Singapore: Lifting Equipment Market 2024

Lifting Equipment Market Size in Singapore

After two years of decline, the Singaporean lifting equipment market increased by 1,259% to $X in 2021. Over the period under review, consumption recorded significant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Lifting Equipment Production in Singapore

In value terms, lifting equipment production skyrocketed to $X in 2021 estimated in export price. In general, production, however, saw a relatively flat trend pattern. Lifting equipment production peaked at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Lifting Equipment Exports

Exports from Singapore

Lifting equipment exports from Singapore reduced to X units in 2021, shrinking by -8.1% on 2020 figures. In general, exports continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2019 with an increase of 385% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, lifting equipment exports expanded sharply to $X in 2021. Over the period under review, exports recorded a significant curtailment. The pace of growth was the most pronounced in 2019 when exports increased by 394%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X units) was the main destination for lifting equipment exports from Singapore, accounting for a 82% share of total exports. Moreover, lifting equipment exports to Indonesia exceeded the volume sent to the second major destination, Saudi Arabia (X units), more than tenfold. Canada (X units) ranked third in terms of total exports with a 2.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia stood at +1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+81.1% per year) and Canada (+88.0% per year).

In value terms, Indonesia ($X) remains the key foreign market for lifting equipment exports from Singapore, comprising 49% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 14% share of total exports. It was followed by Canada, with a 5.9% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia stood at -17.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+299.3% per year) and Canada (+216.6% per year).

Export Prices by Country

In 2021, the average lifting equipment export price amounted to $X per unit, rising by 20% against the previous year. In general, the export price, however, showed a abrupt slump. The pace of growth was the most pronounced in 2014 when the average export price increased by 310%. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to China ($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 Saudi Arabia (+124.3%), while the prices for the other major destinations experienced mixed trend patterns.

Lifting Equipment Imports

Imports into Singapore

In 2021, purchases abroad of lifting equipment was finally on the rise to reach X units after two years of decline. In general, imports saw significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lifting equipment imports surged to $X in 2021. Overall, imports, however, continue to indicate a deep slump. The pace of growth was the most pronounced in 2016 when imports increased by 59%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Germany (X units), China (X units) and the United States (X units) were the main suppliers of lifting equipment imports to Singapore, with a combined 60% share of total imports. These countries were followed by Norway, Poland, Austria, the UK, Japan, Malaysia and Sweden, which together accounted for a further 29%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +86.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Norway ($X) and Poland ($X) were the largest lifting equipment suppliers to Singapore, together accounting for 66% of total imports.

Norway, with a CAGR of +19.0%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average lifting equipment import price amounted to $X per unit, declining by -86.3% against the previous year. In general, the import price recorded a dramatic descent. The pace of growth was the most pronounced in 2016 when the average import price increased by 248%. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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 Norway ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-8.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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