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

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

The Asia-Pacific market for lifts, elevators, moving stairways and draglines reduced modestly to $X in 2022, which is down by -4.1% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

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

In value terms, lift, elevator, stairway and dragline production declined modestly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by 7.7%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports in Asia-Pacific

Lift, elevator, stairway and dragline exports soared to X units in 2022, growing by 33% against 2021 figures. Overall, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2021 when exports increased by 48%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

In value terms, lift, elevator, stairway and dragline exports expanded markedly to $X in 2022. The total export value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 12% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

India represented the key exporter of lifts, elevators, moving stairways and draglines in Asia-Pacific, with the volume of exports recording X units, which was approx. 56% of total exports in 2022. It was distantly followed by China (X units), making up a 34% share of total exports. Thailand (X units) and Australia (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +28.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest lift, elevator, stairway and dragline supplier in Asia-Pacific, comprising 78% of total exports. The second position in the ranking was held by Thailand ($X), with a 6.2% share of total exports. It was followed by India, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +3.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (-5.6% per year) and India (+22.2% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per unit, waning by -20.8% against the previous year. Overall, the export price continues to indicate a deep slump. The most prominent rate of growth was recorded in 2015 an increase of 14% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2012; however, from 2013 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 Thailand ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (-2.5%), while the other leaders experienced a decline in the export price figures.

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports in Asia-Pacific

In 2022, the amount of lifts, elevators, moving stairways and draglines imported in Asia-Pacific soared to X units, increasing by 20% compared with 2021 figures. Total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +7.6% 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 +38.4% against 2020 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 20%. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, lift, elevator, stairway and dragline imports rose to $X in 2022. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 13% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

India (X units) and Singapore (X units) represented the largest importers of lifts, elevators, moving stairways and draglines in 2022, resulting at near 29% and 25% of total imports, respectively. Australia (X units) took the next position in the ranking, followed by Malaysia (X units), Thailand (X units) and the Philippines (X units). All these countries together held near 25% share of total imports. Vietnam (X units), Bangladesh (X units), Indonesia (X units), Nepal (X units) and China (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Nepal (with a CAGR of +29.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lift, elevator, stairway and dragline importing markets in Asia-Pacific were Australia ($X), India ($X) and Vietnam ($X), together comprising 34% of total imports. Indonesia, Malaysia, Bangladesh, China, Singapore, the Philippines, Thailand and Nepal lagged somewhat behind, together accounting for a further 45%.

Among 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

The import price in Asia-Pacific stood at $X per unit in 2022, which is down by -12.9% against the previous year. Over the period under review, the import price continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2013 when the import price increased by 7.6% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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