ASEAN: Lift And Hoist Market 2024

Lift And Hoist Market Size in ASEAN

In 2022, the ASEAN lift and hoist market was finally on the rise to reach $X after three years of decline. The market value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Lift And Hoist Production in ASEAN

In value terms, lift and hoist production shrank rapidly to $X in 2022 estimated in export price. In general, production, however, faced a abrupt slump. The pace of growth was the most pronounced in 2017 with an increase of 12%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Lift And Hoist Exports

Exports in ASEAN

In 2022, shipments abroad of lifts and hoists increased by 7.1% to X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a abrupt slump. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, lift and hoist exports declined to $X in 2022. Overall, exports, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 12% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Thailand (X units) was the largest exporter of lifts and hoists, creating 85% of total exports. It was distantly followed by Singapore (X units), constituting an 11% share of total exports. Malaysia (X units) took a little share of total exports.

Thailand was also the fastest-growing in terms of the lifts and hoists exports, with a CAGR of -3.4% from 2012 to 2022. Malaysia (-10.6%) and Singapore (-24.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand increased by +47 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest lift and hoist supplier in ASEAN, comprising 93% of total exports. The second position in the ranking was held by Malaysia ($X), with a 3% share of total exports.

In Thailand, lift and hoist exports contracted by an average annual rate of -5.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (-9.4% per year) and Singapore (-21.5% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per unit, dropping by -16% against the previous year. Export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when the export price increased by 66%. Over the period under review, the export prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.2%), while the other leaders experienced mixed trends in the export price figures.

Lift And Hoist Imports

Imports in ASEAN

In 2022, supplies from abroad of lifts and hoists increased by 11% to X units, rising for the second consecutive year after two years of decline. Overall, imports saw temperate growth. The most prominent rate of growth was recorded in 2015 when imports increased by 49% against the previous year. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, lift and hoist imports reached $X in 2022. Total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 18% against the previous year. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The Philippines (X units), Singapore (X units), Thailand (X units), Vietnam (X units), Malaysia (X units) and Indonesia (X units) represented roughly 95% of total imports in 2022. Cambodia (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Cambodia (with a CAGR of +29.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Malaysia ($X) and Indonesia ($X) were the countries with the highest levels of imports in 2022, with a combined 56% share of total imports. Singapore, the Philippines, Thailand and Cambodia lagged somewhat behind, together accounting for a further 41%.

Among the main importing countries, Cambodia, with a CAGR of +26.2%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per unit, remaining relatively unchanged against the previous year. Over the period under review, the import price saw a slight slump. The most prominent rate of growth was recorded in 2020 an increase of 22%. Over the period under review, import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+1.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform