Kuwait: Crane Market 2024

Crane Market Size in Kuwait

The Kuwaiti crane market fell significantly to $X in 2022, dropping by -18.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a deep downturn. Crane consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Crane Exports

Exports from Kuwait

In 2022, overseas shipments of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane decreased by -16.5% to X units for the first time since 2014, thus ending a seven-year rising trend. In general, exports, however, continue to indicate buoyant growth. The pace of growth was the most pronounced in 2019 with an increase of 66% against the previous year. The exports peaked at X units in 2021, and then contracted dramatically in the following year.

In value terms, crane exports shrank to $X in 2022. Over the period under review, exports, however, posted strong growth. The growth pace was the most rapid in 2015 with an increase of 34%. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

The United Arab Emirates (X units), Saudi Arabia (X units) and Qatar (X units) were the main destinations of crane exports from Kuwait, together accounting for 68% of total exports. India, Oman, Nigeria, Taiwan (Chinese), Singapore, Iran, Egypt, Italy and Belgium lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Oman (with a CAGR of +65.5%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the key foreign market for derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exports from Kuwait, comprising 39% of total exports. The second position in the ranking was taken by Qatar ($X), with a 13% share of total exports. It was followed by Saudi Arabia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates totaled +30.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+51.8% per year) and Saudi Arabia (-0.3% per year).

Export Prices by Country

The average crane export price stood at $X per unit in 2022, growing by 4.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2013 an increase of 46%. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Iran ($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 India (+20.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crane Imports

Imports into Kuwait

In 2022, crane imports into Kuwait fell sharply to X units, which is down by -19.2% compared with 2021. Overall, imports saw a abrupt contraction. The pace of growth was the most pronounced in 2015 with an increase of 66% against the previous year. Over the period under review, imports reached the peak figure at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, crane imports contracted notably to $X in 2022. In general, imports recorded a deep slump. The pace of growth appeared the most rapid in 2021 when imports increased by 58%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Germany (X units) constituted the largest supplier of crane to Kuwait, with a 47% share of total imports. Moreover, crane imports from Germany exceeded the figures recorded by the second-largest supplier, Japan (X units), fivefold. The third position in this ranking was held by Oman (X units), with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +44.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-8.7% per year) and Oman (-8.6% per year).

In value terms, Germany ($X) constituted the largest supplier of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane to Kuwait, comprising 61% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 5.2% share of total imports. It was followed by Japan, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +50.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+42.8% per year) and Japan (-16.1% per year).

Import Prices by Country

In 2022, the average crane import price amounted to $X per unit, remaining constant against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 32%. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, 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 ($X per unit), while the price for Oman ($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 Netherlands (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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