Asia: Lift And Hoist Market 2024

Lift And Hoist Market Size in Asia

The Asian lift and hoist market shrank to $X in 2022, waning by -7.1% against the previous year. Overall, consumption continues to indicate a pronounced downturn. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Lift And Hoist Production in Asia

In value terms, lift and hoist production contracted modestly to $X in 2022 estimated in export price. Overall, production saw a mild reduction. The most prominent rate of growth was recorded in 2021 with an increase of 10%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Lift And Hoist Exports

Exports in Asia

Lift and hoist exports amounted to X units in 2022, increasing by 15% on 2021 figures. In general, exports posted a prominent increase. The growth pace was the most rapid in 2021 with an increase of 45%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, lift and hoist exports rose significantly to $X in 2022. The total export value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2014 when exports increased by 13% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

China (X units) and India (X units) dominates exports structure, together achieving 81% of total exports. Turkey (X units) took the next position in the ranking, followed by Thailand (X units). All these countries together took near 9.7% share of total exports. South Korea (X units), Japan (X units) and Taiwan (Chinese) (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +43.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest lift and hoist supplier in Asia, comprising 70% of total exports. The second position in the ranking was taken by Turkey ($X), with an 8.1% share of total exports. It was followed by Thailand, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +5.0%. In the other countries, the average annual rates were as follows: Turkey (+16.8% per year) and Thailand (-5.8% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, declining by -4.2% against the previous year. Overall, the export price showed a noticeable decline. The pace of growth was the most pronounced in 2013 when the export price increased by 20% against the previous year. The level of export peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a 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 ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-2.0%), while the other leaders experienced a decline in the export price figures.

Lift And Hoist Imports

Imports in Asia

In 2022, supplies from abroad of lifts and hoists increased by 6.1% to X units, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when imports increased by 19%. The volume of import peaked at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, lift and hoist imports stood at $X in 2022. The total import value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by 15% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Qatar (X units), distantly followed by the Philippines (X units), Singapore (X units), Thailand (X units), the United Arab Emirates (X units), Israel (X units), India (X units) and Vietnam (X units) represented the key importers of lifts and hoists, together committing 59% of total imports. Bahrain (X units), Malaysia (X units), Bangladesh (X units), Kazakhstan (X units) and Indonesia (X units) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to lift and hoist imports into Qatar stood at -2.1%. At the same time, Bangladesh (+18.6%), Thailand (+17.3%), Kazakhstan (+9.8%), Vietnam (+8.5%), the Philippines (+8.0%), Israel (+7.6%), Bahrain (+6.7%), Indonesia (+5.5%) and the United Arab Emirates (+3.7%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Asia, with a CAGR of +18.6% from 2012-2022. India and Malaysia experienced a relatively flat trend pattern. By contrast, Singapore (-4.8%) illustrated a downward trend over the same period. Thailand (+4.8 p.p.), the Philippines (+3.2 p.p.), Bangladesh (+2.8 p.p.), Vietnam (+2 p.p.), Israel (+1.8 p.p.) and Kazakhstan (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia, Singapore and Qatar saw its share reduced by -1.8%, -8.4% and -11% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Israel ($X), the United Arab Emirates ($X) and Vietnam ($X) were the countries with the highest levels of imports in 2022, with a combined 22% share of total imports. Malaysia, India, Kazakhstan, Indonesia, Bangladesh, Singapore, the Philippines, Thailand, Qatar and Bahrain lagged somewhat behind, together comprising a further 41%.

Kazakhstan, with a CAGR of +12.5%, 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 2022, the import price in Asia amounted to $X per unit, dropping by -3.9% against the previous year. Over the period under review, the import price recorded a slight descent. The growth pace was the most rapid in 2013 an increase of 8.2% against the previous year. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+2.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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