Philippines: Lifting Equipment Market 2024

Lifting Equipment Market Size in the Philippines

In 2021, the Philippine lifting equipment market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, saw a mild downturn. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Lifting Equipment Production in the Philippines

In value terms, lifting equipment production reached $X in 2021 estimated in export price. Over the period under review, production, however, showed a slight decline. The growth pace was the most rapid in 2013 with an increase of 29%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Lifting Equipment Exports

Exports from the Philippines

In 2021, approx. X units of lifting equipment were exported from the Philippines; with an increase of 87% compared with the previous year's figure. Over the period under review, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 639% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, lifting equipment exports skyrocketed to $X in 2021. In general, exports posted a prominent increase. The pace of growth appeared the most rapid in 2019 with an increase of 472%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Singapore (X units) was the main destination for lifting equipment exports from the Philippines, accounting for a 54% share of total exports. Moreover, lifting equipment exports to Singapore exceeded the volume sent to the second major destination, Hong Kong SAR (X units), threefold. The United Arab Emirates (X units) ranked third in terms of total exports with an 18% share.

From 2012 to 2021, the average annual growth rate of volume to Singapore totaled +51.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-51.7% per year) and the United Arab Emirates (+37.0% per year).

In value terms, Singapore ($X) remains the key foreign market for lifting equipment exports from the Philippines, comprising 56% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 22% share of total exports. It was followed by the United Arab Emirates, with a 9% share.

From 2012 to 2021, the average annual growth rate of value to Singapore stood at +9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-55.0% per year) and the United Arab Emirates (+14.1% per year).

Export Prices by Country

In 2021, the average lifting equipment export price amounted to $X per unit, which is down by -11.3% against the previous year. Overall, the export price continues to indicate a sharp descent. The pace of growth appeared the most rapid in 2016 an increase of 3.8%. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to the United Arab Emirates ($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 Indonesia (+5.8%), while the prices for the other major destinations experienced a decline.

Lifting Equipment Imports

Imports into the Philippines

In 2021, lifting equipment imports into the Philippines soared to X units, rising by 19% compared with the previous year's figure. In general, imports enjoyed a pronounced increase. The growth pace was the most rapid in 2015 with an increase of 2,100%. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, lifting equipment imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate a buoyant increase. The growth pace was the most rapid in 2017 when imports increased by 355%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X units) constituted the largest lifting equipment supplier to the Philippines, accounting for a 63% share of total imports. Moreover, lifting equipment imports from Japan exceeded the figures recorded by the second-largest supplier, Austria (X units), sixfold. The third position in this ranking was taken by India (X units), with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan stood at +36.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+8.0% per year) and India (0.0% per year).

In value terms, Japan ($X) constituted the largest supplier of lifting equipment to the Philippines, comprising 85% of total imports. The second position in the ranking was held by China ($X), with a 3.5% share of total imports. It was followed by Austria, with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled +46.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-5.4% per year) and Austria (-10.4% per year).

Import Prices by Country

The average lifting equipment import price stood at $X per unit in 2021, rising by 3.2% against the previous year. Overall, the import price recorded temperate growth. The most prominent rate of growth was recorded in 2013 an increase of 444% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Belgium ($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 (-4.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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