (with a CAGR of +48.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($33M), Thailand ($17M) and India ($16M) were the countries with the highest levels of imports in 2022, together accounting for 15% of global imports.

India, with a CAGR of +1.4%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced mixed trends in the imports figures.

Import Prices By Country

In 2022, the average balancing mechanical parts machine import price amounted to $355 per unit, falling by -18% against the previous year. Overall, the import price faced a abrupt contraction. The most prominent rate of growth was recorded in 2014 an increase of 47% against the previous year. As a result, import price attained the peak level of $2,285 per unit. From 2015 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($380 per unit), while Thailand ($29 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-8.9%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Machines For Balancing Mechanical Parts

After two years of growth, overseas shipments of machines for balancing mechanical parts decreased by -2.8% to 3.8M units in 2022. Overall, exports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2020 when exports increased by 131%. The global exports peaked at 4M units in 2021, and then declined modestly in the following year.

In value terms, balancing mechanical parts machine exports shrank significantly to $489M in 2022. Over the period under review, exports showed a noticeable curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 27% against the previous year. Over the period under review, the global exports reached the maximum at $727M in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports By Country

Thailand represented the key exporter of machines for balancing mechanical parts in the world, with the volume of exports recording 3.2M units, which was near 82% of total exports in 2022. It was distantly followed by the United States (413K units), constituting an 11% share of total exports. China (105K units) held a relatively small share of total exports.

Thailand was also the fastest-growing in terms of the machines for balancing mechanical parts exports, with a CAGR of +40.5% from 2012 to 2022. At the same time, the United States (+15.6%) and China (+6.0%) displayed positive paces of growth. Thailand (+66 p.p.) significantly strengthened its position in terms of the global exports, while the United States and China saw its share reduced by -4.4% and -6.4% from 2012 to 2022, respectively.

In value terms, the United States ($144M) remains the largest balancing mechanical parts machine supplier worldwide, comprising 29% of global exports. The second position in the ranking was held by China ($58M), with a 12% share of global exports.

From 2012 to 2022, the average annual growth rate of value in the United States was relatively modest. In the other countries, the average annual rates were as follows: China (+3.9% per year) and Thailand (+6.4% per year).

Export Prices By Country

In 2022, the average balancing mechanical parts machine export price amounted to $127 per unit, shrinking by -16.1% against the previous year. In general, the export price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2019 an increase of 63%. The global export price peaked at $1,112 per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 China ($559 per unit), while Thailand ($2.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-2.0%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform