Singapore: Pneumatic Elevator Market 2024

Pneumatic Elevator Market Size in Singapore

In 2022, the Singaporean pneumatic elevator market decreased by -14.6% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, showed a strong expansion. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Pneumatic Elevator Exports

Exports from Singapore

Pneumatic elevator exports from Singapore shrank dramatically to X units in 2022, with a decrease of -47.8% on 2021. Overall, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2016 when exports increased by 115% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, pneumatic elevator exports fell dramatically to $X in 2022. In general, exports continue to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2015 with an increase of 73%. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X units) was the main destination for pneumatic elevator exports from Singapore, accounting for a 57% share of total exports. Moreover, pneumatic elevator exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X units), threefold. China (X units) ranked third in terms of total exports with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia totaled -5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-1.3% per year) and China (+19.3% per year).

In value terms, Indonesia ($X) remains the key foreign market for pneumatic elevators and conveyors exports from Singapore, comprising 46% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 15% share of total exports. It was followed by China, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia amounted to +6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-3.5% per year) and China (+17.2% per year).

Export Prices by Country

In 2022, the average pneumatic elevator export price amounted to $X per unit, increasing by 26% against the previous year. In general, the export price posted prominent growth. The growth pace was the most rapid in 2017 when the average export price increased by 87% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while the average price for exports to South Korea ($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 the Philippines (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.

Pneumatic Elevator Imports

Imports into Singapore

After two years of growth, supplies from abroad of pneumatic elevators and conveyors decreased by -22.7% to X units in 2022. Over the period under review, imports, however, posted strong growth. The pace of growth was the most pronounced in 2021 when imports increased by 109% against the previous year. As a result, imports reached the peak of X units, and then declined sharply in the following year.

In value terms, pneumatic elevator imports reduced to $X in 2022. In general, imports saw a deep contraction. The growth pace was the most rapid in 2015 with an increase of 105% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of pneumatic elevator to Singapore, accounting for a 68% share of total imports. Moreover, pneumatic elevator imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), fivefold. The third position in this ranking was taken by the Netherlands (X units), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +23.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-2.9% per year) and the Netherlands (+22.2% per year).

In value terms, the largest pneumatic elevator suppliers to Singapore were China ($X), Germany ($X) and India ($X), together comprising 64% of total imports.

India, with a CAGR of +62.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average pneumatic elevator import price stood at $X per unit in 2022, with an increase of 21% against the previous year. Overall, the import price, however, showed a abrupt decline. The pace of growth was the most pronounced in 2015 an increase of 77%. As a result, import price reached the peak level of $X per unit. From 2016 to 2022, the average import prices remained at a somewhat 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 the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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