Kuwait: Truck Crane Market 2024

Truck Crane Market Size in Kuwait

The Kuwaiti truck crane market was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption, however, continues to indicate a mild decline. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Truck Crane Exports

Exports from Kuwait

In 2021, shipments abroad of truck cranes decreased by -58.1% to X units, falling for the third year in a row after two years of growth. In general, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2013 when exports increased by 3,575% against the previous year. Over the period under review, the exports attained the maximum at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, truck crane exports dropped notably to $X in 2021. Overall, exports, however, saw a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 4,402% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Qatar (X units) and Oman (X units) were the main destinations of truck crane exports from Kuwait.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +8.0%).

In value terms, Qatar ($X) remains the key foreign market for truck cranes exports from Kuwait, comprising 135% of total exports. The second position in the ranking was held by Oman ($X), with a 13% share of total exports. It was followed by Iran, with a 1.9% share.

From 2012 to 2021, the average annual growth rate of value to Qatar amounted to +13.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (+13.0% per year) and Iran (-33.6% per year).

Export Prices by Country

The average truck crane export price stood at $X per unit in 2021, rising by 23% against the previous year. In general, export price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, truck crane export price increased by +58.6% against 2018 indices. The pace of growth was the most pronounced in 2014 when the average export price increased by 44% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, 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 the United Arab Emirates ($X per unit), while the average price for exports to Oman ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Iran (+17.9%), while the prices for the other major destinations experienced more modest paces of growth.

Truck Crane Imports

Imports into Kuwait

After three years of decline, supplies from abroad of truck cranes increased by 102% to X units in 2021. In general, imports continue to indicate a perceptible increase. The pace of growth was the most pronounced in 2013 with an increase of 166%. Imports peaked at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, truck crane imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a noticeable setback. The most prominent rate of growth was recorded in 2013 with an increase of 109% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Germany (X units), Qatar (X units) and Saudi Arabia (X units) were the main suppliers of truck crane imports to Kuwait, together comprising 24% of total imports. The United Arab Emirates, Italy, China, Japan and the United States lagged somewhat behind, together comprising a further 2.5%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +22.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Qatar ($X) constituted the largest supplier of truck cranes to Kuwait, comprising 158% of total imports. The second position in the ranking was taken by Germany ($X), with a 42% share of total imports. It was followed by Italy, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from Qatar amounted to +22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+2.6% per year) and Italy (+38.8% per year).

Import Prices by Country

The average truck crane import price stood at $X per unit in 2021, falling by -10.8% against the previous year. In general, the import price showed a abrupt decline. The pace of growth was the most pronounced in 2020 an increase of 31% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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