Singapore: Lift And Hoist Market 2024

Lift And Hoist Market Size in Singapore

After two years of growth, the Singaporean lift and hoist market decreased by -3.7% to $X in 2022. Over the period under review, consumption, however, enjoyed strong growth. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Lift And Hoist Exports

Exports from Singapore

After two years of decline, overseas shipments of lifts and hoists increased by 24% to X units in 2022. Overall, exports, however, faced a sharp slump. The most prominent rate of growth was recorded in 2018 when exports increased by 86%. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, lift and hoist exports soared to $X in 2022. In general, exports, however, faced a dramatic contraction. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Cambodia (X units), Indonesia (X units) and Taiwan (Chinese) (X units) were the main destinations of lift and hoist exports from Singapore, with a combined 69% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Cambodia (with a CAGR of +81.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Cambodia ($X) and Taiwan (Chinese) ($X) were the largest markets for lift and hoist exported from Singapore worldwide, together comprising 65% of total exports.

Cambodia, with a CAGR of +119.7%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average lift and hoist export price stood at $X per unit in 2022, which is down by -2.2% against the previous year. In general, the export price, however, saw a notable expansion. The pace of growth appeared the most rapid in 2013 when the average export price increased by 190% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat 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 Hong Kong SAR ($X per unit), while the average price for exports to Angola ($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 Cambodia (+21.3%), while the prices for the other major destinations experienced more modest paces of growth.

Lift And Hoist Imports

Imports into Singapore

In 2022, approx. X units of lifts and hoists were imported into Singapore; falling by -15.7% on the previous year's figure. In general, imports showed a noticeable contraction. The pace of growth was the most pronounced in 2021 with an increase of 34%. Imports peaked at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, lift and hoist imports expanded sharply to $X in 2022. Overall, imports recorded a noticeable slump. The most prominent rate of growth was recorded in 2013 with an increase of 15% against the previous year. 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 lift and hoist supplier to Singapore, accounting for a 55% share of total imports. Moreover, lift and hoist imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. The third position in this ranking was held by Thailand (X units), with a 4.2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.8% per year) and Thailand (+2.4% per year).

In value terms, China ($X) constituted the largest supplier of lifts and hoists to Singapore, comprising 61% of total imports. The second position in the ranking was taken by Thailand ($X), with a 21% share of total imports. It was followed by Taiwan (Chinese), with a 3% share.

From 2012 to 2022, the average annual growth rate of value from China stood at -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+8.8% per year) and Taiwan (Chinese) (-6.1% per year).

Import Prices by Country

In 2022, the average lift and hoist import price amounted to $X per unit, with an increase of 33% against the previous year. In general, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, lift and hoist import price increased by +108.8% against 2018 indices. The most prominent rate of growth was recorded in 2019 an increase of 46% against the previous year. The import price peaked at $X per unit in 2014; however, from 2015 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 Thailand ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+15.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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