Middle East: Lifting Equipment Market 2024

Lifting Equipment Market Size in the Middle East

The Middle Eastern lifting equipment market soared to $X in 2021, growing by 18% against the previous year. In general, consumption, however, saw a resilient expansion. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the near future.

Lifting Equipment Production in the Middle East

In value terms, lifting equipment production soared to $X in 2021 estimated in export price. Over the period under review, production posted a remarkable increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 39% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Lifting Equipment Exports

Exports in the Middle East

In 2021, lifting equipment exports in the Middle East contracted to X units, shrinking by -2.6% compared with the previous year. Over the period under review, exports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2020 with an increase of 136% against the previous year. As a result, the exports attained the peak of X units, and then dropped modestly in the following year.

In value terms, lifting equipment exports shrank to $X in 2021. In general, exports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2020 with an increase of 142%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X units) and Turkey (X units) prevails in exports structure, together committing 88% of total exports. Oman (X units), Lebanon (X units), Israel (X units) and the United Arab Emirates (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Saudi Arabia (with a CAGR of +49.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) remains the largest lifting equipment supplier in the Middle East, comprising 47% of total exports. The second position in the ranking was taken by Oman ($X), with a 22% 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 amounted to +9.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (+28.4% per year) and Saudi Arabia (+41.2% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per unit, which is down by -1.7% against the previous year. Over the period under review, the export price, however, showed a measured expansion. The most prominent rate of growth was recorded in 2015 when the export price increased by 123% against the previous year. As a result, the export price reached the peak level of $X per unit. 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 the Middle East

In 2021, imports of lifting equipment in the Middle East reduced markedly to X units, waning by -18.3% on the year before. Over the period under review, imports, however, enjoyed a pronounced increase. The growth pace was the most rapid in 2020 with an increase of 448%. As a result, imports reached the peak of X units, and then declined notably in the following year.

In value terms, lifting equipment imports surged to $X in 2021. Overall, imports saw a perceptible descent. The most prominent rate of growth was recorded in 2017 when imports increased by 64% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Qatar dominates imports structure, finishing at X units, which was approx. 95% of total imports in 2021. The United Arab Emirates (X units) held a relatively small share of total imports.

Imports into Qatar increased at an average annual rate of +2.9% from 2012 to 2021. 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 the Middle East, with a CAGR of +5.2% from 2012-2021. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported lifting equipment in the Middle East, comprising 47% of total imports. The second position in the ranking was taken by Qatar ($X), with a 1.3% share of total imports.

In the United Arab Emirates, lifting equipment imports shrank by an average annual rate of -4.2% over the period from 2012-2021.

Import Prices by Country

The import price in the Middle East stood at $X per unit in 2021, growing by 41% against the previous year. Over the period under review, the import price, however, showed a drastic downturn. The growth pace was the most rapid in 2015 when the import price increased by 886% against the previous year. As a result, import price attained the peak level of $X per unit. From 2016 to 2021, the import prices remained 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 the United Arab Emirates ($X per unit), while Qatar amounted to $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

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