Philippines: Pneumatic Elevator Market 2024

Pneumatic Elevator Market Size in the Philippines

The Philippine pneumatic elevator market was finally on the rise to reach $X in 2022, after four years of decline. In general, consumption saw a buoyant expansion. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Pneumatic Elevator Exports

Exports from the Philippines

Pneumatic elevator exports from the Philippines declined slightly to X units in 2022, stabilizing at the previous year's figure. Over the period under review, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 3,025%. Over the period under review, the exports reached the peak figure at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, pneumatic elevator exports soared to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2013 with an increase of 22,943% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Singapore (X units) was the main destination for pneumatic elevator exports from the Philippines, accounting for a 81% share of total exports. Moreover, pneumatic elevator exports to Singapore exceeded the volume sent to the second major destination, Malaysia (X units), sevenfold. The third position in this ranking was taken by Papua New Guinea (X units), with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume to Singapore totaled +2,077.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (0.0% per year) and Papua New Guinea (0.0% per year).

In value terms, Singapore ($X) emerged as the key foreign market for pneumatic elevators and conveyors exports from the Philippines, comprising 54% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 26% share of total exports. It was followed by Malaysia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Singapore totaled +230.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+103.6% per year) and Malaysia (0.0% per year).

Export Prices by Country

The average pneumatic elevator export price stood at $X per unit in 2022, jumping by 283% against the previous year. Over the period under review, the export price, however, saw a perceptible slump. The most prominent rate of growth was recorded in 2013 when the average export price increased by 92,070%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+95,101.5%), while the prices for the other major destinations experienced mixed trend patterns.

Pneumatic Elevator Imports

Imports into the Philippines

In 2022, purchases abroad of pneumatic elevators and conveyors increased by 13% to X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports saw a strong expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 297% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, pneumatic elevator imports totaled $X in 2022. In general, imports recorded a prominent expansion. The pace of growth was the most pronounced in 2014 when imports increased by 266% against the previous year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of pneumatic elevator to the Philippines, accounting for a 69% share of total imports. Moreover, pneumatic elevator imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. The third position in this ranking was taken by South Korea (X units), with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +19.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+29.3% per year) and South Korea (+45.0% per year).

In value terms, China ($X) constituted the largest supplier of pneumatic elevators and conveyors to the Philippines, comprising 63% of total imports. The second position in the ranking was taken by Thailand ($X), with a 10% share of total imports. It was followed by Italy, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +20.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+30.8% per year) and Italy (+18.1% per year).

Import Prices by Country

In 2022, the average pneumatic elevator import price amounted to $X per unit, waning by -6.3% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 70%. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, 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 Italy ($X per unit), while the price for Australia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+2.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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