ASEAN: Underground Continuous-Action Elevator Market 2024

Underground Continuous-Action Elevator Market Size in ASEAN

In 2021, the ASEAN underground continuous-action elevator market was finally on the rise to reach $X after eight years of decline. In general, consumption, however, continues to indicate a abrupt downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Underground Continuous-Action Elevator Production in ASEAN

In value terms, underground continuous-action elevator production expanded modestly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a abrupt slump. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Underground Continuous-Action Elevator Exports

Exports in ASEAN

In 2021, after two years of decline, there was significant growth in overseas shipments of underground continuous-action elevators and conveyors, when their volume increased by 20% to X units. Over the period under review, exports, however, showed a dramatic decline. The most prominent rate of growth was recorded in 2014 with an increase of 114% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, underground continuous-action elevator exports rose sharply to $X in 2021. In general, exports, however, recorded a sharp descent. The pace of growth appeared the most rapid in 2018 with an increase of 164% 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 failed to regain momentum.

Exports by Country

Singapore represented the largest exporting country with an export of around X units, which finished at 64% of total exports. Indonesia (X units) took the second position in the ranking, followed by Vietnam (X units). All these countries together took near 32% share of total exports. Malaysia (X units) followed a long way behind the leaders.

Exports from Singapore decreased at an average annual rate of -33.5% from 2012 to 2021. At the same time, Vietnam (+24.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +24.5% from 2012-2021. By contrast, Malaysia (-29.3%) and Indonesia (-32.3%) illustrated a downward trend over the same period. While the share of Vietnam (+16 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Singapore (-13.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest underground continuous-action elevator supplier in ASEAN, comprising 74% of total exports. The second position in the ranking was taken by Vietnam ($X), with an 11% share of total exports. It was followed by Indonesia, with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Singapore stood at -32.1%. In the other countries, the average annual rates were as follows: Vietnam (+30.3% per year) and Indonesia (-37.2% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per unit, with a decrease of -11.1% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 160% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+4.7%), while the other leaders experienced more modest paces of growth.

Underground Continuous-Action Elevator Imports

Imports in ASEAN

Underground continuous-action elevator imports soared to X units in 2021, growing by 57% on the year before. Over the period under review, imports continue to indicate prominent growth. The growth pace was the most rapid in 2013 with an increase of 161%. Over the period under review, imports attained the maximum at X units in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, underground continuous-action elevator imports skyrocketed to $X in 2021. Overall, imports recorded a slight expansion. The pace of growth was the most pronounced in 2019 with an increase of 259%. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Indonesia (X units), Vietnam (X units) and Singapore (X units) represented the major importer of underground continuous-action elevators and conveyors in ASEAN, constituting 96% of total import. Lao People's Democratic Republic (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Vietnam (with a CAGR of +77.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Vietnam ($X) and Singapore ($X) were the countries with the highest levels of imports in 2021, with a combined 97% share of total imports.

Vietnam, with a CAGR of +70.4%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per unit, with an increase of 10% against the previous year. Over the period under review, the import price, however, saw a abrupt decrease. The pace of growth appeared the most rapid in 2019 an increase of 52% against the previous year. Over the period under review, import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, 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 ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (-2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform