U.S.: Market for Mechanical Power Transmission Equipment 2024

Market Size for Mechanical Power Transmission Equipment in the U.S.

In 2023, the U.S. mechanical power transmission equipment market decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. Over the period under review, consumption continues to indicate a mild curtailment. The pace of growth was the most pronounced in 2018 when the market value increased by X% against the previous year. As a result, consumption reached the peak level of $X. From 2019 to 2023, the growth of the market remained at a somewhat lower figure.

Production of Mechanical Power Transmission Equipment in the U.S.

In value terms, mechanical power transmission equipment production dropped to $X in 2023. The total output value increased at an average annual rate of X% from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Mechanical power transmission equipment production peaked at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

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Exports of Mechanical Power Transmission Equipment

Exports from the U.S.

After six years of growth, shipments abroad of mechanical power transmission equipment decreased by X% to X tons in 2023. Over the period under review, exports, however, showed strong growth. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2022, and then contracted in the following year.

In value terms, mechanical power transmission equipment exports skyrocketed to $X in 2023. Overall, total exports indicated a resilient expansion from 2013 to 2023: 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 2023 figures, exports increased by X% against 2017 indices. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The exports peaked in 2023 and are likely to see gradual growth in years to come.

Exports by Country

Mexico (X tons), Canada (X tons) and Brazil (X tons) were the main destinations of mechanical power transmission equipment exports from the United States, together comprising X% of total exports. China, Malaysia, the UK, Germany, Singapore, Japan and Australia lagged somewhat behind, together comprising a further X%.

From 2013 to 2023, the biggest increases were recorded for Malaysia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for mechanical power transmission equipment exported from the United States were Canada ($X), Mexico ($X) and Brazil ($X), with a combined X% share of total exports. China, Germany, the UK, Singapore, Japan, Australia and Malaysia lagged somewhat behind, together accounting for a further X%.

Malaysia, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average mechanical power transmission equipment export price amounted to $X per ton, jumping by X% against the previous year. Overall, the export price, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Mexico ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (X%), while the prices for the other major destinations experienced a decline.

Imports of Mechanical Power Transmission Equipment

Imports into the U.S.

In 2023, purchases abroad of mechanical power transmission equipment decreased by X% to X tons for the first time since 2016, thus ending a six-year rising trend. In general, imports, however, recorded strong growth. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2022, and then shrank notably in the following year.

In value terms, mechanical power transmission equipment imports amounted to $X in 2023. The total import value increased at an average annual rate of X% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports reached the maximum in 2023 and are likely to continue growth in years to come.

Imports by Country

In 2023, China (X tons) constituted the largest mechanical power transmission equipment supplier to the United States, accounting for a X% share of total imports. Moreover, mechanical power transmission equipment imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. The third position in this ranking was taken by Japan (X tons), with a X% share.

From 2013 to 2023, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Japan (X% per year).

In value terms, China ($X), Japan ($X) and Germany ($X) appeared to be the largest mechanical power transmission equipment suppliers to the United States, with a combined X% share of total imports. Mexico, Canada, India, Italy, South Korea, Taiwan (Chinese) and Spain lagged somewhat behind, together comprising a further X%.

Among the main suppliers, India, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average mechanical power transmission equipment import price stood at $X per ton in 2023, picking up by X% against the previous year. Over the period under review, the import price, however, saw a abrupt shrinkage. The import price peaked at $X per ton in 2013; however, from 2014 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform