Gear Cutting Machine Market

The global market for gear cutting machines is projected to experience a positive trend in both volume and value over the period from 2022 to 2030. While consumption of gear cutting machines saw a decline in 2022 after two years of growth, production levels and exports increased slightly during the same period. Imports of gear cutting machines also witnessed a slight uptick in 2022. Key consuming countries such as Australia, the Philippines, and South Africa were analyzed for their consumption patterns, while top exporting countries like China, Germany, and India were highlighted for their contributions to global exports. Overall, the market for gear cutting machines is expected to show modest growth in the coming years.

Market Forecast

Driven by rising demand for gear cutting machine worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market volume to 86K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.5% for the period from 2022 to 2030, which is projected to bring the market value to $1.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Gear Cutting, Gear Grinding Or Gear Finishing Machines

In 2022, consumption of gear cutting, gear grinding or gear finishing machines decreased by -13.5% to 61K units, falling for the second consecutive year after two years of growth. In general, consumption continues to indicate a perceptible descent. Over the period under review, global consumption attained the maximum volume at 81K units in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

The global gear cutting machine market size contracted to $757M in 2022, which is down by -9.7% 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). Over the period under review, consumption showed a perceptible setback. As a result, consumption attained the peak level of $1.4B. From 2014 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The country with the largest volume of gear cutting machine consumption was Australia (15K units), comprising approx. 25% of total volume. Moreover, gear cutting machine consumption in Australia exceeded the figures recorded by the second-largest consumer, the Philippines (7.3K units), twofold. South Africa (5.5K units) ranked third in terms of total consumption with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Australia was relatively modest. The remaining consuming countries recorded the following average annual rates of consumption growth: the Philippines (+44.6% per year) and South Africa (+1.5% per year).

In value terms, the United States ($147M), Germany ($124M) and Australia ($28M) constituted the countries with the highest levels of market value in 2022, with a combined 39% share of the global market. The Philippines, the UK, China, Sweden, South Africa, Singapore, India, Rwanda and Mongolia lagged somewhat behind, together comprising a further 6.8%.

In terms of the main consuming countries, Singapore, with a CAGR of +38.8%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of gear cutting machine per capita consumption in 2022 were Australia (573 units per million persons), Singapore (479 units per million persons) and Mongolia (314 units per million persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Mongolia (with a CAGR of +83.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Gear Cutting, Gear Grinding Or Gear Finishing Machines

In 2022, production of gear cutting, gear grinding or gear finishing machines increased by 1.5% to 81K units, rising for the second year in a row after four years of decline. In general, production, however, showed a slight contraction. The most prominent rate of growth was recorded in 2016 with an increase of 18% against the previous year. As a result, production reached the peak volume of 97K units. From 2017 to 2022, global production growth remained at a lower figure.

In value terms, gear cutting machine production expanded significantly to $1.6B in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 16%. As a result, production attained the peak level of $1.7B. From 2019 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (24K units), Australia (16K units) and Germany (7.3K units), together comprising 58% of global production. India, South Africa, the United States, Singapore, Japan, the UK, Rwanda and Poland lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Poland (with a CAGR of +18.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Gear Cutting, Gear Grinding Or Gear Finishing Machines

In 2022, purchases abroad of gear cutting, gear grinding or gear finishing machines was finally on the rise to reach 22K units for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, showed a pronounced decrease. Over the period under review, global imports attained the peak figure at 35K units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, gear cutting machine imports skyrocketed to $892M in 2022. Over the period under review, imports, however, recorded a noticeable decline. The pace of growth was the most pronounced in 2018 when imports increased by 24% against the previous year. Over the period under review, global imports attained the maximum at $1.3B in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, the Philippines (7.3K units) was the major importer of gear cutting, gear grinding or gear finishing machines, comprising 34% of total imports. India (1.6K units) held a 7.4% share (based on physical terms) of total imports, which put it in second place, followed by the UK (6.7%), Mongolia (4.9%) and Singapore (4.6%). The following importers - the United States (748 units), China (745 units), Chile (472 units), Turkey (450 units), South Korea (449 units), Guyana (441 units), Taiwan (Chinese) (405 units) and Italy (396 units) - together made up 19% of total imports.

