Singapore: Market for Mechanical Shovels, Excavators And Shovel Loaders 2024

Market Size for Mechanical Shovels, Excavators And Shovel Loaders in Singapore

After two years of growth, the Singaporean mechanical shovel and excavator market decreased by -5.3% to $X in 2021. Overall, consumption recorded a perceptible downturn. Mechanical shovel and excavator consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Mechanical Shovels, Excavators And Shovel Loaders in Singapore

In value terms, mechanical shovel and excavator production declined slightly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a noticeable shrinkage. The pace of growth was the most pronounced in 2017 when the production volume increased by 23%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Mechanical Shovels, Excavators And Shovel Loaders

Exports from Singapore

After two years of decline, overseas shipments of mechanical shovels, excavators and shovel loaders increased by 43% to X units in 2021. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 108% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, mechanical shovel and excavator exports skyrocketed to $X in 2021. Overall, exports, however, showed a abrupt downturn. The pace of growth was the most pronounced in 2017 when exports increased by 86%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X units), Malaysia (X units) and Myanmar (X units) were the main destinations of mechanical shovel and excavator exports from Singapore, with a combined 75% share of total exports. Thailand, the United States, Australia, Bangladesh, the Philippines, Vietnam and Belgium lagged somewhat behind, together comprising a further 13%.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +64.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) remains the key foreign market for mechanical shovels, excavators and shovel loaders exports from Singapore, comprising 35% of total exports. The second position in the ranking was taken by Belgium ($X), with a 9.5% share of total exports. It was followed by Australia, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia stood at -10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+60.9% per year) and Australia (-6.2% per year).

Export Prices by Country

The average mechanical shovel and excavator export price stood at $X per unit in 2021, growing by 17% against the previous year. Overall, the export price, however, recorded a deep setback. The most prominent rate of growth was recorded in 2019 an increase of 90% against the previous year. Over the period under review, the average export prices attained the peak figure 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 Belgium ($X per unit), while the average price for exports to Myanmar ($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 Vietnam (+1.5%), while the prices for the other major destinations experienced a decline.

Imports of Mechanical Shovels, Excavators And Shovel Loaders

Imports into Singapore

In 2021, purchases abroad of mechanical shovels, excavators and shovel loaders was finally on the rise to reach X units after three years of decline. Over the period under review, imports, however, showed a deep slump. The pace of growth was the most pronounced in 2017 when imports increased by 91% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, mechanical shovel and excavator imports skyrocketed to $X in 2021. In general, imports, however, showed a abrupt shrinkage. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Indonesia (X units), Japan (X units) and China (X units) were the main suppliers of mechanical shovel and excavator imports to Singapore, together comprising 65% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +17.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) constituted the largest supplier of mechanical shovels, excavators and shovel loaders to Singapore, comprising 45% of total imports. The second position in the ranking was held by Japan ($X), with a 15% share of total imports. It was followed by South Korea, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia stood at +22.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-16.4% per year) and South Korea (-4.1% per year).

Import Prices by Country

In 2021, the average mechanical shovel and excavator import price amounted to $X per unit, increasing by 13% against the previous year. In general, the import price recorded a noticeable expansion. The growth pace was the most rapid in 2018 when the average import price increased by 67%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+16.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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