Invalid Carriage Market

The article discusses the global market trends for invalid carriages not mechanically propelled, highlighting forecasts for consumption, production, imports, and exports from 2022 to 2030. It includes insights on key countries such as the United States, China, India, and Germany, as well as analysis of average prices and growth rates in the market.

Market Forecast

Driven by increasing demand for invalid carriages not mechanically propelled worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market volume to 22M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.3% for the period from 2022 to 2030, which is projected to bring the market value to $6.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Invalid Carriages Not Mechanically Propelled

For the third consecutive year, the global market recorded decline in consumption of invalid carriages not mechanically propelled, which decreased by -3.8% to 15M units in 2022. Over the period under review, the total consumption indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.4% against 2019 indices. Over the period under review, global consumption attained the maximum volume at 16M units in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global invalid carriage market revenue declined slightly to $3.9B in 2022, almost unchanged from 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). In general, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 +2.1% against 2020 indices. Over the period under review, the global market attained the maximum level at $4.3B in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Consumption By Country

The United States (3M units) constituted the country with the largest volume of invalid carriage consumption, accounting for 20% of total volume. Moreover, invalid carriage consumption in the United States exceeded the figures recorded by the second-largest consumer, India (1.3M units), twofold. China (882K units) ranked third in terms of total consumption with a 5.8% share.

From 2012 to 2022, the average annual growth rate of volume in the United States amounted to +9.1%. In the other countries, the average annual rates were as follows: India (+4.7% per year) and China (-8.3% per year).

In value terms, Russia ($1B) led the market, alone. The second position in the ranking was held by Canada ($445M). It was followed by the United States.

In Russia, the invalid carriage market expanded at an average annual rate of +3.0% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Canada (+9.5% per year) and the United States (+8.4% per year).

The countries with the highest levels of invalid carriage per capita consumption in 2022 were Canada (11 units per 1000 persons), the United States (8.9 units per 1000 persons) and Spain (6.7 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +8.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Invalid Carriages Not Mechanically Propelled

In 2022, approx. 17M units of invalid carriages not mechanically propelled were produced worldwide; approximately mirroring the year before. Over the period under review, the total production indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.6% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 52%. Over the period under review, global production reached the peak volume at 17M units in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, invalid carriage production rose slightly to $4.5B in 2022 estimated in export price. Overall, the total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.1% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of 16%. Over the period under review, global production attained the maximum level at $4.5B in 2020; afterwards, it flattened through to 2022.

Production By Country

The country with the largest volume of invalid carriage production was China (10M units), accounting for 60% of total volume. Moreover, invalid carriage production in China exceeded the figures recorded by the second-largest producer, India (1.4M units), sevenfold. The United States (675K units) ranked third in terms of total production with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +4.6%. The remaining producing countries recorded the following average annual rates of production growth: India (+5.3% per year) and the United States (+21.6% per year).

Imports

World Imports of Invalid Carriages Not Mechanically Propelled

In 2022, overseas purchases of invalid carriages not mechanically propelled increased by 14% to 8.9M units, rising for the second consecutive year after two years of decline. In general, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +39.6% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 25% against the previous year. Over the period under review, global imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, invalid carriage imports skyrocketed to $1.1B in 2022. The total import value increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 28%. Over the period under review, global imports reached the peak figure in 2022 and are likely to continue growth in years to come.

Imports By Country

The United States was the main importer of invalid carriages not mechanically propelled in the world, with the volume of imports amounting to 2.4M units, which was near 27% of total imports in 2022. It was distantly followed by Japan (706K units), Germany (498K units) and the UK (469K units), together committing a 19% share of total imports. Mexico (235K units), Malaysia (232K units), Italy (211K units), India (181K units), Canada (178K units), Spain (175K units), Egypt (175K units), Russia (171K units) and France (167K units) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +7.2% from 2012 to 2022. At the same time, Spain (+16.8%), Malaysia (+13.6%), India (+9.9%), Egypt (+8.0%), the UK (+6.4%), Italy (+4.3%), Canada (+3.5%), Mexico (+3.0%), Russia (+3.0%), Germany (+1.8%) and France (+1.6%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the world, with a CAGR of +16.8% from 2012-2022. Japan experienced a relatively flat trend pattern. While the share of the United States (+5 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Germany (-2 p.p.) and Japan (-4.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($236M) constitutes the largest market for imported invalid carriages not mechanically propelled worldwide, comprising 21% of global imports. The second position in the ranking was taken by Germany ($94M), with an 8.3% share of global imports. It was followed by Japan, with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value in the United States stood at +6.5%. In the other countries, the average annual rates were as follows: Germany (+3.5% per year) and Japan (+0.6% per year).

Import Prices By Country

The average invalid carriage import price stood at $127 per unit in 2022, stabilizing at the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average import price increased by 6.7%. Global import price peaked at $140 per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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 France ($237 per unit), while Egypt ($22 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+5.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Invalid Carriages Not Mechanically Propelled

In 2022, shipments abroad of invalid carriages not mechanically propelled increased by 19% to 11M units, rising for the second year in a row after two years of decline. In general, exports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2018 when exports increased by 303%. The global exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, invalid carriage exports rose markedly to $1.2B in 2022. Overall, total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +41.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 28%. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports By Country

China prevails in exports structure, amounting to 9.2M units, which was approx. 87% of total exports in 2022. The following exporters - India (258K units) and Germany (220K units) - each recorded a 4.5% share of total exports.

Exports from China increased at an average annual rate of +7.7% from 2012 to 2022. At the same time, India (+13.7%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +13.7% from 2012-2022. Germany experienced a relatively flat trend pattern. While the share of China (+13 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Germany (-1.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($747M) remains the largest invalid carriage supplier worldwide, comprising 62% of global exports. The second position in the ranking was held by Germany ($94M), with a 7.8% share of global exports.

In China, invalid carriage exports expanded at an average annual rate of +8.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+0.0% per year) and India (+8.9% per year).

Export Prices By Country

In 2022, the average invalid carriage export price amounted to $114 per unit, dropping by -7.1% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by 149%. Over the period under review, the average export prices attained the peak figure at $429 per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat 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 ($429 per unit), while China ($81 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.7%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform