China: Crane Market 2024

Crane Market Size in China

After two years of decline, the Chinese crane market increased by 4.5% to $X in 2022. Overall, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the market value increased by 6.8% against the previous year. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Crane Production in China

In value terms, crane production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 9.7% against the previous year. Crane production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Crane Exports

Exports from China

In 2022, crane exports from China contracted to X units, reducing by -14% on the previous year. The total export volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 35% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, crane exports surged to $X in 2022. The total export value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 24%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Singapore (X units) was the main destination for crane exports from China, accounting for a 24% share of total exports. Moreover, crane exports to Singapore exceeded the volume sent to the second major destination, India (X units), threefold. The third position in this ranking was taken by Indonesia (X units), with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume to Singapore totaled +20.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-0.4% per year) and Indonesia (+3.7% per year).

In value terms, the largest markets for crane exported from China were Indonesia ($X), Singapore ($X) and India ($X), together accounting for 28% of total exports. Saudi Arabia, Malaysia, Thailand, the United States, Chile, Vietnam, Brazil, Turkey, Iraq and Peru lagged somewhat behind, together accounting for a further 18%.

In terms of the main countries of destination, Chile, with a CAGR of +26.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average crane export price amounted to $X per unit, jumping by 39% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Crane Imports

Imports into China

In 2022, approx. X units of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane were imported into China; with a decrease of -60.1% compared with the previous year's figure. Overall, imports continue to indicate a dramatic decrease. The pace of growth was the most pronounced in 2014 when imports increased by 25% against the previous year. Over the period under review, imports attained the peak figure at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, crane imports dropped to $X in 2022. In general, imports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2014 with an increase of 40%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Germany (X units) constituted the largest supplier of crane to China, accounting for a 25% share of total imports. Moreover, crane imports from Germany exceeded the figures recorded by the second-largest supplier, Norway (X units), twofold. The third position in this ranking was taken by Italy (X units), with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume from Germany stood at -22.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (-19.6% per year) and Italy (-16.4% per year).

In value terms, the largest crane suppliers to China were Germany ($X), Norway ($X) and Italy ($X), with a combined 24% share of total imports. Slovenia, Japan, Thailand, Austria, Poland, South Korea, Singapore, Malaysia, the UK and the United States lagged somewhat behind, together accounting for a further 13%.

In terms of the main suppliers, Thailand, with a CAGR of +68.5%, recorded the highest rates of growth with regard to 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 crane import price stood at $X per unit in 2022, with an increase of 118% against the previous year. Over the period under review, the import price recorded resilient growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+19.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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