MENA: Lifting Equipment Market 2024

Lifting Equipment Market Size in MENA

The MENA's lifting equipment market expanded sharply to $X in 2021, increasing by 15% against the previous year. In general, consumption, however, showed a buoyant expansion. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in years to come.

Lifting Equipment Production in MENA

In value terms, lifting equipment production skyrocketed to $X in 2021 estimated in export price. In general, production continues to indicate a prominent increase. The growth pace was the most rapid in 2019 with an increase of 40% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Lifting Equipment Exports

Exports in MENA

In 2021, exports of lifting equipment in MENA contracted to X units, falling by -1.5% against the previous year's figure. In general, exports, however, posted a buoyant expansion. The growth pace was the most rapid in 2013 when exports increased by 504% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, lifting equipment exports contracted to $X in 2021. Overall, exports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2020 when exports increased by 141% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X units) and Turkey (X units) dominates exports structure, together making up 86% of total exports. The following exporters - Oman (X units), Lebanon (X units), Tunisia (X units), Israel (X units) and the United Arab Emirates (X units) - together made up 12% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Saudi Arabia (with a CAGR of +49.9%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) remains the largest lifting equipment supplier in MENA, comprising 46% of total exports. The second position in the ranking was held by Oman ($X), with a 21% share of total exports. It was followed by Saudi Arabia, with a 17% share.

From 2012 to 2021, the average annual growth rate of value in Turkey totaled +9.8%. In the other countries, the average annual rates were as follows: Oman (+28.4% per year) and Saudi Arabia (+41.2% per year).

Export Prices by Country

In 2021, the export price in MENA amounted to $X per unit, which is down by -2.3% against the previous year. In general, the export price, however, recorded a pronounced increase. The most prominent rate of growth was recorded in 2014 when the export price increased by 313%. Over the period under review, the export prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Oman ($X per unit), while Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+15.2%), while the other leaders experienced more modest paces of growth.

Lifting Equipment Imports

Imports in MENA

In 2021, lifting equipment imports in MENA contracted rapidly to X units, with a decrease of -17.3% against 2020 figures. Overall, imports, however, recorded a notable increase. The pace of growth appeared the most rapid in 2020 when imports increased by 433% against the previous year. As a result, imports attained the peak of X units, and then fell rapidly in the following year.

In value terms, lifting equipment imports skyrocketed to $X in 2021. Over the period under review, imports showed a perceptible decline. The most prominent rate of growth was recorded in 2017 with an increase of 57% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Qatar dominates imports structure, finishing at X units, which was near 94% of total imports in 2021. The United Arab Emirates (X units) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to lifting equipment imports into Qatar stood at +2.9%. At the same time, the United Arab Emirates (+5.2%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in MENA, with a CAGR of +5.2% from 2012-2021. Qatar (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported lifting equipment in MENA, comprising 39% of total imports. The second position in the ranking was held by Qatar ($X), with a 1.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to -4.2%.

Import Prices by Country

The import price in MENA stood at $X per unit in 2021, picking up by 54% against the previous year. Over the period under review, the import price, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2015 an increase of 764%. As a result, import price attained the peak level of $X per unit. From 2016 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while Qatar totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+7.5%).

Source: IndexBox Platform