Finland: Lifting Equipment Market 2024

Lifting Equipment Market Size in Finland

The Finnish lifting equipment market dropped to $X in 2021, shrinking by -7.3% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Lifting Equipment Production in Finland

In value terms, lifting equipment production contracted notably to $X in 2021 estimated in export price. In general, production, however, showed strong growth. The growth pace was the most rapid in 2018 when the production volume increased by 99% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Lifting Equipment Exports

Exports from Finland

In 2021, overseas shipments of lifting equipment decreased by -53.6% to X units, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 985%. As a result, the exports reached the peak of X units. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, lifting equipment exports dropped dramatically to $X in 2021. Overall, exports saw a abrupt contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 221%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X units), Germany (X units) and Russia (X units) were the main destinations of lifting equipment exports from Finland, with a combined 58% share of total exports. These countries were followed by Iceland, the United States, Norway and Argentina, which together accounted for a further 34%.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +55.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Argentina ($X) and Norway ($X) were the largest markets for lifting equipment exported from Finland worldwide, with a combined 57% share of total exports. The United States, Iceland, Russia and Germany lagged somewhat behind, together comprising a further 35%.

Among the main countries of destination, the United States, with a CAGR of +57.4%, recorded the highest rates of growth with regard to 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

The average lifting equipment export price stood at $X per unit in 2021, rising by 24% against the previous year. Over the period under review, the export price, however, saw a deep reduction. The most prominent rate of growth was recorded in 2018 when the average export price increased by 73%. As a result, the export price reached the peak level of $X per unit. From 2019 to 2021, the average 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 Argentina ($X per unit), while the average price for exports to Germany ($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 Iceland (+18.4%), while the prices for the other major destinations experienced mixed trend patterns.

Lifting Equipment Imports

Imports into Finland

In 2021, overseas purchases of lifting equipment decreased by -27.5% to X units, falling for the second year in a row after two years of growth. In general, imports saw a perceptible decrease. The most prominent rate of growth was recorded in 2019 with an increase of 368%. Imports peaked at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, lifting equipment imports reduced to $X in 2021. Overall, imports saw a drastic downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 168%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, the Netherlands (X units) constituted the largest lifting equipment supplier to Finland, accounting for a 44% share of total imports. Moreover, lifting equipment imports from the Netherlands exceeded the figures recorded by the second-largest supplier, New Zealand (X units), threefold. The third position in this ranking was taken by Norway (X units), with a 9.7% share.

From 2012 to 2021, the average annual growth rate of volume from the Netherlands totaled +54.4%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+22.0% per year) and Norway (+0.5% per year).

In value terms, the Netherlands ($X), Germany ($X) and Sweden ($X) constituted the largest lifting equipment suppliers to Finland, with a combined 56% share of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +48.4%, 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

The average lifting equipment import price stood at $X per unit in 2021, picking up by 20% against the previous year. In general, the import price, however, saw a noticeable contraction. The pace of growth appeared the most rapid in 2020 when the average import price increased by 86% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2017; however, from 2018 to 2021, 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 Germany ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+13.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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