India: Lift And Hoist Market 2024

Lift And Hoist Market Size in India

The Indian lift and hoist market dropped dramatically to $X in 2022, with a decrease of -72.4% against the previous year. In general, consumption faced a deep downturn. Over the period under review, the market reached the peak level at $X in 2021, and then shrank dramatically in the following year.

Lift And Hoist Production in India

In value terms, lift and hoist production stood at $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by 11%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Lift And Hoist Exports

Exports from India

For the fifth year in a row, India recorded growth in overseas shipments of lifts and hoists, which increased by 32% to X units in 2022. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 400% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, lift and hoist exports soared to $X in 2022. Overall, exports showed a significant increase. The pace of growth was the most pronounced in 2021 when exports increased by 213%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

The UK (X units) was the main destination for lift and hoist exports from India, with a 66% share of total exports. Moreover, lift and hoist exports to the UK exceeded the volume sent to the second major destination, the United States (X units), threefold. Nepal (X units) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK stood at +96.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+168.0% per year) and Nepal (+30.1% per year).

In value terms, the United States ($X) remains the key foreign market for lifts and hoists exports from India, comprising 66% of total exports. The second position in the ranking was taken by the UK ($X), with a 10% share of total exports. It was followed by Nepal, with a 5% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +213.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+71.5% per year) and Nepal (+29.3% per year).

Export Prices by Country

The average lift and hoist export price stood at $X per unit in 2022, picking up by 43% against the previous year. In general, the export price, however, saw a abrupt decrease. The pace of growth appeared the most rapid in 2015 when the average export price increased by 47% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to the UK ($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 the United States (+17.0%), while the prices for the other major destinations experienced more modest paces of growth.

Lift And Hoist Imports

Imports into India

After two years of decline, overseas purchases of lifts and hoists increased by 36% to X units in 2022. Overall, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 70%. As a result, imports reached the peak of X units. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, lift and hoist imports surged to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of lift and hoist to India, accounting for a 64% share of total imports. Moreover, lift and hoist imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), sixfold. The third position in this ranking was held by the United States (X units), with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+8.2% per year) and the United States (-3.6% per year).

In value terms, China ($X) constituted the largest supplier of lifts and hoists to India, comprising 69% of total imports. The second position in the ranking was held by Thailand ($X), with a 9.3% share of total imports. It was followed by South Korea, with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-5.3% per year) and South Korea (+0.5% per year).

Import Prices by Country

In 2022, the average lift and hoist import price amounted to $X per unit, approximately mirroring the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 43% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2018; however, from 2019 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 Thailand ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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