Kuwait: Mounting Lifting Equipment Market 2024

Mounting Lifting Equipment Market Size in Kuwait

The Kuwaiti mounting lifting equipment market declined sharply to $X in 2021, which is down by -28% 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). In general, consumption recorded a abrupt downturn. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Mounting Lifting Equipment Exports

Exports from Kuwait

Mounting lifting equipment exports from Kuwait declined markedly to X units in 2021, waning by -50% on the year before. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 2,000%. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, mounting lifting equipment exports surged to $X in 2021. In general, exports, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2017 with an increase of 6,135%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Oman (X units), Saudi Arabia (X units) and Qatar (X units) were the main destinations of mounting lifting equipment exports from Kuwait.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, Qatar ($X) remains the key foreign market for lifting equipment designed for mounting on road vehicles exports from Kuwait, comprising 66% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 21% share of total exports. It was followed by Oman, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Qatar stood at +31.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+6.2% per year) and Oman (0.0% per year).

Export Prices by Country

In 2021, the average mounting lifting equipment export price amounted to $X per unit, growing by 151% against the previous year. Over the period under review, the export price saw a buoyant expansion. The pace of growth was the most pronounced in 2017 when the average export price increased by 282%. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per unit), while the average price for exports to the United Arab Emirates ($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 Qatar (+12.3%), while the prices for the other major destinations experienced a decline.

Mounting Lifting Equipment Imports

Imports into Kuwait

Mounting lifting equipment imports into Kuwait shrank sharply to X units in 2021, which is down by -43% against the previous year. In general, imports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2015 with an increase of 121% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, mounting lifting equipment imports contracted to $X in 2021. Over the period under review, imports showed a abrupt descent. The pace of growth appeared the most rapid in 2015 with an increase of 107% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Australia (X units) constituted the largest mounting lifting equipment supplier to Kuwait, with a 68% share of total imports. Moreover, mounting lifting equipment imports from Australia exceeded the figures recorded by the second-largest supplier, Italy (X units), eightfold. The third position in this ranking was held by Spain (X units), with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Australia amounted to +11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-22.0% per year) and Spain (-17.8% per year).

In value terms, Australia ($X) constituted the largest supplier of lifting equipment designed for mounting on road vehicles to Kuwait, comprising 63% of total imports. The second position in the ranking was taken by Italy ($X), with an 11% share of total imports. It was followed by the United States, with a 2.8% share.

From 2012 to 2021, the average annual growth rate of value from Australia amounted to +11.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-23.1% per year) and the United States (+16.0% per year).

Import Prices by Country

The average mounting lifting equipment import price stood at $X per unit in 2021, growing by 58% against the previous year. Overall, the import price, however, saw a slight downturn. The most prominent rate of growth was recorded in 2017 when the average import price increased by 77%. As a result, import price reached the peak level of $X per unit. From 2018 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Austria ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :