Kuwait: Market for Pulley Tackle And Hoists Powered By An Electric Motor 2024

Market Size for Pulley Tackle And Hoists Powered By An Electric Motor in Kuwait

In 2022, the Kuwaiti market for pulley tackle and hoists powered by an electric motor increased by 26% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, saw a deep reduction. Consumption of peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Exports of Pulley Tackle And Hoists Powered By An Electric Motor

Exports from Kuwait

In 2022, the amount of pulley tackle and hoists powered by an electric motor exported from Kuwait reduced remarkably to X units, falling by -28.3% compared with 2021. Over the period under review, exports, however, recorded significant growth. The pace of growth was the most pronounced in 2021 when exports increased by 1,414%. As a result, the exports reached the peak of X units, and then shrank notably in the following year.

In value terms, exports of pulley tackle and hoists powered by an electric motor dropped markedly to $X in 2022. In general, exports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2019 when exports increased by 1,656% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Germany (X units) was the main destination for exports of pulley tackle and hoists powered by an electric motor from Kuwait, with a 66% share of total exports. Moreover, exports of pulley tackle and hoists powered by an electric motor to Germany exceeded the volume sent to the second major destination, South Korea (X units), fourfold. The United States (X units) ranked third in terms of total exports with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume to Germany amounted to +47.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+21.5% per year) and the United States (+19.6% per year).

In value terms, Germany ($X), the United States ($X) and South Korea ($X) constituted the largest markets for pulley tackle and hoists powered by an electric motor exported from Kuwait worldwide, with a combined 97% share of total exports.

The United States, with a CAGR of +145.6%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for pulley tackle and hoists powered by an electric motor amounted to $X per unit, shrinking by -24.2% against the previous year. In general, the export price, however, enjoyed a perceptible expansion. The most prominent rate of growth was recorded in 2019 when the average export price increased by 485% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Oman ($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 the United States (+105.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Pulley Tackle And Hoists Powered By An Electric Motor

Imports into Kuwait

In 2022, after three years of decline, there was growth in supplies from abroad of pulley tackle and hoists powered by an electric motor, when their volume increased by 0.4% to X units. Over the period under review, imports, however, saw a perceptible contraction. The pace of growth was the most pronounced in 2015 with an increase of 155%. Over the period under review, imports of reached the peak figure at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, imports of pulley tackle and hoists powered by an electric motor surged to $X in 2022. Overall, imports, however, showed a abrupt slump. The growth pace was the most rapid in 2016 when imports increased by 125% against the previous year. Over the period under review, imports of hit record highs at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Italy (X units), China (X units) and Germany (X units) were the main suppliers of imports of pulley tackle and hoists powered by an electric motor to Kuwait, together comprising 70% of total imports. Turkey, Brazil, Malaysia, Spain, Estonia, the UK, South Korea, Taiwan (Chinese) and the Netherlands lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +47.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest pulley tackle and hoists powered by an electric motor suppliers to Kuwait were Germany ($X), Malaysia ($X) and China ($X), with a combined 63% share of total imports.

In terms of the main suppliers, China, with a CAGR of +27.3%, recorded the highest rates of growth with regard to 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 import price for pulley tackle and hoists powered by an electric motor stood at $X per unit in 2022, increasing by 54% against the previous year. Overall, the import price, however, showed a abrupt descent. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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