Singapore: Jacks And Hoists Market 2024

Jacks And Hoists Market Size in Singapore

The Singaporean jacks and hoists market surged to $X in 2022, jumping by 212% against the previous year. In general, consumption saw a temperate increase. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Jacks And Hoists Production in Singapore

In value terms, jacks and hoists production rose significantly to $X in 2022 estimated in export price. In general, production, however, saw a noticeable reduction. The pace of growth appeared the most rapid in 2020 when the production volume increased by 36% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Jacks And Hoists Exports

Exports from Singapore

In 2022, shipments abroad of jacks and hoists for raising vehicles was finally on the rise to reach X units after three years of decline. In general, exports posted a strong increase. The growth pace was the most rapid in 2016 with an increase of 243%. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, jacks and hoists exports declined to $X in 2022. Overall, exports, however, continue to indicate a pronounced reduction. The pace of growth appeared the most rapid in 2016 when exports increased by 589%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Malaysia (X units) was the main destination for jacks and hoists exports from Singapore, with a 75% share of total exports. Moreover, jacks and hoists exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X units), ninefold. Australia (X units) ranked third in terms of total exports with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia amounted to +6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+1.1% per year) and Australia (+22.3% per year).

In value terms, Indonesia ($X) remains the key foreign market for jacks and hoists for raising vehicles exports from Singapore, comprising 34% of total exports. The second position in the ranking was held by Malaysia ($X), with an 11% share of total exports. It was followed by the Netherlands, with a 5.1% share.

From 2012 to 2022, the average annual growth rate of value to Indonesia amounted to +3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-9.5% per year) and the Netherlands (-5.3% per year).

Export Prices by Country

The average jacks and hoists export price stood at $X per unit in 2022, reducing by -20.5% against the previous year. In general, the export price showed a deep downturn. The pace of growth was the most pronounced in 2016 when the average export price increased by 101%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the average price for exports to Malaysia ($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 Indonesia (+2.5%), while the prices for the other major destinations experienced a decline.

Jacks And Hoists Imports

Imports into Singapore

In 2022, imports of jacks and hoists for raising vehicles into Singapore shrank to X units, which is down by -13.5% on the year before. Over the period under review, imports saw a noticeable setback. The most prominent rate of growth was recorded in 2016 when imports increased by 830%. As a result, imports reached the peak of X units. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, jacks and hoists imports surged to $X in 2022. In general, imports recorded a pronounced curtailment. The pace of growth was the most pronounced in 2016 when imports increased by 380% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of jacks and hoists to Singapore, accounting for a 58% share of total imports. Moreover, jacks and hoists imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), fourfold. Malaysia (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-1.4% per year) and Malaysia (+12.8% per year).

In value terms, the largest jacks and hoists suppliers to Singapore were France ($X), China ($X) and Germany ($X), with a combined 66% share of total imports. The United States, Malaysia, the UK, Taiwan (Chinese) and Japan lagged somewhat behind, together accounting for a further 21%.

Among the main suppliers, Malaysia, with a CAGR of +2.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average jacks and hoists import price stood at $X per unit in 2022, surging by 68% against the previous year. In general, the import price, however, saw a slight shrinkage. The most prominent rate of growth was recorded in 2019 when the average import price increased by 201%. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 France ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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