GCC: Hydraulic Jack Market 2022

Hydraulic Jack Market Size in GCC

The GCC hydraulic jack market stood at $X in 2021, therefore, remained relatively stable against the previous year. In general, consumption recorded a pronounced expansion. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Hydraulic Jack Production in GCC

In value terms, hydraulic jack production skyrocketed to $X in 2021 estimated in export price. Overall, production saw a strong expansion. The pace of growth appeared the most rapid in 2017 when the production volume increased by 123%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Hydraulic Jack Exports

Exports in GCC

In 2021, shipments abroad of hydraulic jacks and hoists for raising vehicles decreased by -21.7% to X units, falling for the second consecutive year after three years of growth. In general, exports continue to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 169%. As a result, the exports attained the peak of X units. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, hydraulic jack exports shrank rapidly to $X in 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 60%. Over the period under review, the exports reached the maximum at $X in 2020, and then reduced remarkably in the following year.

Exports by Country

The United Arab Emirates represented the main exporting country with an export of around X units, which recorded 80% of total exports. It was distantly followed by Saudi Arabia (X units), mixing up a 13% share of total exports. Kuwait (X units) and Oman (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to hydraulic jack exports from the United Arab Emirates stood at -3.4%. At the same time, Kuwait (+27.4%) and Saudi Arabia (+5.8%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +27.4% from 2012-2021. By contrast, Oman (-10.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Saudi Arabia and Kuwait increased by +6.7 and +3.8 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest hydraulic jack supplier in GCC, comprising 64% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 17% share of total exports. It was followed by Saudi Arabia, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates totaled -1.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Kuwait (+31.9% per year) and Saudi Arabia (-2.3% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per unit, dropping by -28% against the previous year. Overall, the export price, however, showed a measured increase. The most prominent rate of growth was recorded in 2020 an increase of 118% against the previous year. As a result, the export price reached the peak level of $X per unit, and then contracted notably in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Kuwait ($X per unit), while Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+6.7%), while the other leaders experienced more modest paces of growth.

Hydraulic Jack Imports

Imports in GCC

In 2021, imports of hydraulic jacks and hoists for raising vehicles in GCC contracted dramatically to X units, dropping by -21.1% on the previous year. Over the period under review, imports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when imports increased by 26% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, hydraulic jack imports contracted significantly to $X in 2021. In general, imports faced a abrupt downturn. The most prominent rate of growth was recorded in 2018 when imports increased by 22% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates was the key importing country with an import of around X units, which resulted at 78% of total imports. Kuwait (X units) ranks second in terms of the total imports with a 10% share, followed by Oman (7.8%). The following importers - Bahrain (X units) and Qatar (X units) - together made up 4.1% of total imports.

From 2012 to 2021, average annual rates of growth with regard to hydraulic jack imports into the United Arab Emirates stood at -8.3%. Kuwait experienced a relatively flat trend pattern. Bahrain (-2.3%), Oman (-4.9%) and Qatar (-20.7%) illustrated a downward trend over the same period. While the share of Kuwait (+5.5 p.p.) and Oman (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the United Arab Emirates (-3.8 p.p.) and Qatar (-4.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported hydraulic jacks and hoists for raising vehicles in GCC, comprising 66% of total imports. The second position in the ranking was held by Qatar ($X), with a 16% share of total imports. It was followed by Kuwait, with an 8% share.

In the United Arab Emirates, hydraulic jack imports declined by an average annual rate of -5.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Qatar (-12.8% per year) and Kuwait (-8.8% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2021, reducing by -33.2% against the previous year. In general, the import price showed a perceptible shrinkage. The pace of growth was the most pronounced in 2018 an increase of 20% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Qatar ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+10.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform