Singapore: Overhead Travelling Crane Market 2024

Overhead Travelling Crane Market Size in Singapore

For the third consecutive year, the Singaporean overhead travelling crane market recorded decline in sales value, which decreased by -12.1% to $X in 2022. In general, consumption showed a pronounced reduction. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Overhead Travelling Crane Production in Singapore

In value terms, overhead travelling crane production contracted to $X in 2022 estimated in export price. Overall, the total production indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +12.3% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of 47%. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Overhead Travelling Crane Exports

Exports from Singapore

In 2022, shipments abroad of overhead travelling cranes on fixed support was finally on the rise to reach X units for the first time since 2018, thus ending a three-year declining trend. Overall, exports showed a modest expansion. The pace of growth was the most pronounced in 2015 with an increase of 78% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, overhead travelling crane exports surged to $X in 2022. Over the period under review, exports, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2014 with an increase of 41%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X units), India (X units) and China (X units) were the main destinations of overhead travelling crane exports from Singapore, together accounting for 68% of total exports. Indonesia, Qatar, Hong Kong SAR, Malaysia and Myanmar lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for Qatar (with a CAGR of +89.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) remains the key foreign market for overhead travelling cranes on fixed support exports from Singapore, comprising 46% of total exports. The second position in the ranking was taken by China ($X), with a 23% share of total exports. It was followed by India, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia totaled +14.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+3.5% per year) and India (+12.4% per year).

Export Prices by Country

The average overhead travelling crane export price stood at $X per unit in 2022, which is down by -9.8% against the previous year. Over the period under review, the export price showed a perceptible decrease. The growth pace was the most rapid in 2017 when the average export price increased by 44%. Over the period under review, the average export prices attained the maximum at $X per unit in 2013; however, from 2014 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 Indonesia ($X per unit), while the average price for exports to Qatar ($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 Qatar (+14.6%), while the prices for the other major destinations experienced more modest paces of growth.

Overhead Travelling Crane Imports

Imports into Singapore

In 2022, after two years of decline, there was significant growth in overseas purchases of overhead travelling cranes on fixed support, when their volume increased by 15% to X units. Over the period under review, imports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2019 with an increase of 845% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, overhead travelling crane imports surged to $X in 2022. Overall, imports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2019 when imports increased by 930%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, South Korea (X units) constituted the largest overhead travelling crane supplier to Singapore, accounting for a 81% share of total imports. Moreover, overhead travelling crane imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X units), tenfold. The UK (X units) ranked third in terms of total imports with a 5.5% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea amounted to +70.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-8.6% per year) and the UK (-5.2% per year).

In value terms, the largest overhead travelling crane suppliers to Singapore were South Korea ($X), China ($X) and Malaysia ($X), together accounting for 97% of total imports.

Among the main suppliers, South Korea, with a CAGR of +77.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average overhead travelling crane import price stood at $X per unit in 2022, surging by 10% against the previous year. Overall, the import price showed a pronounced increase. The growth pace was the most rapid in 2013 an increase of 344%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the average import prices failed to regain momentum.

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 China ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+23.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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