Norway: Lifting Equipment Market 2024

Lifting Equipment Market Size in Norway

In 2021, after two years of decline, there was significant growth in the Norwegian lifting equipment market, when its value increased by 55% to $X. In general, consumption enjoyed pronounced growth. Lifting equipment consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Lifting Equipment Exports

Exports from Norway

In 2021, exports of lifting equipment from Norway reduced markedly to X units, dropping by -32.8% against the previous year's figure. Over the period under review, exports continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2019 with an increase of 63%. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, lifting equipment exports shrank markedly to $X in 2021. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 94%. Over the period under review, the exports attained the maximum at $X in 2020, and then shrank markedly in the following year.

Exports by Country

Denmark (X units), the UK (X units) and Sweden (X units) were the main destinations of lifting equipment exports from Norway, together accounting for 41% of total exports. Finland, the United States, Poland, France, Ireland, Estonia, Turkey, Lithuania, the Netherlands and Russia lagged somewhat behind, together accounting for a further 50%.

From 2012 to 2021, the biggest increases were recorded for Ireland (with a CAGR of +335.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) remains the key foreign market for lifting equipment exports from Norway, comprising 32% of total exports. The second position in the ranking was taken by the United States ($X), with a 10% share of total exports. It was followed by Turkey, with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the UK amounted to +7.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+16.3% per year) and Turkey (+0.0% per year).

Export Prices by Country

The average lifting equipment export price stood at $X per unit in 2021, surging by 8.2% against the previous year. In general, export price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lifting equipment export price increased by +79.7% against 2017 indices. The most prominent rate of growth was recorded in 2020 an increase of 50% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the average price for exports to Lithuania ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ireland (+103.3%), while the prices for the other major destinations experienced more modest paces of growth.

Lifting Equipment Imports

Imports into Norway

In 2021, after two years of decline, there was significant growth in supplies from abroad of lifting equipment, when their volume increased by 22% to X units. In general, imports, however, continue to indicate a slight downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 59% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, lifting equipment imports expanded remarkably to $X in 2021. Over the period under review, total imports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -5.8% against 2018 indices. The pace of growth appeared the most rapid in 2018 with an increase of 59% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Sweden (X units), the Netherlands (X units) and Germany (X units) were the main suppliers of lifting equipment imports to Norway, with a combined 48% share of total imports. Slovenia, Spain, Italy, Denmark, Bosnia and Herzegovina, Austria, China, the United States, Poland and the UK lagged somewhat behind, together comprising a further 45%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bosnia and Herzegovina (with a CAGR of +80.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Slovenia ($X) constituted the largest supplier of lifting equipment to Norway, comprising 51% of total imports. The second position in the ranking was taken by Italy ($X), with an 8.6% share of total imports. It was followed by the Netherlands, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value from Slovenia amounted to +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+7.6% per year) and the Netherlands (+16.4% per year).

Import Prices by Country

The average lifting equipment import price stood at $X per unit in 2021, reducing by -11.1% against the previous year. Over the period under review, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lifting equipment import price increased by +53.4% against 2017 indices. The most prominent rate of growth was recorded in 2020 an increase of 46%. Over the period under review, average import prices attained the maximum at $X per unit in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Slovenia ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovenia (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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