GCC: Market for Drive-Axles with Differential and Non-Driving Axles 2024

Market Size for Drive-Axles with Differential and Non-Driving Axles in GCC

After three years of growth, the GCC driving and non-driving axle market decreased by X% to $X in 2022. The total consumption indicated a tangible 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, consumption increased by X% against 2018 indices. The level of consumption peaked at $X in 2021, and then declined in the following year.

Production of Drive-Axles with Differential and Non-Driving Axles in GCC

In value terms, driving and non-driving axle production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded significant growth. The pace of growth was the most pronounced in 2014 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Drive-Axles with Differential and Non-Driving Axles

Exports in GCC

In 2022, approx. X tons of drive-axles with differential and non-driving axles were exported in GCC; waning by X% compared with 2021. In general, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, driving and non-driving axle exports contracted to $X in 2022. Over the period under review, exports, however, recorded a strong expansion. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates prevails in exports structure, accounting for X tons, which was near X% of total exports in 2022. The following exporters - Oman (X tons) and Saudi Arabia (X tons) - together made up X% of total exports.

From 2012 to 2022, average annual rates of growth with regard to driving and non-driving axle exports from the United Arab Emirates stood at X%. At the same time, Oman (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2022. Saudi Arabia experienced a relatively flat trend pattern. While the share of Oman (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest driving and non-driving axle supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Oman ($X), with a X% share of total exports.

In the United Arab Emirates, driving and non-driving axle 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: Oman (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, standing approx. at the previous year. Export price indicated a temperate expansion from 2012 to 2022: its price 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, driving and non-driving axle export price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2020 when the export price increased by X%. The level of export peaked at $X per ton in 2014; however, from 2015 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 ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced a decline in the export price figures.

Imports of Drive-Axles with Differential and Non-Driving Axles

Imports in GCC

In 2022, purchases abroad of drive-axles with differential and non-driving axles decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports continue to indicate a pronounced decrease. The pace of growth was the most pronounced in 2019 when imports increased by X%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, driving and non-driving axle imports contracted rapidly to $X in 2022. In general, imports continue to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) dominates imports structure, together comprising X% of total imports. Oman (X tons) held a minor 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 Oman (with a CAGR of X%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest driving and non-driving axle importing markets in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), together accounting for X% of total imports.

In terms of the main importing countries, Oman, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform