Singapore: Hydraulic Jack Market 2024

Hydraulic Jack Market Size in Singapore

The Singaporean hydraulic jack market declined remarkably to $X in 2022, with a decrease of -24.5% against the previous year. Overall, consumption, however, continues to indicate a noticeable increase. Hydraulic jack consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Hydraulic Jack Production in Singapore

In value terms, hydraulic jack production reduced to $X in 2022 estimated in export price. Overall, production, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2015 with an increase of 45% against the previous year. Hydraulic jack production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Hydraulic Jack Exports

Exports from Singapore

In 2022, overseas shipments of hydraulic jacks and hoists for raising vehicles increased by 27% to X units, rising for the second year in a row after two years of decline. Overall, exports recorded prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 55%. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, hydraulic jack exports surged to $X in 2022. In general, exports enjoyed a notable increase. The most prominent rate of growth was recorded in 2015 with an increase of 87% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X units) was the main destination for hydraulic jack exports from Singapore, with a 50% share of total exports. Moreover, hydraulic jack exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X units), twofold. Saudi Arabia (X units) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia totaled +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+30.0% per year) and Saudi Arabia (+158.8% per year).

In value terms, Indonesia ($X) remains the key foreign market for hydraulic jacks and hoists for raising vehicles exports from Singapore, comprising 45% of total exports. The second position in the ranking was taken by China ($X), with a 9.6% share of total exports. It was followed by Saudi Arabia, with an 8% share.

From 2012 to 2022, the average annual growth rate of value to Indonesia stood at +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+11.1% per year) and Saudi Arabia (+80.0% per year).

Export Prices by Country

In 2022, the average hydraulic jack export price amounted to $X per unit, jumping by 44% against the previous year. In general, the export price, however, saw a abrupt descent. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, 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 China ($X per unit), while the average price for exports to Malaysia ($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 China (-5.5%), while the prices for the other major destinations experienced a decline.

Hydraulic Jack Imports

Imports into Singapore

In 2022, approx. X units of hydraulic jacks and hoists for raising vehicles were imported into Singapore; remaining relatively unchanged against the previous year's figure. In general, imports showed a perceptible reduction. The pace of growth was the most pronounced in 2015 when imports increased by 35%. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, hydraulic jack imports soared to $X in 2022. Over the period under review, imports showed a deep contraction. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of hydraulic jack to Singapore, accounting for a 46% share of total imports. Moreover, hydraulic jack imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), threefold. Japan (X units) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+10.3% per year) and Japan (-4.1% per year).

In value terms, Belgium ($X) constituted the largest supplier of hydraulic jacks and hoists for raising vehicles to Singapore, comprising 24% of total imports. The second position in the ranking was taken by the United States ($X), with a 12% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium totaled +62.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.0% per year) and China (-15.9% per year).

Import Prices by Country

In 2022, the average hydraulic jack import price amounted to $X per unit, with an increase of 78% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+9.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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