GCC: Market for Lifts, Elevators, Moving Stairways and Draglines 2024

Market Size for Lifts, Elevators, Moving Stairways and Draglines in GCC

The GCC market for lifts, elevators, moving stairways and draglines reduced rapidly to $X in 2022, which is down by -15% against the previous year. Over the period under review, consumption, however, enjoyed a buoyant increase. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Lifts, Elevators, Moving Stairways and Draglines in GCC

In value terms, lift, elevator, stairway and dragline production dropped to $X in 2022 estimated in export price. Overall, production, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of 103% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports in GCC

In 2022, approx. X units of lifts, elevators, moving stairways and draglines were exported in GCC; jumping by 24% on 2021. Overall, exports saw a remarkable increase. The most prominent rate of growth was recorded in 2014 when exports increased by 114%. The volume of export peaked at X units in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, lift, elevator, stairway and dragline exports skyrocketed to $X in 2022. Over the period under review, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2017 when exports increased by 162% 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

The shipments of the four major exporters of lifts, elevators, moving stairways and draglines, namely the United Arab Emirates, Saudi Arabia, Bahrain and Kuwait, represented more than two-thirds of total export.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +32.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Kuwait ($X) constituted the countries with the highest levels of exports in 2022, together comprising 96% of total exports.

Among the main exporting countries, Saudi Arabia, with a CAGR of +29.5%, saw the highest growth rate of 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 export price in GCC stood at $X per unit in 2022, waning by -5.4% against the previous year. Export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, lift, elevator, stairway and dragline export price increased by +99.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 111% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.0%), while the other leaders experienced mixed trends in the export price figures.

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports in GCC

In 2022, supplies from abroad of lifts, elevators, moving stairways and draglines decreased by -19.3% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, saw a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of 46% against the previous year. As a result, imports reached the peak of X units. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, lift, elevator, stairway and dragline imports dropped remarkably to $X in 2022. Overall, imports continue to indicate a perceptible decrease. The pace of growth was the most pronounced in 2017 with an increase of 16% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X units) and Qatar (X units) represented roughly 73% of total imports in 2022. Bahrain (X units) held an 18% share (based on physical terms) of total imports, which put it in second place, followed by Kuwait (7%). Oman (X units) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of +8.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Qatar ($X) and Kuwait ($X) constituted the countries with the highest levels of imports in 2022, with a combined 58% share of total imports.

Kuwait, with a CAGR of +2.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, surging by 5.2% against the previous year. Over the period under review, the import price, however, recorded a deep reduction. The pace of growth appeared the most rapid in 2018 when the import price increased by 54%. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: 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 (-3.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform