Asia-Pacific: Lifting Equipment Market 2024

Lifting Equipment Market Size in Asia-Pacific

The Asia-Pacific lifting equipment market rose markedly to $X in 2021, surging by 6% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Lifting Equipment Production in Asia-Pacific

In value terms, lifting equipment production rose to $X in 2021 estimated in export price. In general, production, however, recorded a mild descent. The pace of growth appeared the most rapid in 2018 when the production volume increased by 11%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Lifting Equipment Exports

Exports in Asia-Pacific

Lifting equipment exports rose notably to X units in 2021, increasing by 5.1% against the year before. Overall, exports showed moderate growth. The pace of growth appeared the most rapid in 2016 when exports increased by 217%. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, lifting equipment exports amounted to $X in 2021. In general, exports, however, showed a deep contraction. The pace of growth was the most pronounced in 2016 with an increase of 149% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China prevails in exports structure, reaching X units, which was near 68% of total exports in 2021. Vietnam (X units) held the second position in the ranking, followed by Japan (X units) and India (X units). All these countries together held approx. 18% share of total exports. Singapore (X units), South Korea (X units) and Taiwan (Chinese) (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to lifting equipment exports from China stood at +10.2%. At the same time, Taiwan (Chinese) (+29.1%) and Vietnam (+16.5%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +29.1% 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. China (+27 p.p.), Vietnam (+4.9 p.p.) and Taiwan (Chinese) (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Japan, Singapore and India saw its share reduced by -4.6%, -10.8% and -15.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Japan ($X) and South Korea ($X) constituted the countries with the highest levels of exports in 2021, with a combined 71% share of total exports. Singapore, Vietnam, India and Taiwan (Chinese) lagged somewhat behind, together comprising a further 17%.

Taiwan (Chinese), with a CAGR of +5.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per unit, reducing by -2.9% against the previous year. Over the period under review, the export price showed a drastic downturn. The pace of growth appeared the most rapid in 2014 an increase of 24%. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: 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-Pacific

In 2021, approx. X units of lifting equipment were imported in Asia-Pacific; growing by 9.2% on the previous year's figure. Total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +8.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +85.0% against 2017 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 65% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in the near future.

In value terms, lifting equipment imports expanded sharply to $X in 2021. Overall, imports, however, saw a abrupt downturn. The pace of growth was the most pronounced in 2018 with an increase of 21% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Australia was the key importing country with an import of about X units, which amounted to 46% of total imports. Singapore (X units) held a 24% share (based on physical terms) of total imports, which put it in second place, followed by Japan (11%). Indonesia (X units), Thailand (X units), Vietnam (X units), South Korea (X units) and Bangladesh (X units) held a little share of total imports.

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 +25.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lifting equipment importing markets in Asia-Pacific were Japan ($X), Singapore ($X) and Vietnam ($X), together comprising 54% of total imports. These countries were followed by Indonesia, Thailand, Australia, South Korea and Bangladesh, which together accounted for a further 25%.

Among the main importing countries, Bangladesh, with a CAGR of +24.2%, 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

The import price in Asia-Pacific stood at $X per unit in 2021, remaining stable against the previous year. Overall, the import price, however, faced a abrupt curtailment. The most prominent rate of growth was recorded in 2019 when the import price increased by 38%. Over the period under review, import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per unit), while Australia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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