Bangladesh: Lifting Equipment Market 2024

Lifting Equipment Market Size in Bangladesh

In 2021, the Bangladeshi lifting equipment market decreased by -1.7% to $X for the first time since 2016, thus ending a four-year rising trend. Overall, consumption showed a remarkable increase. Lifting equipment consumption peaked at $X in 2020, and then contracted slightly in the following year.

Lifting Equipment Production in Bangladesh

In value terms, lifting equipment production shrank to $X in 2021 estimated in export price. Over the period under review, production enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2018 with an increase of 51%. Over the period under review, production hit record highs at $X in 2020, and then shrank modestly in the following year.

Lifting Equipment Exports

Exports from Bangladesh

In 2021, shipments abroad of lifting equipment increased by 60% to X units, rising for the second year in a row after five years of decline. Overall, exports, however, continue to indicate a significant curtailment. The pace of growth appeared the most rapid in 2020 with an increase of 67% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, lifting equipment exports dropped remarkably to $X in 2021. Over the period under review, exports, however, recorded a perceptible decrease. The most prominent rate of growth was recorded in 2020 with an increase of 1,189% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

France (X units) was the main destination for lifting equipment exports from Bangladesh, with a 63% share of total exports. Moreover, lifting equipment exports to France exceeded the volume sent to the second major destination, India (X units), fivefold.

From 2012 to 2021, the average annual growth rate of volume to France amounted to +25.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (0.0% per year) and Indonesia (0.0% per year).

In value terms, India ($X) remains the key foreign market for lifting equipment exports from Bangladesh, comprising 97% of total exports. The second position in the ranking was held by France ($X), with a 2.5% share of total exports.

From 2012 to 2021, the average annual growth rate of value to India amounted to +18.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-8.2% per year) and Indonesia (0.0% per year).

Export Prices by Country

In 2021, the average lifting equipment export price amounted to $X per unit, which is down by -48.3% against the previous year. Overall, the export price, however, continues to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by 563% against the previous year. As a result, the export price attained the peak level of $X per unit, and then reduced notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+25.9%), while the prices for the other major destinations experienced mixed trend patterns.

Lifting Equipment Imports

Imports into Bangladesh

In 2021, overseas purchases of lifting equipment increased by 118% to X units, rising for the fifth year in a row after two years of decline. Over the period under review, imports enjoyed prominent growth. The most prominent rate of growth was recorded in 2013 when imports increased by 124% against the previous year. Over the period under review, imports attained the peak figure at X units in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, lifting equipment imports surged to $X in 2021. In general, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 281%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Russia (X units), China (X units) and the Netherlands (X units) were the main suppliers of lifting equipment imports to Bangladesh, together accounting for 76% of total imports.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +66.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), China ($X) and the Netherlands ($X) constituted the largest lifting equipment suppliers to Bangladesh, together accounting for 62% of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +61.2%, 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 average lifting equipment import price stood at $X per unit in 2021, rising by 34% against the previous year. In general, the import price showed resilient growth. The growth pace was the most rapid in 2014 when the average import price increased by 95%. Over the period under review, average import prices hit record highs at $X per unit in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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