Gear boxes market in Sweden

Earlier Report Observations

The Swedish gear box market experienced significant volatility between 2018 and 2021. Starting from a market size of 1 610 million US dollars in 2018, supported by strong engineering traditions and investments from state-owned companies in advanced transmission technology, the market contracted sharply to 706 million US dollars in 2020. This decline was primarily driven by supply chain and production disruptions caused by the COVID-19 pandemic. However, the market rebounded to 884 million US dollars in 2021, fueled by continued investments in R&D for advanced gearbox technologies, including predictive maintenance sensors, and by stricter EU and Swedish legislation on energy efficiency and environmental adaptation.

From 2022 to 2024, the market showed a gradual recovery with some fluctuations. In 2022, the market size slightly decreased to 829 million US dollars, influenced by global supply chain issues and raw material price volatility, which pushed manufacturers towards additive manufacturing and material optimization. Concurrent regulatory changes on component labeling and traceability to meet EU standards affected market access. The market then grew to 928 million US dollars in 2023 and further to 962 million US dollars in 2024, supported by the industry's focus on developing new segments like modular and lightweight gearboxes for electric vehicles and renewable energy.

Production gear boxes in Sweden

In value, 2017-2020, M $ US

In 2020, Sweden's gear box production was valued at 907 million US dollars, marking a 7.4% increase compared to the previous year. However, looking at the period from 2017 to 2020, overall production decreased by 33.2%, which translates to an annualized decline of 12.6%.

Annual dynamics of production in Sweden in value, 2017-2020, M $ US

Exports gear boxes from Sweden

Exports in kind, t

In 2020, Sweden exported 48,425 tonnes of gear boxes, representing a sharp decrease of 31.6% from 2019. Over the 2017-2020 period, exports fell by 32%, equating to an annualized rate of decline of 12.1%. The largest increase during this time was recorded in 2019, at 9.4%.

Annual dynamics of product's exports from Sweden in kind, 2017-2020, t

From 2017 to 2020, the Netherlands, France, and Belgium were the leading destinations for Sweden's gear box exports in kind. The Netherlands accounted for 24.8% of exports, France for 24.0%, and Belgium for 23.4%. Together, these three countries represented 72.3% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Sweden in kind, 2017-2020

Exports in value, M $ US

In 2020, Sweden's gear box exports in value terms reached 796 million US dollars, showing a notable drop of 22.2% compared to the previous year. Between 2017 and 2020, exports decreased by 25.5%, which corresponds to an annualized decline of 9.3%. The largest increase was observed in 2019, at 4.3%.

Annual dynamics of product's exports from Sweden in value, 2017-2020, M $ US

Throughout 2017-2020, Belgium, France, and the Netherlands remained the key partners for Sweden's gear box exports in value terms. Belgium accounted for 26.0% of exports, France for 23.5%, and the Netherlands for 20.7%. Collectively, these three countries made up 70.2% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Sweden in value, 2017-2020

Imports gear boxes to Sweden

Imports in kind, t

Sweden's gear box imports in kind declined for the second consecutive year. In 2020, imports were recorded at 47,730 tonnes, representing a significant reduction of 24.5% compared to 2019. Over the 2017-2020 period, imports decreased by 37.5%, with an annualized decline of 14.5%. The maximum value was recorded in 2018 at 84,197 tonnes. The largest increase occurred in 2018, at 10.2%, while the largest decline was in 2019, at 24.9%.

Annual dynamics of product's imports to Sweden in kind, 2017-2020, t

From 2017 to 2020, three principal markets—the Netherlands, Japan, and Germany—together accounted for 86.9% of total gear box imports in kind to Sweden.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Sweden in kind, 2017-2020

Imports in value, M $ US

Sweden's gear box imports in value terms declined for the second consecutive year. In 2020, imports were recorded at 596 million US dollars, indicating a decrease of 28.2% compared to 2019. Between 2017 and 2020, imports fell by 39.1%, equating to an annualized rate of decline of 15.2%. The maximum value was recorded in 2018 at 1,133 million US dollars, with the largest increase that year at 15.9%.

Annual dynamics of product's imports to Sweden in value, 2017-2020, M $ US

In 2017-2020, the Netherlands and Japan dominated Sweden's gear box imports in value terms, accounting together for 81.9% of total flows. Other destinations contributed smaller individual shares.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Sweden in value, 2017-2020