Gears, gear boxes and speed changers market in Italy

Earlier Report Observations

The Italian market for gears, gear boxes, and speed changers saw considerable volatility in volume between 2019 and 2022. Market size fell from 278.9 thousand tons in 2019 to 210.8 thousand tons in 2021, a decline of 24%, before recovering to 235.9 thousand tons in 2022.

This trajectory was aligned with domestic production, which dropped from 378.5 thousand tons to 318.6 thousand tons over the same two-year interval and then rose to 341.9 thousand tons in 2022. International trade played a key role, as imports decreased through 2020 before surging in 2021-2022, while exports—consistently higher—declined until 2020 and then grew, reinforcing Italy's position as a net exporter.

In monetary terms, the market contraction was even sharper, with value shrinking from $2.9 billion in 2019 to $1.9 billion in 2021 and then expanding to $2.4 billion in 2022. Over the full 2018-2024 span, import values reached a peak in 2023, and export values peaked the same year, suggesting shifts in product mix and unit prices.

Production gears, gear boxes and speed changers in Italy

In value, 2017-2020, M $ US

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

In kind, 2017-2020, K t

Annual dynamics of production in Italy in kind, 2017-2020, K t

Exports gears, gear boxes and speed changers from Italy

Exports in kind, K t

Italy's cross-border shipments of gears, gear boxes, and speed changers declined for the second year in a row. In 2019, export volume stood at 149.1 K t, but by 2020 it had dropped to 132.2 K t—an 11.3% decrease. Over the 2017–2020 period, exports fell by 11.4%, with a compound annual growth rate of -3.9%. The peak was in 2018 at 155.5 K t, which also saw the largest annual increase of 4.2%.

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

From 2017 to 2020, Germany, the United States, and France were notable but not dominant buyers of Italy's gears, gear boxes, and speed changers in volume terms. Germany accounted for 20.8% of exports, the United States for 14.3%, and France for 6.3%. Together, these three countries made up 41.4% of total export volume, leaving the majority to other markets.

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

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

Exports in value, M $ US

Italy's export value for gears, gear boxes, and speed changers fell for the second consecutive year. In 2019, exports totaled 1 818 M $ US, but in 2020 they dropped to 1 621 M $ US—a 10.8% reduction. Between 2017 and 2020, exports decreased by 5.7%, equating to an annualized decline of 1.9%. The highest value was recorded in 2018 at 1 915 M $ US, which also experienced the largest annual increase of 11.4%.

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

The value structure of Italy's exports from 2017 to 2020 shows a diversified partner base. Germany contributed 18.8% of export value, the United States 15.8%, and France 6.3%. Combined, these three countries represented 40.9% of total export flows, while the remaining 59.1% was spread across numerous smaller markets.

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

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

Imports gears, gear boxes and speed changers to Italy

Imports in kind, K t

Italy's import volume of gears, gear boxes, and speed changers decreased for the second year running. In 2019, import volume was 49.5 K t, but by 2020 it had fallen to 43.3 K t—a 12.5% year-over-year decline. Over the 2017–2020 period, imports dropped by 15.4%, with a compound annual growth rate of -5.4%. The peak occurred in 2018 at 55.1 K t, which also saw the largest annual increase of 7.6%.

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

From 2017 to 2020, China, India, and Germany were the core sources for Italy's imports of gears, gear boxes, and speed changers in volume terms. China accounted for 41.9% of imports, India for 16.1%, and Germany for 10.7%. Together, these three countries represented 68.7% of total import volume.

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

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

Imports in value, M $ US

Italy's import value for gears, gear boxes, and speed changers declined for the second consecutive year. In 2019, imports were approximately 567 M $ US, but in 2020 they fell to 514 M $ US—a 9.3% decrease compared to the previous year. The highest value was recorded in 2018 at 595 M $ US, which also experienced the largest annual increase of 13.9%.

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

Throughout 2017–2020, Germany, China, and India remained the key sources for Italy's imports of gears, gear boxes, and speed changers in value terms. Germany accounted for 26.5% of import value, China for 19.3%, and India for 9.8%. Combined, these three countries made up 55.6% of total import flows.

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

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