GCC: Jacks And Hoists Market 2024

Jacks And Hoists Market Size in GCC

The GCC jacks and hoists market totaled $X in 2022, remaining relatively unchanged against the previous year. In general, consumption continues to indicate a pronounced curtailment. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Jacks And Hoists Production in GCC

In value terms, jacks and hoists production reached $X in 2022 estimated in export price. Overall, production saw a perceptible decrease. The most prominent rate of growth was recorded in 2019 when the production volume increased by 29% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Jacks And Hoists Exports

Exports in GCC

For the third consecutive year, GCC recorded decline in shipments abroad of jacks and hoists for raising vehicles, which decreased by -24.7% to X units in 2022. In general, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when exports increased by 64% against the previous year. Over the period under review, the exports attained the maximum at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, jacks and hoists exports expanded to $X in 2022. Overall, exports recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 70%. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates represented the major exporting country with an export of about X units, which finished at 80% of total exports. It was distantly followed by Saudi Arabia (X units), committing a 14% share of total exports. Oman (X units), Kuwait (X units) and Bahrain (X units) followed a long way behind the leaders.

Exports from the United Arab Emirates increased at an average annual rate of +3.5% from 2012 to 2022. At the same time, Saudi Arabia (+11.2%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +11.2% from 2012-2022. By contrast, Oman (-12.1%), Bahrain (-14.5%) and Kuwait (-33.0%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+46 p.p.) and Saudi Arabia (+11 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Bahrain (-2.9 p.p.), Oman (-3.2 p.p.) and Kuwait (-51.1 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest jacks and hoists supplier in GCC, comprising 72% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 19% share of total exports. It was followed by Oman, with a 7% share.

In the United Arab Emirates, jacks and hoists exports expanded at an average annual rate of +1.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (-4.1% per year) and Oman (-11.9% per year).

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, with an increase of 38% against the previous year. Export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, jacks and hoists export price increased by +70.5% against 2018 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+17.5%), while the other leaders experienced more modest paces of growth.

Jacks And Hoists Imports

Imports in GCC

In 2022, the amount of jacks and hoists for raising vehicles imported in GCC dropped to X units, with a decrease of -4% against 2021. Overall, imports, however, posted moderate growth. The pace of growth was the most pronounced in 2021 when imports increased by 156% against the previous year. The volume of import peaked at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, jacks and hoists imports dropped to $X in 2022. Over the period under review, imports saw a deep contraction. The most prominent rate of growth was recorded in 2017 with an increase of 77% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X units) was the key importer of jacks and hoists for raising vehicles, creating 77% of total imports. Qatar (X units) ranks second in terms of the total imports with a 13% share, followed by Kuwait (6%). Bahrain (X units) took a minor share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the jacks and hoists for raising vehicles imports, with a CAGR of +12.1% from 2012 to 2022. At the same time, Bahrain (+1.4%) displayed positive paces of growth. By contrast, Qatar (-3.1%) and Kuwait (-15.0%) illustrated a downward trend over the same period. The United Arab Emirates (+44 p.p.) significantly strengthened its position in terms of the total imports, while Qatar and Kuwait saw its share reduced by -10.2% and -34% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported jacks and hoists for raising vehicles in GCC, comprising 46% of total imports. The second position in the ranking was taken by Qatar ($X), with a 5.6% share of total imports. It was followed by Kuwait, with a 5.1% share.

In the United Arab Emirates, jacks and hoists imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+2.5% per year) and Kuwait (-6.1% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, falling by -7.6% against the previous year. Over the period under review, the import price saw a drastic downturn. The pace of growth appeared the most rapid in 2019 when the import price increased by 83%. Over the period under review, import prices attained the peak figure at $X per unit in 2014; however, from 2015 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 Kuwait ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+10.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform