ASEAN: Lifting Equipment Market 2024

Lifting Equipment Market Size in ASEAN

In 2021, the ASEAN lifting equipment market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Lifting Equipment Production in ASEAN

In value terms, lifting equipment production expanded to $X in 2021 estimated in export price. In general, production, however, recorded a mild reduction. The pace of growth was the most pronounced in 2013 with an increase of 26% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Lifting Equipment Exports

Exports in ASEAN

In 2021, approx. X units of lifting equipment were exported in ASEAN; approximately reflecting 2020. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when exports increased by 271% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, lifting equipment exports soared to $X in 2021. In general, exports faced a deep setback. The most prominent rate of growth was recorded in 2019 with an increase of 165% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Vietnam (X units) was the largest exporter of lifting equipment, creating 50% of total exports. Singapore (X units) ranks second in terms of the total exports with a 28% share, followed by the Philippines (12%). Malaysia (X units), Thailand (X units) and Indonesia (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +44.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Vietnam ($X) and Indonesia ($X) constituted the countries with the highest levels of exports in 2021, together comprising 77% of total exports.

Indonesia, with a CAGR of +39.9%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2021, jumping by 18% against the previous year. In general, the export price, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2014 when the export price increased by 177% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+27.2%), while the other leaders experienced a decline in the export price figures.

Lifting Equipment Imports

Imports in ASEAN

In 2021, after two years of decline, there was significant growth in supplies from abroad of lifting equipment, when their volume increased by 168% to X units. In general, imports saw buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lifting equipment imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2018 when imports increased by 32%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Singapore prevails in imports structure, recording X units, which was approx. 69% of total imports in 2021. Indonesia (X units) ranks second in terms of the total imports with a 9.3% share, followed by Thailand (8.6%), Vietnam (8%) and Malaysia (4.7%).

From 2012 to 2021, average annual rates of growth with regard to lifting equipment imports into Singapore stood at +21.5%. At the same time, Vietnam (+25.1%) and Thailand (+1.8%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +25.1% from 2012-2021. By contrast, Indonesia (-1.2%) and Malaysia (-6.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Singapore and Vietnam increased by +41 and +5.6 percentage points, respectively.

In value terms, Singapore ($X), Vietnam ($X) and Indonesia ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 75% of total imports.

Among the main importing countries, Vietnam, with a CAGR of +13.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per unit, declining by -51.8% against the previous year. In general, the import price showed a deep setback. The most prominent rate of growth was recorded in 2019 when the import price increased by 62% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+7.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform