Israel's Internal Combustion Engine Market Shrinks in 2024, Despite Import Growth
The Israeli internal combustion engine equipment market experienced a significant downturn in 2024, with exports and production both contracting. Despite this, imports increased, and the market saw growth in certain areas.
In 2024, the value of internal combustion engine equipment exports from Israel plummeted to $X, marking a remarkable decline in the stock market today. This followed a mild setback in production, which also contracted to $X. Meanwhile, imports rose by X% to X units, the third consecutive annual increase after two years of decline.
The market consumption peaked at record highs of $X in 2020 but has since decreased. The most pronounced production growth occurred in 2018, with an increase of X%, reaching a peak of $X in 2020 before declining.
The United States and Belgium were the primary destinations for these exports, with the U.S. receiving X units and Belgium receiving X units. From 2012 to 2024, exports to the U.S. grew at a compound annual growth rate (CAGR) of X%. However, overall exports saw a precipitous decrease, peaking at X units in 2017 but failing to regain momentum thereafter.
The Israeli internal combustion engine equipment market shrank to $X in 2024, down by X% from the previous year. Despite the overall downturn, imports and exports to specific markets showed growth, indicating potential areas of resilience in the stock market.
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