GCC: Lift And Hoist Market 2024

Lift And Hoist Market Size in GCC

The GCC lift and hoist market amounted to $X in 2022, leveling off at the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Lift And Hoist Production in GCC

In value terms, lift and hoist production amounted to $X in 2022 estimated in export price. Over the period under review, production posted a temperate expansion. The pace of growth was the most pronounced in 2018 with an increase of 41% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Lift And Hoist Exports

Exports in GCC

In 2022, exports of lifts and hoists in GCC soared to X units, increasing by 202% compared with 2021. In general, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 426%. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, lift and hoist exports surged to $X in 2022. Over the period under review, exports saw a strong expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 85% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Saudi Arabia (X units) was the key exporter of lifts and hoists, comprising 57% of total exports. The United Arab Emirates (X units) held the second position in the ranking, distantly followed by Kuwait (X units) and Bahrain (X units). All these countries together took approx. 43% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +57.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Bahrain ($X) constituted the countries with the highest levels of exports in 2022, with a combined 97% share of total exports.

Saudi Arabia, with a CAGR of +52.6%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, which is down by -54.2% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 508% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2022, 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 Saudi Arabia ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+0.1%), while the other leaders experienced a decline in the export price figures.

Lift And Hoist Imports

Imports in GCC

After two years of decline, purchases abroad of lifts and hoists increased by 8.7% to X units in 2022. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 34%. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, lift and hoist imports dropped modestly to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 15%. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Qatar (X units) represented the major importer of lifts and hoists, creating 58% of total imports. The United Arab Emirates (X units) held an 18% share (based on physical terms) of total imports, which put it in second place, followed by Bahrain (15%) and Kuwait (6.3%). Oman (X units) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to lift and hoist imports into Qatar stood at -2.1%. At the same time, Bahrain (+6.7%), Kuwait (+6.1%), the United Arab Emirates (+3.7%) and Oman (+1.3%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +6.7% from 2012-2022. Bahrain (+7 p.p.), the United Arab Emirates (+5.3 p.p.) and Kuwait (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while Qatar saw its share reduced by -15.2% 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 ($X) constitutes the largest market for imported lifts and hoists in GCC, comprising 36% of total imports. The second position in the ranking was taken by Qatar ($X), with a 15% share of total imports. It was followed by Kuwait, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates stood at +3.6%. In the other countries, the average annual rates were as follows: Qatar (-0.1% per year) and Kuwait (+1.7% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, which is down by -9.7% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 22% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the import prices failed to regain momentum.

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

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

Source: IndexBox Platform