Eastern Asia: Market for Lifts, Elevators, Moving Stairways and Draglines 2024

Market Size for Lifts, Elevators, Moving Stairways and Draglines in Eastern Asia

For the fourth consecutive year, the East Asian market for lifts, elevators, moving stairways and draglines recorded decline in sales value, which decreased by -2.7% to $X in 2022. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the market value increased by 7.9%. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Production of Lifts, Elevators, Moving Stairways and Draglines in Eastern Asia

In value terms, lift, elevator, stairway and dragline production contracted slightly to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 7.3% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports in Eastern Asia

For the fourth consecutive year, Eastern Asia recorded growth in overseas shipments of lifts, elevators, moving stairways and draglines, which increased by 9.4% to X units in 2022. Total exports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +7.4% 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 +81.4% against 2016 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 25% against the previous year. The volume of export peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, lift, elevator, stairway and dragline exports rose significantly to $X in 2022. The total export value increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 13% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

China prevails in exports structure, finishing at X units, which was approx. 90% of total exports in 2022. South Korea (X units), Taiwan (Chinese) (X units) and Japan (X units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +9.0% from 2012 to 2022. At the same time, Taiwan (Chinese) (+14.2%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +14.2% from 2012-2022. By contrast, South Korea (-1.9%) and Japan (-6.2%) illustrated a downward trend over the same period. While the share of China (+13 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-5.7 p.p.) and Japan (-8.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest lift, elevator, stairway and dragline supplier in Eastern Asia, comprising 90% of total exports. The second position in the ranking was taken by South Korea ($X), with a 4.9% share of total exports. It was followed by Japan, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +3.2%. In the other countries, the average annual rates were as follows: South Korea (-3.9% per year) and Japan (-8.2% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2022, which is down by -3.9% against the previous year. In general, the export price recorded a abrupt slump. The most prominent rate of growth was recorded in 2015 when the export price increased by 8.2% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per unit), while Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-2.0%), while the other leaders experienced a decline in the export price figures.

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports in Eastern Asia

In 2022, after two years of decline, there was growth in overseas purchases of lifts, elevators, moving stairways and draglines, when their volume increased by 3.2% to X units. Total imports indicated a modest expansion from 2012 to 2022: its volume increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -30.4% against 2019 indices. The growth pace was the most rapid in 2019 when imports increased by 33% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, lift, elevator, stairway and dragline imports shrank to $X in 2022. Overall, imports, however, showed a perceptible reduction. The pace of growth appeared the most rapid in 2019 when imports increased by 18%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

The countries with the highest levels of lift, elevator, stairway and dragline imports in 2022 were China (X units), Taiwan (Chinese) (X units) and South Korea (X units), together resulting at 76% of total import. Japan (X units) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by Hong Kong SAR (9.5%). Macao SAR (X units) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Taiwan (Chinese) (with a CAGR of +6.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Taiwan (Chinese) ($X) were the countries with the highest levels of imports in 2022, together comprising 74% of total imports.

Taiwan (Chinese), with a CAGR of +4.9%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, which is down by -9.6% against the previous year. Over the period under review, the import price recorded a abrupt setback. The most prominent rate of growth was recorded in 2020 when the import price increased by 25%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Macao SAR (+3.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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