Middle East: Lift And Hoist Market 2024

Lift And Hoist Market Size in the Middle East

The Middle Eastern lift and hoist market contracted significantly to $X in 2022, falling by -23.7% against the previous year. In general, consumption recorded a abrupt downturn. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Lift And Hoist Production in the Middle East

In value terms, lift and hoist production declined to $X in 2022 estimated in export price. Overall, production, however, saw a measured increase. The pace of growth appeared the most rapid in 2015 when the production volume increased by 46% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Lift And Hoist Exports

Exports in the Middle East

In 2022, exports of lifts and hoists in the Middle East skyrocketed to X units, picking up by 39% on the previous year's figure. Overall, exports posted a resilient expansion. The growth pace was the most rapid in 2020 when exports increased by 76%. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, lift and hoist exports surged to $X in 2022. Over the period under review, exports showed resilient growth. The pace of growth was the most pronounced in 2019 when exports increased by 41%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Turkey dominates exports structure, amounting to X units, which was approx. 87% of total exports in 2022. It was distantly followed by Saudi Arabia (X units), mixing up a 6.7% share of total exports. The United Arab Emirates (X units) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to lift and hoist exports from Turkey stood at +19.4%. At the same time, Saudi Arabia (+57.9%) and the United Arab Emirates (+6.7%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +57.9% from 2012-2022. Turkey (+12 p.p.) and Saudi Arabia (+6.3 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -5.8% from 2012 to 2022, respectively.

In value terms, Turkey ($X) remains the largest lift and hoist supplier in the Middle East, comprising 89% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 6.3% share of total exports.

In Turkey, lift and hoist exports increased at an average annual rate of +16.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+52.6% per year) and the United Arab Emirates (+6.8% per year).

Export Prices by Country

The export price in the Middle East stood at $X per unit in 2022, dropping by -5.9% against the previous year. In general, the export price showed a slight shrinkage. The pace of growth was the most pronounced in 2021 when the export price increased by 54% against the previous year. The level of export peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the United Arab Emirates ($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 United Arab Emirates (+0.1%), while the other leaders experienced a decline in the export price figures.

Lift And Hoist Imports

Imports in the Middle East

In 2022, supplies from abroad of lifts and hoists increased by 1.2% to X units for the first time since 2019, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 25%. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, lift and hoist imports dropped to $X in 2022. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 15% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Qatar represented the main importer of lifts and hoists in the Middle East, with the volume of imports amounting to X units, which was near 43% of total imports in 2022. The United Arab Emirates (X units) ranks second in terms of the total imports with a 13% share, followed by Israel (13%), Bahrain (11%), Turkey (7.6%) and Kuwait (4.7%). Iraq (X units) followed a long way behind the leaders.

Imports into Qatar decreased at an average annual rate of -2.1% from 2012 to 2022. At the same time, Iraq (+11.9%), Israel (+7.6%), Bahrain (+6.7%), Kuwait (+6.1%), the United Arab Emirates (+3.7%) and Turkey (+1.2%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +11.9% from 2012-2022. While the share of Israel (+6 p.p.), Bahrain (+4.7 p.p.), the United Arab Emirates (+3.1 p.p.), Iraq (+1.9 p.p.) and Kuwait (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Qatar (-16 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Israel ($X), the United Arab Emirates ($X) and Turkey ($X) were the countries with the highest levels of imports in 2022, together comprising 55% of total imports.

Among the main importing countries, Israel, with a CAGR of +5.3%, 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

In 2022, the import price in the Middle East amounted to $X per unit, which is down by -10.2% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 16% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, 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 Israel ($X per unit), while Qatar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+2.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :