Singapore: Crane Market 2024

Crane Market Size in Singapore

In 2022, the Singaporean crane market increased by 28% to $X, rising for the fourth consecutive year after two years of decline. Over the period under review, consumption, however, saw measured growth. Crane consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Crane Exports

Exports from Singapore

In 2022, approx. X units of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane were exported from Singapore; which is down by -14.4% against 2021. Over the period under review, exports showed a abrupt decrease. The pace of growth was the most pronounced in 2021 with an increase of 45% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, crane exports skyrocketed to $X in 2022. In general, exports saw a deep slump. The pace of growth was the most pronounced in 2021 with an increase of 28%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X units) was the main destination for crane exports from Singapore, accounting for a 34% share of total exports. Moreover, crane exports to Indonesia exceeded the volume sent to the second major destination, Taiwan (Chinese) (X units), twofold. The third position in this ranking was taken by Malaysia (X units), with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Indonesia totaled -16.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+2.9% per year) and Malaysia (-18.2% per year).

In value terms, Indonesia ($X) remains the key foreign market for derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exports from Singapore, comprising 35% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 15% share of total exports. It was followed by Malaysia, with an 8% share.

From 2012 to 2022, the average annual growth rate of value to Indonesia amounted to -12.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+8.0% per year) and Malaysia (-15.1% per year).

Export Prices by Country

The average crane export price stood at $X per unit in 2022, growing by 47% against the previous year. In general, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Thailand ($X per unit) and Saudi Arabia ($X per unit), while the average price for exports to South Korea ($X per unit) and India ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Crane Imports

Imports into Singapore

After three years of growth, overseas purchases of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane decreased by -10.5% to X units in 2022. Over the period under review, imports saw a abrupt slump. The most prominent rate of growth was recorded in 2021 with an increase of 38%. Imports peaked at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, crane imports skyrocketed to $X in 2022. Overall, imports continue to indicate a mild slump. The growth pace was the most rapid in 2021 with an increase of 67%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of crane to Singapore, accounting for a 66% share of total imports. Moreover, crane imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), more than tenfold. Japan (X units) ranked third in terms of total imports with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-16.2% per year) and Japan (-18.7% per year).

In value terms, China ($X) constituted the largest supplier of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane to Singapore, comprising 65% of total imports. The second position in the ranking was taken by Germany ($X), with a 6.8% share of total imports. It was followed by Japan, with a 6% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-11.4% per year) and Japan (-14.5% per year).

Import Prices by Country

In 2022, the average crane import price amounted to $X per unit, with an increase of 67% against the previous year. Overall, import price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crane import price increased by +101.8% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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