Kuwait: Lift And Hoist Market 2024

Lift And Hoist Market Size in Kuwait

The Kuwaiti lift and hoist market shrank rapidly to $X in 2022, dropping by -22.5% 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, the total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +41.3% against 2020 indices. As a result, consumption reached the peak level of $X, and then shrank rapidly in the following year.

Lift And Hoist Exports

Exports from Kuwait

In 2022, lift and hoist exports from Kuwait fell rapidly to X units, shrinking by -16.9% against the previous year's figure. Overall, exports, however, posted resilient growth. The pace of growth appeared the most rapid in 2018 when exports increased by 210% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, lift and hoist exports skyrocketed to $X in 2022. In general, exports recorded a perceptible decrease. The growth pace was the most rapid in 2018 when exports increased by 197% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Bahrain (X units) was the main destination for lift and hoist exports from Kuwait, with a 90% share of total exports. Moreover, lift and hoist exports to Bahrain exceeded the volume sent to the second major destination, India (X units), ninefold.

From 2012 to 2022, the average annual growth rate of volume to Bahrain stood at +7.4%.

In value terms, Bahrain ($X) remains the key foreign market for lifts and hoists exports from Kuwait, comprising 68% of total exports. The second position in the ranking was held by India ($X), with a 32% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Bahrain amounted to -3.6%.

Export Prices by Country

In 2022, the average lift and hoist export price amounted to $X per unit, increasing by 53% against the previous year. Over the period under review, the export price, however, saw a abrupt decline. The pace of growth was the most pronounced in 2020 an increase of 101% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Bahrain totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.

Lift And Hoist Imports

Imports into Kuwait

In 2022, approx. X units of lifts and hoists were imported into Kuwait; waning by -23.5% compared with the previous year's figure. Over the period under review, imports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 88% against the previous year. As a result, imports reached the peak of X units, and then contracted sharply in the following year.

In value terms, lift and hoist imports fell dramatically to $X in 2022. Overall, total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 +38.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 76%. As a result, imports reached the peak of $X, and then declined remarkably in the following year.

Imports by Country

China (X units), Spain (X units) and France (X units) were the main suppliers of lift and hoist imports to Kuwait, together comprising 44% of total imports. Germany, Italy, South Korea, Greece, Turkey, Sweden, Slovakia, Japan and Singapore lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sweden (with a CAGR of +34.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest lift and hoist suppliers to Kuwait were China ($X), Spain ($X) and France ($X), with a combined 44% share of total imports. Germany, Italy, South Korea, Greece, Turkey, Sweden, Slovakia, Japan and Singapore lagged somewhat behind, together comprising a further 18%.

Among the main suppliers, Sweden, with a CAGR of +26.3%, saw the highest growth rate of 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 lift and hoist import price stood at $X per unit in 2022, surging by 2.5% against the previous year. Overall, the import price, however, showed a noticeable descent. The pace of growth was the most pronounced in 2015 an increase of 32%. Over the period under review, average import prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Japan ($X per unit) and Slovakia ($X per unit), while the price for Singapore ($X per unit) and Germany ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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