Asia: Crane Market 2024

Crane Market Size in Asia

In 2022, the Asian crane market increased by 4.5% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Crane Production in Asia

In value terms, crane production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when the production volume increased by 9.3% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Crane Exports

Exports in Asia

In 2022, the amount of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exported in Asia reduced to X units, with a decrease of -8.5% on the previous year. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 26%. Over the period under review, the exports reached the peak figure at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, crane exports reached $X in 2022. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 20%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

China represented the largest exporting country with an export of around X units, which finished at 65% of total exports. It was distantly followed by Japan (X units), creating an 18% share of total exports. South Korea (X units), Turkey (X units), Saudi Arabia (X units) and the United Arab Emirates (X units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +2.4% from 2012 to 2022. At the same time, Turkey (+3.6%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +3.6% from 2012-2022. The United Arab Emirates and Japan experienced a relatively flat trend pattern. By contrast, Saudi Arabia (-3.2%) and South Korea (-5.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +14 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest crane supplier in Asia, comprising 69% of total exports. The second position in the ranking was taken by Japan ($X), with a 16% share of total exports. It was followed by South Korea, with a 3.2% share.

In China, crane exports increased at an average annual rate of +2.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (-2.5% per year) and South Korea (-6.4% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, surging by 23% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. 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.

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 China ($X per unit), while Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.1%), while the other leaders experienced a decline in the export price figures.

Crane Imports

Imports in Asia

In 2022, purchases abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane increased by 5% to X units, rising for the second consecutive year after five years of decline. In general, imports, however, recorded a slight descent. The pace of growth appeared the most rapid in 2015 when imports increased by 13% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crane imports stood at $X in 2022. Over the period under review, imports, however, recorded a pronounced shrinkage. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, India (X units), Indonesia (X units), South Korea (X units), Singapore (X units), Vietnam (X units), the United Arab Emirates (X units), Israel (X units), Thailand (X units), Bangladesh (X units), Taiwan (Chinese) (X units), Turkey (X units) and Malaysia (X units) represented the major importer of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane in Asia, comprising 77% of total import. Hong Kong SAR (X units) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bangladesh (with a CAGR of +14.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), India ($X) and Indonesia ($X) were the countries with the highest levels of imports in 2022, with a combined 37% share of total imports. South Korea, Israel, the United Arab Emirates, Vietnam, Thailand, Turkey, Taiwan (Chinese), Malaysia, Bangladesh and Hong Kong SAR lagged somewhat behind, together comprising a further 40%.

In terms of the main importing countries, Israel, 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 more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per unit in 2022, surging by 7.2% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per unit), while Vietnam ($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 (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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