Asia: Underground Continuous-Action Elevator Market 2024

Underground Continuous-Action Elevator Market Size in Asia

In 2021, the Asian underground continuous-action elevator market decreased by -3.4% to $X, falling for the seventh consecutive year after three years of growth. Over the period under review, consumption showed a perceptible curtailment. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Underground Continuous-Action Elevator Production in Asia

In value terms, underground continuous-action elevator production rose slightly to $X in 2021 estimated in export price. Over the period under review, production saw a pronounced curtailment. The most prominent rate of growth was recorded in 2014 when the production volume increased by 5.5%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Underground Continuous-Action Elevator Exports

Exports in Asia

In 2021, overseas shipments of underground continuous-action elevators and conveyors increased by 70% to X units for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, showed a drastic downturn. The volume of export peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, underground continuous-action elevator exports soared to $X in 2021. Overall, exports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2016 when exports increased by 51%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

China dominates exports structure, finishing at X units, which was approx. 88% of total exports in 2021. The following exporters - the United Arab Emirates (X units), South Korea (X units) and Turkey (X units) - together made up 9.4% of total exports.

From 2012 to 2021, average annual rates of growth with regard to underground continuous-action elevator exports from China stood at -4.5%. At the same time, Turkey (+17.1%) and the United Arab Emirates (+5.2%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +17.1% from 2012-2021. By contrast, South Korea (-5.9%) illustrated a downward trend over the same period. China (+5 p.p.), the United Arab Emirates (+2.2 p.p.) and Turkey (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest underground continuous-action elevator supplier in Asia, comprising 83% of total exports. The second position in the ranking was held by South Korea ($X), with a 6.4% share of total exports. It was followed by the United Arab Emirates, with a 3.6% share.

In China, underground continuous-action elevator exports declined by an average annual rate of -15.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: South Korea (-8.0% per year) and the United Arab Emirates (-7.7% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2021, declining by -30.6% against the previous year. Over the period under review, the export price faced a abrupt downturn. The most prominent rate of growth was recorded in 2016 when the export price increased by 16%. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 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 South Korea ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+4.7%), while the other leaders experienced a decline in the export price figures.

Underground Continuous-Action Elevator Imports

Imports in Asia

In 2021, approx. X units of underground continuous-action elevators and conveyors were imported in Asia; rising by 76% against the previous year. Over the period under review, imports, however, continue to indicate a deep setback. The volume of import peaked at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, underground continuous-action elevator imports surged to $X in 2021. In general, imports, however, showed a pronounced downturn. The pace of growth appeared the most rapid in 2017 when imports increased by 63% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Turkey (X units), distantly followed by Uzbekistan (X units), China (X units), Indonesia (X units), Vietnam (X units), Singapore (X units), Hong Kong SAR (X units) and Israel (X units) represented the main importers of underground continuous-action elevators and conveyors, together creating 83% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Uzbekistan (with a CAGR of +343.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported underground continuous-action elevators and conveyors in Asia, comprising 46% of total imports. The second position in the ranking was taken by Indonesia ($X), with an 11% share of total imports. It was followed by Uzbekistan, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to -3.7%. In the other countries, the average annual rates were as follows: Indonesia (+0.9% per year) and Uzbekistan (+358.9% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per unit, waning by -8.7% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the import price increased by 35% against the previous year. As a result, import price reached the peak level of $X per unit, and then shrank in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+14.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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