From 2012 to 2022, average annual rates of growth with regard to gear cutting machine imports into the Philippines stood at +46.5%. At the same time, Mongolia (+87.3%), Guyana (+60.0%), Chile (+29.0%), the UK (+23.8%), Singapore (+3.4%) and Turkey (+2.3%) displayed positive paces of growth. Moreover, Mongolia emerged as the fastest-growing importer imported in the world, with a CAGR of +87.3% from 2012-2022. Italy and the United States experienced a relatively flat trend pattern. By contrast, China (-1.2%), Taiwan (Chinese) (-1.8%), India (-3.7%) and South Korea (-6.7%) illustrated a downward trend over the same period. While the share of the Philippines (+34 p.p.), the UK (+6.2 p.p.), Mongolia (+4.9 p.p.), Singapore (+2.6 p.p.), Chile (+2.1 p.p.) and Guyana (+2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($464M) constitutes the largest market for imported gear cutting, gear grinding or gear finishing machines worldwide, comprising 52% of global imports. The second position in the ranking was taken by India ($69M), with a 7.8% share of global imports. It was followed by the United States, with a 6.3% share.

In China, gear cutting machine imports expanded at an average annual rate of +2.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (-2.7% per year) and the United States (-11.1% per year).

Import Prices By Country

The average gear cutting machine import price stood at $41,498 per unit in 2022, declining by -15.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2013 an increase of 31%. Over the period under review, average import prices hit record highs at $57,105 per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($622,762 per unit), while Mongolia ($6.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guyana (+24.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Gear Cutting, Gear Grinding Or Gear Finishing Machines

In 2022, shipments abroad of gear cutting, gear grinding or gear finishing machines increased by 68% to 42K units, rising for the second year in a row after two years of decline. In general, exports, however, saw a pronounced shrinkage. The global exports peaked at 52K units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, gear cutting machine exports skyrocketed to $933M in 2022. Over the period under review, exports, however, saw a perceptible reduction. The pace of growth was the most pronounced in 2021 when exports increased by 21% against the previous year. Over the period under review, the global exports reached the maximum at $1.4B in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, China (20K units) represented the major exporter of gear cutting, gear grinding or gear finishing machines, mixing up 48% of total exports. Germany (6.2K units) ranks second in terms of the total exports with a 15% share, followed by India (8.4%). Japan (1.6K units), Romania (1.2K units), Poland (1.1K units), Singapore (1K units), the United States (1K units), the UK (0.9K units), Australia (0.9K units) and Denmark (0.8K units) held a relatively small share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of gear cutting, gear grinding or gear finishing machines. At the same time, Romania (+34.6%), Poland (+34.5%), Denmark (+17.2%) and Australia (+14.7%) displayed positive paces of growth. Moreover, Romania emerged as the fastest-growing exporter exported in the world, with a CAGR of +34.6% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, Japan (-4.0%), the UK (-4.8%), India (-6.1%), the United States (-7.1%) and Singapore (-14.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Romania, Poland, Australia, Germany and Denmark increased by +6.7, +2.6, +2.6, +1.7, +1.6 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($510M) remains the largest gear cutting machine supplier worldwide, comprising 55% of global exports. The second position in the ranking was taken by Japan ($124M), with a 13% share of global exports. It was followed by the United States, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Germany totaled -3.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-6.5% per year) and the United States (-10.2% per year).

Export Prices By Country

In 2022, the average gear cutting machine export price amounted to $22,050 per unit, declining by -29.3% against the previous year. In general, the export price saw a mild downturn. The growth pace was the most rapid in 2017 an increase of 52% against the previous year. As a result, the export price attained the peak level of $35,954 per unit. From 2018 to 2022, the average export prices remained at a 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 Germany ($81,879 per unit), while India ($378 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+13.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform