Vietnam: Electrical Transformer Market 2024

Electrical Transformer Market Size in Vietnam

The Vietnamese electrical transformer market reached $X in 2023, rising by X% against the previous year. In general, the total consumption indicated a pronounced expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. Over the period under review, the market hit record highs at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Electrical Transformer Production in Vietnam

In value terms, electrical transformer production stood at $X in 2023 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2023, production remained at a lower figure.

Electrical Transformer Exports

Exports from Vietnam

For the fourth consecutive year, Vietnam recorded growth in overseas shipments of electrical transformers, which increased by X% to X units in 2023. Over the period under review, exports showed prominent growth. The pace of growth was the most pronounced in 2018 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure in 2023 and are likely to see gradual growth in years to come.

In value terms, electrical transformer exports shrank to $X in 2023. In general, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The exports peaked at $X in 2022, and then fell in the following year.

Exports by Country

China (X units), Mexico (X units) and the United States (X units) were the main destinations of electrical transformer exports from Vietnam, together comprising X% of total exports. Thailand, Hong Kong SAR, South Korea, India, Japan, Malaysia and Singapore lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electrical transformer exported from Vietnam were the United States ($X), China ($X) and Hong Kong SAR ($X), with a combined X% share of total exports. Thailand, South Korea, Mexico, Japan, Singapore, Malaysia and India lagged somewhat behind, together comprising a further X%.

South Korea, with a CAGR of X%, saw the highest rates of growth with regard to 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

The average electrical transformer export price stood at $X per unit in 2023, shrinking by X% against the previous year. Over the period under review, the export price saw a perceptible decrease. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, the average export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to India ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Transformer Imports

Imports into Vietnam

For the eighth year in a row, Vietnam recorded growth in overseas purchases of electrical transformers, which increased by X% to X units in 2023. In general, imports enjoyed significant growth. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2023 and are likely to see gradual growth in years to come.

In value terms, electrical transformer imports expanded remarkably to $X in 2023. Over the period under review, imports saw a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, imports hit record highs at $X in 2021; however, from 2022 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, China (X units) constituted the largest supplier of electrical transformer to Vietnam, with a X% share of total imports. Moreover, electrical transformer imports from China exceeded the figures recorded by the second-largest supplier, India (X units), more than tenfold. South Korea (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and South Korea (X% per year).

In value terms, China ($X) constituted the largest supplier of electrical transformers to Vietnam, comprising X% of total imports. The second position in the ranking was taken by South Korea ($X), with a X% share of total imports. It was followed by Thailand, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Thailand (X% per year).

Import Prices by Country

In 2023, the average electrical transformer import price amounted to $X per unit, growing by X% against the previous year. Over the period under review, the import price, however, faced a deep slump. The growth pace was the most rapid in 2016 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform