Canada: Lifting Equipment Market 2024

Lifting Equipment Market Size in Canada

The Canadian lifting equipment market skyrocketed to $X in 2021, growing by 50% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a resilient increase. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Lifting Equipment Exports

Exports from Canada

In 2021, after three years of decline, there was significant growth in overseas shipments of lifting equipment, when their volume increased by 73% to X units. Overall, exports, however, saw a slight setback. The most prominent rate of growth was recorded in 2017 with an increase of 136%. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, lifting equipment exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a noticeable slump. The pace of growth was the most pronounced in 2017 with an increase of 151% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for lifting equipment exports from Canada, accounting for a 92% share of total exports. It was followed by Hong Kong SAR (X units), with a 2% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-12.3% per year) and the Dominican Republic (+21.9% per year).

In value terms, the United States ($X) remains the key foreign market for lifting equipment exports from Canada, comprising 76% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 9.3% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+42.8% per year) and Hong Kong SAR (-26.4% per year).

Export Prices by Country

In 2021, the average lifting equipment export price amounted to $X per unit, with an increase of 1.7% against the previous year. Over the period under review, the export price, however, showed a slight descent. The pace of growth appeared the most rapid in 2020 an increase of 51% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per unit), while the average price for exports to Hong Kong SAR ($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 Dominican Republic (+18.7%), while the prices for the other major destinations experienced mixed trend patterns.

Lifting Equipment Imports

Imports into Canada

In 2021, imports of lifting equipment into Canada soared to X units, surging by 82% compared with the year before. Overall, imports saw a strong expansion. Imports peaked at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, lifting equipment imports surged to $X in 2021. Over the period under review, imports saw moderate growth. The pace of growth was the most pronounced in 2019 with an increase of 87% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of lifting equipment to Canada, with a 82% share of total imports. Moreover, lifting equipment imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), more than tenfold. The third position in this ranking was taken by Italy (X units), with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +17.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-5.1% per year) and Italy (+24.6% per year).

In value terms, the United States ($X), China ($X) and Slovenia ($X) were the largest lifting equipment suppliers to Canada, together comprising 69% of total imports.

In terms of the main suppliers, Slovenia, with a CAGR of +29.2%, 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 2021, the average lifting equipment import price amounted to $X per unit, shrinking by -36.1% against the previous year. In general, the import price saw a abrupt shrinkage. The pace of growth was the most pronounced in 2019 when the average import price increased by 74% against the previous year. As a result, import price attained the peak level of $X per unit. From 2020 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovenia (+19.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :