Asia: Lifting Equipment Market 2024

Lifting Equipment Market Size in Asia

The Asian lifting equipment market amounted to $X in 2021, growing by 7.4% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Lifting Equipment Production in Asia

In value terms, lifting equipment production expanded sharply to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 14% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Lifting Equipment Exports

Exports in Asia

In 2021, the amount of lifting equipment exported in Asia expanded to X units, surging by 4.2% against 2020. Over the period under review, exports continue to indicate moderate growth. The growth pace was the most rapid in 2016 with an increase of 205% against the previous year. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, lifting equipment exports totaled $X in 2021. In general, exports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of 129% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

China prevails in exports structure, resulting at X units, which was approx. 65% of total exports in 2021. Vietnam (X units) ranks second in terms of the total exports with a 7.4% share, followed by Japan (5.2%) and India (4.7%). Singapore (X units), South Korea (X units) and Saudi Arabia (X units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +10.2% from 2012 to 2021. At the same time, Saudi Arabia (+49.9%) and Vietnam (+16.5%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in Asia, with a CAGR of +49.9% from 2012-2021. South Korea experienced a relatively flat trend pattern. By contrast, Japan (-2.6%), Singapore (-9.5%) and India (-11.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China, Vietnam and Saudi Arabia increased by +26, +4.7 and +2.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest lifting equipment supplying countries in Asia were China ($X), Japan ($X) and South Korea ($X), with a combined 65% share of total exports. These countries were followed by Singapore, Vietnam, India and Saudi Arabia, which together accounted for a further 16%.

In terms of the main exporting countries, Saudi Arabia, with a CAGR of +41.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Asia stood at $X per unit in 2021, which is down by -3.3% against the previous year. Over the period under review, the export price saw a drastic downturn. The pace of growth was the most pronounced in 2014 an increase of 25% 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 remained at a lower figure.

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 Japan ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-1.0%), while the other leaders experienced a decline in the export price figures.

Lifting Equipment Imports

Imports in Asia

In 2021, lifting equipment imports in Asia reduced slightly to X units, dropping by -4.6% compared with 2020 figures. Over the period under review, imports, however, enjoyed a noticeable increase. The pace of growth was the most pronounced in 2020 with an increase of 200%. As a result, imports attained the peak of X units, and then contracted slightly in the following year.

In value terms, lifting equipment imports soared to $X in 2021. Overall, imports continue to indicate a deep downturn. The growth pace was the most rapid in 2014 with an increase of 17% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Qatar represented the key importer of lifting equipment in Asia, with the volume of imports resulting at X units, which was approx. 69% of total imports in 2021. Singapore (X units) ranks second in terms of the total imports with a 12% share, followed by Japan (5.3%). The following importers - the United Arab Emirates (X units), Indonesia (X units) and Thailand (X units) - each recorded a 5% share of total imports.

Imports into Qatar increased at an average annual rate of +2.9% from 2012 to 2021. At the same time, Singapore (+21.5%), Japan (+13.2%), the United Arab Emirates (+5.2%) and Thailand (+1.8%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing importer imported in Asia, with a CAGR of +21.5% from 2012-2021. By contrast, Indonesia (-1.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Singapore and Japan increased by +9.4 and +3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest lifting equipment importing markets in Asia were Japan ($X), Singapore ($X) and the United Arab Emirates ($X), with a combined 42% share of total imports.

Among the main importing countries, Japan, with a CAGR of +16.0%, 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 2021, the import price in Asia amounted to $X per unit, surging by 21% against the previous year. Over the period under review, the import price, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2015 an increase of 136%. As a result, import price attained the peak level of $X per unit. From 2016 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+7.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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