Malaysia: Crane Market 2024

Crane Market Size in Malaysia

The Malaysian crane market contracted modestly to $X in 2022, waning by -3.9% against the previous year. The market value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Crane Production in Malaysia

In value terms, crane production fell to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 4,565%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Crane Exports

Exports from Malaysia

In 2022, overseas shipments of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane were finally on the rise to reach X units after three years of decline. In general, exports, however, showed a abrupt descent. The pace of growth appeared the most rapid in 2018 when exports increased by 50%. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, crane exports shrank to $X in 2022. Overall, exports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2014 with an increase of 100%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Australia (X units) was the main destination for crane exports from Malaysia, with a 32% share of total exports. Moreover, crane exports to Australia exceeded the volume sent to the second major destination, Singapore (X units), threefold. The third position in this ranking was taken by Indonesia (X units), with a 6% share.

From 2012 to 2022, the average annual growth rate of volume to Australia stood at +17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-8.2% per year) and Indonesia (-1.8% per year).

In value terms, Australia ($X), Singapore ($X) and Thailand ($X) appeared to be the largest markets for crane exported from Malaysia worldwide, together comprising 40% of total exports. Indonesia, the Philippines, Vietnam, the United States, Turkey, Russia, Bangladesh, Taiwan (Chinese), Iran and Denmark lagged somewhat behind, together accounting for a further 38%.

Denmark, with a CAGR of +38.5%, recorded the highest growth rate of the value of exports, among 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 crane export price amounted to $X per unit, which is down by -20.5% against the previous year. In general, the export price saw a slight decline. The growth pace was the most rapid in 2014 an increase of 39% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the average price for exports to Iran ($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 (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Crane Imports

Imports into Malaysia

Crane imports into Malaysia totaled X units in 2022, increasing by 9% on the year before. Overall, imports, however, continue to indicate a slight contraction. The most prominent rate of growth was recorded in 2013 with an increase of 61%. Over the period under review, imports reached the maximum at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, crane imports reached $X in 2022. Over the period under review, imports, however, recorded a noticeable decrease. The pace of growth appeared the most rapid in 2017 with an increase of 64% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of crane to Malaysia, accounting for a 65% share of total imports. Moreover, crane imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), fivefold. Indonesia (X units) ranked third in terms of total imports with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume from Japan stood at +9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-13.4% per year) and Indonesia (+81.0% per year).

In value terms, Japan ($X) constituted the largest supplier of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane to Malaysia, comprising 59% of total imports. The second position in the ranking was taken by China ($X), with a 12% share of total imports. It was followed by the Philippines, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan amounted to +4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-14.7% per year) and the Philippines (+19.8% per year).

Import Prices by Country

The average crane import price stood at $X per unit in 2022, remaining constant against the previous year. In general, the import price, however, recorded a mild setback. The most prominent rate of growth was recorded in 2016 an increase of 19% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per unit), while the price for Greece ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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