Kuwait: Market for Mechanical Shovels, Excavators And Shovel Loaders 2024

Market Size for Mechanical Shovels, Excavators And Shovel Loaders in Kuwait

In 2021, the Kuwaiti mechanical shovel and excavator market decreased by -74.8% to $X, falling for the fourth year in a row after four years of growth. Overall, consumption faced a dramatic curtailment. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Exports of Mechanical Shovels, Excavators And Shovel Loaders

Exports from Kuwait

Mechanical shovel and excavator exports from Kuwait soared to X units in 2021, jumping by 4,617% against the previous year's figure. Overall, exports posted a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, mechanical shovel and excavator exports surged to $X in 2021. In general, exports posted a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Egypt (X units) was the main destination for mechanical shovel and excavator exports from Kuwait, with a 94% share of total exports. Moreover, mechanical shovel and excavator exports to Egypt exceeded the volume sent to the second major destination, the United Arab Emirates (X units), more than tenfold. The third position in this ranking was taken by Qatar (X units), with a 1.4% share.

From 2012 to 2021, the average annual growth rate of volume to Egypt totaled +82.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+29.2% per year) and Qatar (+3.7% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for mechanical shovels, excavators and shovel loaders exports from Kuwait, comprising 30% of total exports. The second position in the ranking was held by Qatar ($X), with a 12% share of total exports. It was followed by Saudi Arabia, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates stood at +39.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+34.3% per year) and Saudi Arabia (+8.4% per year).

Export Prices by Country

The average mechanical shovel and excavator export price stood at $X per unit in 2021, declining by -56% against the previous year. In general, the export price showed a abrupt downturn. The pace of growth appeared the most rapid in 2020 an increase of 48% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to Egypt ($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 (+20.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Mechanical Shovels, Excavators And Shovel Loaders

Imports into Kuwait

After three years of decline, supplies from abroad of mechanical shovels, excavators and shovel loaders increased by 21% to X units in 2021. In general, imports, however, recorded a abrupt contraction. The pace of growth was the most pronounced in 2017 with an increase of 85% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, mechanical shovel and excavator imports surged to $X in 2021. Overall, imports, however, faced a drastic downturn. The pace of growth was the most pronounced in 2017 with an increase of 68%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Saudi Arabia (X units) constituted the largest supplier of mechanical shovel and excavator to Kuwait, with a 38% share of total imports. Moreover, mechanical shovel and excavator imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, Germany (X units), fourfold. The third position in this ranking was taken by the United Arab Emirates (X units), with a 4.3% share.

From 2012 to 2021, the average annual growth rate of volume from Saudi Arabia stood at +44.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+244.4% per year) and the United Arab Emirates (+35.1% per year).

In value terms, China ($X), the United Arab Emirates ($X) and Germany ($X) were the largest mechanical shovel and excavator suppliers to Kuwait, with a combined 46% share of total imports. These countries were followed by Japan, Oman, Saudi Arabia and South Korea, which together accounted for a further 9.2%.

Among the main suppliers, Saudi Arabia, with a CAGR of +5.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average mechanical shovel and excavator import price stood at $X per unit in 2021, surging by 6.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2018 an increase of 31%. The import price peaked in 2021 and is likely to see gradual growth in years to come.

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 China ($X per unit), while the price for Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+68.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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