ASEAN: Market for Lifts, Elevators, Moving Stairways and Draglines 2024

Market Size for Lifts, Elevators, Moving Stairways and Draglines in ASEAN

In 2022, the ASEAN market for lifts, elevators, moving stairways and draglines increased by 7.2% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +5.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Lifts, Elevators, Moving Stairways and Draglines in ASEAN

In value terms, lift, elevator, stairway and dragline production amounted to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 22% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports in ASEAN

In 2022, the amount of lifts, elevators, moving stairways and draglines exported in ASEAN dropped to X units, falling by -13% compared with 2021 figures. Over the period under review, exports continue to indicate a abrupt contraction. The growth pace was the most rapid in 2014 with an increase of 41%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, lift, elevator, stairway and dragline exports reduced markedly to $X in 2022. Overall, exports saw a abrupt slump. The pace of growth appeared the most rapid in 2014 when exports increased by 12%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Thailand (X units) represented the largest exporter of lifts, elevators, moving stairways and draglines, generating 64% of total exports. It was distantly followed by Singapore (X units), generating a 31% share of total exports.

Thailand was also the fastest-growing in terms of the lifts, elevators, moving stairways and draglines exports, with a CAGR of -1.6% from 2012 to 2022. Singapore (-15.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand increased by +36 percentage points.

In value terms, Thailand ($X) remains the largest lift, elevator, stairway and dragline supplier in ASEAN, comprising 86% of total exports. The second position in the ranking was taken by Singapore ($X), with a 9.9% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Thailand totaled -5.6%.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per unit, shrinking by -2.5% against the previous year. Over the period under review, the export price, however, enjoyed measured growth. The pace of growth was the most pronounced in 2017 an increase of 43% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

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 Thailand ($X per unit), while Singapore stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.1%).

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports in ASEAN

In 2022, supplies from abroad of lifts, elevators, moving stairways and draglines increased by 13% to X units, rising for the second year in a row after two years of decline. Total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.4% 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 +26.3% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of 25%. 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, elevator, stairway and dragline imports reached $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 18% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Singapore (X units) represented the key importer of lifts, elevators, moving stairways and draglines, making up 49% of total imports. Malaysia (X units) took the second position in the ranking, followed by Thailand (X units), the Philippines (X units) and Vietnam (X units). All these countries together held near 44% share of total imports. Indonesia (X units) held a minor share of total imports.

Imports into Singapore increased at an average annual rate of +5.2% from 2012 to 2022. At the same time, Thailand (+19.8%), the Philippines (+7.3%), Vietnam (+7.2%), Indonesia (+5.3%) and Malaysia (+3.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +19.8% from 2012-2022. From 2012 to 2022, the share of Thailand increased by +8.3 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X), Indonesia ($X) and Malaysia ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 55% share of total imports. Singapore, the Philippines and Thailand lagged somewhat behind, together comprising a further 39%.

Among the main importing countries, the Philippines, with a CAGR of +4.1%, saw the highest growth rate of 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, waning by -10.7% against the previous year. Over the period under review, the import price saw a abrupt decline. The pace of growth appeared the most rapid in 2013 when the import price increased by 6.1% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the import prices remained at a somewhat 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 Indonesia ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (-3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform