Eastern Asia: Jacks And Hoists Market 2024

Jacks And Hoists Market Size in Eastern Asia

In 2022, the East Asian jacks and hoists market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 5.6%. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Jacks And Hoists Production in Eastern Asia

In value terms, jacks and hoists production dropped to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by 5.6% against the previous year. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Jacks And Hoists Exports

Exports in Eastern Asia

In 2022, approx. X units of jacks and hoists for raising vehicles were exported in Eastern Asia; falling by -9.4% compared with the previous year's figure. The total export volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 with an increase of 18%. As a result, the exports attained the peak of X units, and then dropped in the following year.

In value terms, jacks and hoists exports fell slightly to $X in 2022. Total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +40.6% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 41% against the previous year. As a result, the exports attained the peak of $X, leveling off in the following year.

Exports by Country

China dominates exports structure, recording X units, which was approx. 96% of total exports in 2022. Japan (X units) followed a long way behind the leaders.

China was also the fastest-growing in terms of the jacks and hoists for raising vehicles exports, with a CAGR of +2.5% from 2012 to 2022. Japan (-3.0%) illustrated a downward trend over the same period. While the share of China (+2.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Japan (-1.7 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest jacks and hoists supplier in Eastern Asia, comprising 93% of total exports. The second position in the ranking was held by Japan ($X), with a 2.7% share of total exports.

In China, jacks and hoists exports increased at an average annual rate of +6.5% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per unit, picking up by 10% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.5%. The pace of growth appeared the most rapid in 2021 when the export price increased by 19%. Over the period under review, the export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per unit), while China amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.9%).

Jacks And Hoists Imports

Imports in Eastern Asia

Jacks and hoists imports dropped markedly to X units in 2022, shrinking by -16.5% on the year before. In general, imports recorded a perceptible descent. The pace of growth was the most pronounced in 2014 with an increase of 28%. The volume of import peaked at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, jacks and hoists imports fell to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 44%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Japan represented the largest importer of jacks and hoists for raising vehicles in Eastern Asia, with the volume of imports recording X units, which was near 74% of total imports in 2022. South Korea (X units) ranks second in terms of the total imports with a 15% share, followed by Taiwan (Chinese) (8.7%).

From 2012 to 2022, average annual rates of growth with regard to jacks and hoists imports into Japan stood at -4.0%. At the same time, Taiwan (Chinese) (+8.6%) and South Korea (+6.6%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +8.6% from 2012-2022. While the share of South Korea (+9 p.p.) and Taiwan (Chinese) (+5.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-8.8 p.p.) displayed negative dynamics.

In value terms, Japan ($X), South Korea ($X) and Taiwan (Chinese) ($X) constituted the countries with the highest levels of imports in 2022, with a combined 71% share of total imports.

Taiwan (Chinese), with a CAGR of +11.8%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, surging by 8.8% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The pace of growth was the most pronounced in 2015 when the import price increased by 29%. The level of import peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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