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

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

After three years of growth, the Guatemalan market for lifts, elevators, moving stairways and draglines decreased by -2.7% to $X in 2022. Overall, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2021, and then fell in the following year.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports from Guatemala

For the fifth consecutive year, Guatemala recorded growth in shipments abroad of lifts, elevators, moving stairways and draglines, which increased by 52% to X units in 2022. Overall, exports recorded a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 147% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, lift, elevator, stairway and dragline exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 125%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

El Salvador (X units) was the main destination for lift, elevator, stairway and dragline exports from Guatemala, accounting for a 58% share of total exports. Moreover, lift, elevator, stairway and dragline exports to El Salvador exceeded the volume sent to the second major destination, Nicaragua (X units), fourfold. Honduras (X units) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to El Salvador amounted to +15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+25.9% per year) and Honduras (+23.1% per year).

In value terms, El Salvador ($X) emerged as the key foreign market for lifts, elevators, moving stairways and draglines exports from Guatemala, comprising 59% of total exports. The second position in the ranking was held by Nicaragua ($X), with a 16% share of total exports. It was followed by Honduras, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to El Salvador amounted to +10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+17.1% per year) and Honduras (+44.9% per year).

Export Prices by Country

The average export price for lifts, elevators, moving stairways and draglines stood at $X per unit in 2022, rising by 11% against the previous year. Overall, the export price, however, recorded a pronounced setback. The most prominent rate of growth was recorded in 2016 an increase of 25%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Belize ($X per unit), while the average price for exports to Cuba ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Honduras (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports into Guatemala

Lift, elevator, stairway and dragline imports into Guatemala expanded notably to X units in 2022, surging by 7.5% against 2021 figures. Over the period under review, imports recorded a resilient increase. The pace of growth appeared the most rapid in 2019 when imports increased by 47% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, lift, elevator, stairway and dragline imports dropped modestly to $X in 2022. Overall, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +45.7% against 2018 indices. The pace of growth was the most pronounced in 2019 with an increase of 39%. Over the period under review, imports attained the maximum at $X in 2021, and then reduced slightly in the following year.

Imports by Country

China (X units), South Korea (X units) and the United States (X units) were the main suppliers of lift, elevator, stairway and dragline imports to Guatemala, with a combined 80% share of total imports. Japan, Thailand, Brazil and Colombia lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +32.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest lift, elevator, stairway and dragline suppliers to Guatemala were China ($X), South Korea ($X) and the United States ($X), together accounting for 81% of total imports. Japan, Thailand, Brazil and Colombia lagged somewhat behind, together accounting for a further 13%.

Among the main suppliers, Japan, with a CAGR of +27.8%, recorded the highest rates of growth with regard to 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 import price for lifts, elevators, moving stairways and draglines stood at $X per unit in 2022, falling by -9.3% against the previous year. Overall, the import price saw a perceptible contraction. The pace of growth appeared the most rapid in 2021 when the average import price increased by 14% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Colombia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-3.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform