Latin America and the Caribbean: Lifting Equipment Market 2024

Lifting Equipment Market Size in Latin America and the Caribbean

The Latin American lifting equipment market surged to $X in 2021, rising by 30% against the previous year. The total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +54.4% against 2017 indices. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Lifting Equipment Production in Latin America and the Caribbean

In value terms, lifting equipment production rose to $X in 2021 estimated in export price. The total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.0% against 2019 indices. The growth pace was the most rapid in 2013 when the production volume increased by 105% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Lifting Equipment Exports

Exports in Latin America and the Caribbean

Lifting equipment exports reduced to X units in 2021, which is down by -13.4% compared with the previous year. Overall, exports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2013 with an increase of 2,188%. As a result, the exports attained the peak of X units. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, lifting equipment exports reduced markedly to $X in 2021. Over the period under review, exports continue to indicate a noticeable setback. The pace of growth appeared the most rapid in 2014 when exports increased by 217% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Brazil represented the largest exporter of lifting equipment in Latin America and the Caribbean, with the volume of exports finishing at X units, which was approx. 67% of total exports in 2021. It was distantly followed by Mexico (X units), making up a 15% share of total exports. Colombia (X units), Costa Rica (X units), Chile (X units), Bahamas (X units) and Panama (X units) held a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to lifting equipment exports from Brazil stood at +1.8%. At the same time, Bahamas (+29.9%), Chile (+5.7%) and Colombia (+3.4%) displayed positive paces of growth. Moreover, Bahamas emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +29.9% from 2012-2021. By contrast, Costa Rica (-3.3%), Panama (-5.3%) and Mexico (-21.5%) illustrated a downward trend over the same period. Brazil (+40 p.p.), Colombia (+2 p.p.), Bahamas (+2 p.p.) and Chile (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Mexico saw its share reduced by -47.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest lifting equipment supplier in Latin America and the Caribbean, comprising 83% of total exports. The second position in the ranking was taken by Mexico ($X), with a 3.9% share of total exports. It was followed by Bahamas, with a 3.3% share.

In Brazil, lifting equipment exports shrank by an average annual rate of -2.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Mexico (-6.9% per year) and Bahamas (+50.8% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2021, shrinking by -17.4% against the previous year. Over the period under review, the export price, however, recorded strong growth. The pace of growth was the most pronounced in 2014 an increase of 3,685%. Over the period under review, the export prices attained the peak figure at $X per unit in 2020, and then contracted remarkably in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Bahamas ($X per unit), while Costa Rica ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+18.7%), while the other leaders experienced more modest paces of growth.

Lifting Equipment Imports

Imports in Latin America and the Caribbean

In 2021, purchases abroad of lifting equipment decreased by -89% to X units, falling for the second year in a row after four years of growth. Overall, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2019 with an increase of 243% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, lifting equipment imports soared to $X in 2021. Over the period under review, imports recorded a perceptible curtailment. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Aruba dominates imports structure, accounting for X units, which was approx. 84% of total imports in 2021. It was distantly followed by Mexico (X units), generating a 5.3% share of total imports. The following importers - Argentina (X units), Chile (X units) and Paraguay (X units) - together made up 7.9% of total imports.

Imports into Aruba decreased at an average annual rate of -8.8% from 2012 to 2021. At the same time, Paraguay (+66.9%), Argentina (+28.3%) and Mexico (+9.1%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +66.9% from 2012-2021. By contrast, Chile (-1.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico, Argentina and Paraguay increased by +4.1, +3.3 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest lifting equipment importing markets in Latin America and the Caribbean were Mexico ($X), Chile ($X) and Paraguay ($X), with a combined 43% share of total imports.

In terms of the main importing countries, Paraguay, with a CAGR of +29.4%, recorded 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 2021, the import price in Latin America and the Caribbean amounted to $X per unit, surging by 1,260% against the previous year. Over the period under review, the import price saw a tangible expansion. Over the period under review, import prices hit record highs at $X per unit in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Chile ($X per unit), while Aruba (less than $X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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