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

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

The Asian market for lifts, elevators, moving stairways and draglines dropped slightly to $X in 2022, declining by -2.3% against the previous year. Overall, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

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

In value terms, lift, elevator, stairway and dragline production declined slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 12%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports in Asia

In 2022, shipments abroad of lifts, elevators, moving stairways and draglines increased by 33% to X units, rising for the sixth year in a row after two years of decline. In general, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 48%. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, lift, elevator, stairway and dragline exports expanded notably to $X in 2022. The total export value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 12% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

India represented the largest exporter of lifts, elevators, moving stairways and draglines in Asia, with the volume of exports resulting at X units, which was near 55% of total exports in 2022. It was distantly followed by China (X units), making up a 34% share of total exports. The following exporters - Turkey (X units) and Thailand (X units) - each amounted to a 5.1% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by India (with a CAGR of +28.8%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest lift, elevator, stairway and dragline supplier in Asia, comprising 72% of total exports. The second position in the ranking was held by Turkey ($X), with a 7% share of total exports. It was followed by Thailand, with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +3.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (+14.0% per year) and Thailand (-5.6% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, which is down by -19.5% against the previous year. In general, the export price showed a abrupt curtailment. The pace of growth was the most pronounced in 2015 an increase of 15%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (-1.6%), while the other leaders experienced a decline in the export price figures.

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports in Asia

In 2022, supplies from abroad of lifts, elevators, moving stairways and draglines increased by 7.9% to X units, rising for the second consecutive year after two years of decline. Total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +7.3% 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 +27.0% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 19% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, lift, elevator, stairway and dragline imports shrank to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by 13%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

India (X units) and Singapore (X units) represented roughly 43% of total imports in 2022. The United Arab Emirates (X units) took a 5.9% share (based on physical terms) of total imports, which put it in second place, followed by Qatar (5.1%), Malaysia (5.1%), Thailand (4.8%) and the Philippines (4.6%). Vietnam (X units), Bahrain (X units), Israel (X units), Bangladesh (X units), Kazakhstan (X units) and Indonesia (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +19.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest lift, elevator, stairway and dragline importing markets in Asia were India ($X), Vietnam ($X) and Israel ($X), with a combined 19% share of total imports. Indonesia, Malaysia, Bangladesh, the United Arab Emirates, Kazakhstan, Singapore, the Philippines, Thailand, Qatar and Bahrain lagged somewhat behind, together accounting for a further 38%.

In terms of the main importing countries, Bangladesh, with a CAGR of +12.4%, recorded 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 Asia amounted to $X per unit, reducing by -11.5% against the previous year. Overall, the import price continues to indicate a abrupt descent. The growth pace was the most rapid in 2018 an increase of 2.2%. Over the period under review, import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices stood 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 Kazakhstan (+1.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :