Middle East: Underground Continuous-Action Elevator Market 2024

Underground Continuous-Action Elevator Market Size in the Middle East

The Middle Eastern underground continuous-action elevator market reduced markedly to $X in 2021, with a decrease of -86.2% against the previous year. In general, consumption saw a significant decline. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Underground Continuous-Action Elevator Production in the Middle East

In value terms, underground continuous-action elevator production surged to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Underground Continuous-Action Elevator Exports

Exports in the Middle East

For the third consecutive year, the Middle East recorded growth in shipments abroad of underground continuous-action elevators and conveyors, which increased by 86% to X units in 2021. In general, exports saw a resilient increase. The most prominent rate of growth was recorded in 2015 when exports increased by 309%. The volume of export peaked at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, underground continuous-action elevator exports surged to $X in 2021. Over the period under review, exports, however, showed a pronounced decline. The most prominent rate of growth was recorded in 2015 when exports increased by 740% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates represented the major exporting country with an export of about X units, which reached 64% of total exports. It was distantly followed by Turkey (X units), committing a 34% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +17.1%).

In value terms, the United Arab Emirates ($X) and Turkey ($X) were the countries with the highest levels of exports in 2021.

Among the main exporting countries, Turkey, with a CAGR of +22.6%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in the Middle East stood at $X per unit in 2021, with an increase of 76% against the previous year. Over the period under review, the export price, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2015 when the export price increased by 106%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the United Arab Emirates totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+4.7%).

Underground Continuous-Action Elevator Imports

Imports in the Middle East

After three years of decline, overseas purchases of underground continuous-action elevators and conveyors increased by 393% to X units in 2021. Over the period under review, imports, however, recorded a deep downturn. The volume of import peaked at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, underground continuous-action elevator imports skyrocketed to $X in 2021. In general, imports, however, showed a abrupt curtailment. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Turkey was the main importing country with an import of around X units, which reached 71% of total imports. Israel (X units) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Iraq (5.2%). The following importers - Qatar (X units) and Bahrain (X units) - together made up 5.2% of total imports.

From 2012 to 2021, average annual rates of growth with regard to underground continuous-action elevator imports into Turkey stood at -10.7%. At the same time, Iraq (+33.0%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +33.0% from 2012-2021. By contrast, Qatar (-3.4%), Israel (-8.5%) and Bahrain (-12.3%) illustrated a downward trend over the same period. While the share of Iraq (+5 p.p.) and Qatar (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Turkey (-9.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported underground continuous-action elevators and conveyors in the Middle East, comprising 55% of total imports. The second position in the ranking was taken by Israel ($X), with a 25% share of total imports. It was followed by Iraq, with an 8.5% share.

In Turkey, underground continuous-action elevator imports shrank by an average annual rate of -18.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Israel (-13.3% per year) and Iraq (+26.4% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per unit, with a decrease of -52.8% against the previous year. Over the period under review, the import price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2020 an increase of 61%. The level of import peaked at $X per unit in 2014; however, from 2015 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 Iraq ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+10.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :