Eastern Asia: Lifting Equipment Market 2024

Lifting Equipment Market Size in Eastern Asia

The East Asian lifting equipment market expanded to $X in 2021, with an increase of 4% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Lifting Equipment Production in Eastern Asia

In value terms, lifting equipment production rose modestly to $X in 2021 estimated in export price. In general, production, however, recorded a mild shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 13% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Lifting Equipment Exports

Exports in Eastern Asia

For the fourth year in a row, Eastern Asia recorded growth in overseas shipments of lifting equipment, which increased by 7.4% to X units in 2021. In general, exports showed a buoyant increase. The pace of growth appeared the most rapid in 2016 when exports increased by 266% against the previous year. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, lifting equipment exports expanded slightly to $X in 2021. Over the period under review, exports, however, saw a perceptible decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 173%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China prevails in exports structure, resulting at X units, which was near 87% of total exports in 2021. It was distantly followed by Japan (X units), creating a 7% share of total exports. South Korea (X units) and Taiwan (Chinese) (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to lifting equipment exports from China stood at +10.2%. At the same time, Taiwan (Chinese) (+29.1%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +29.1% from 2012-2021. South Korea experienced a relatively flat trend pattern. By contrast, Japan (-2.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and Taiwan (Chinese) increased by +13 and +1.9 percentage points, respectively.

In value terms, China ($X), Japan ($X) and South Korea ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 98% share of total exports. These countries were followed by Taiwan (Chinese), which accounted for a further 1.9%.

Among the main exporting countries, Taiwan (Chinese), with a CAGR of +5.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2021, declining by -2.4% against the previous year. In general, the export price showed a deep slump. The pace of growth was the most pronounced in 2013 an increase of 39% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-1.0%), while the other leaders experienced a decline in the export price figures.

Lifting Equipment Imports

Imports in Eastern Asia

In 2021, approx. X units of lifting equipment were imported in Eastern Asia; jumping by 42% against the previous year's figure. Over the period under review, imports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2019 with an increase of 114% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, lifting equipment imports expanded remarkably to $X in 2021. In general, imports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of 29%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Japan was the major importing country with an import of about X units, which finished at 77% of total imports. It was distantly followed by South Korea (X units), generating a 14% share of total imports. China (X units) and Taiwan (Chinese) (X units) followed a long way behind the leaders.

Japan was also the fastest-growing in terms of the lifting equipment imports, with a CAGR of +13.2% from 2012 to 2021. At the same time, South Korea (+4.5%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (-2.4%) and China (-6.4%) illustrated a downward trend over the same period. Japan (+25 p.p.) significantly strengthened its position in terms of the total imports, while Taiwan (Chinese), South Korea and China saw its share reduced by -4.8%, -5.4% and -11.4% from 2012 to 2021, respectively.

In value terms, Japan ($X) constitutes the largest market for imported lifting equipment in Eastern Asia, comprising 65% of total imports. The second position in the ranking was held by China ($X), with a 16% share of total imports. It was followed by South Korea, with an 11% share.

In Japan, lifting equipment imports increased at an average annual rate of +16.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: China (-18.9% per year) and South Korea (-16.2% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per unit, declining by -24.5% against the previous year. Overall, the import price recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2013 an increase of 35% against the previous year. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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