Kuwait: Market for Lifts, Elevators, Moving Stairways and Draglines 2024

Market Size for Lifts, Elevators, Moving Stairways and Draglines in Kuwait

The Kuwaiti market for lifts, elevators, moving stairways and draglines dropped dramatically to $X in 2022, reducing by -29.8% 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 a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.9% 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 +28.0% against 2020 indices. As a result, consumption attained the peak level of $X, and then contracted significantly in the following year.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports from Kuwait

In 2022, exports of lifts, elevators, moving stairways and draglines from Kuwait reduced sharply to X units, waning by -15.4% compared with the year before. Over the period under review, exports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2018 when exports increased by 168% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, lift, elevator, stairway and dragline exports skyrocketed to $X in 2022. In general, exports, however, posted slight growth. The growth pace was the most rapid in 2018 with an increase of 182% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

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

From 2012 to 2022, the average annual rate of growth in terms of volume to Bahrain stood at +18.1%.

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

From 2012 to 2022, the average annual rate of growth in terms of value to Bahrain totaled +3.2%.

Export Prices by Country

In 2022, the average export price for lifts, elevators, moving stairways and draglines amounted to $X per unit, jumping by 59% against the previous year. In general, the export price, however, recorded a abrupt decline. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas 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 stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+10.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports into Kuwait

In 2022, approx. X units of lifts, elevators, moving stairways and draglines were imported into Kuwait; shrinking by -22.6% compared with the previous year's figure. In general, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.9% 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 +38.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 79%. As a result, imports reached the peak of X units, and then dropped rapidly in the following year.

In value terms, lift, elevator, stairway and dragline imports shrank notably to $X in 2022. Overall, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +2.0% 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 +27.6% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 91%. As a result, imports reached the peak of $X, and then dropped remarkably in the following year.

Imports by Country

China (X units), Spain (X units) and Germany (X units) were the main suppliers of lift, elevator, stairway and dragline imports to Kuwait, together comprising 46% of total imports. France, Italy, South Korea, Greece and Singapore lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +24.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Spain ($X) and Germany ($X) appeared to be the largest lift, elevator, stairway and dragline suppliers to Kuwait, with a combined 47% share of total imports. France, Italy, South Korea, Greece and Singapore lagged somewhat behind, together accounting for a further 11%.

Among the main suppliers, France, with a CAGR of +19.8%, 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

In 2022, the average import price for lifts, elevators, moving stairways and draglines amounted to $X per unit, waning by -13.7% against the previous year. In general, the import price continues to indicate a perceptible setback. The growth pace was the most rapid in 2015 when the average import price increased by 25%. As a result, import price attained the peak level of $X per unit. From 2016 to 2022, the average import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were China ($X per unit) and South Korea ($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 Thailand (+3.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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