Singapore: Underground Continuous-Action Elevator Market 2024

Underground Continuous-Action Elevator Market Size in Singapore

In 2021, the Singaporean underground continuous-action elevator market increased by 80% to $X, rising for the third year in a row after six years of decline. Overall, consumption, however, showed a noticeable setback. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Underground Continuous-Action Elevator Production in Singapore

In value terms, underground continuous-action elevator production rose markedly to $X in 2021 estimated in export price. Overall, production, however, saw a deep downturn. Underground continuous-action elevator production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Underground Continuous-Action Elevator Exports

Exports from Singapore

After four years of decline, shipments abroad of underground continuous-action elevators and conveyors increased by 5.3% to X units in 2021. Over the period under review, exports, however, continue to indicate a dramatic slump. The most prominent rate of growth was recorded in 2014 with an increase of 136% against the previous year. As a result, the exports attained the peak of X units. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, underground continuous-action elevator exports contracted to $X in 2021. Overall, exports, however, continue to indicate a sharp shrinkage. The growth pace was the most rapid in 2014 when exports increased by 114% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X units) was the main destination for underground continuous-action elevator exports from Singapore, accounting for a 79% share of total exports. Moreover, underground continuous-action elevator exports to Malaysia exceeded the volume sent to the second major destination, India (X units), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia totaled -16.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+23.3% per year) and Saudi Arabia (0.0% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for underground continuous-action elevators and conveyors exports from Singapore, comprising 69% of total exports. The second position in the ranking was held by India ($X), with a 29% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Malaysia amounted to -15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+33.7% per year) and Saudi Arabia (0.0% per year).

Export Prices by Country

In 2021, the average underground continuous-action elevator export price amounted to $X per unit, with a decrease of -8.8% against the previous year. Overall, export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, underground continuous-action elevator export price increased by +80.9% against 2017 indices. The most prominent rate of growth was recorded in 2019 an increase of 41% against the previous year. The export price peaked at $X per unit in 2020, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Saudi Arabia ($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 India (+8.4%), while the prices for the other major destinations experienced more modest paces of growth.

Underground Continuous-Action Elevator Imports

Imports into Singapore

In 2021, overseas purchases of underground continuous-action elevators and conveyors increased by 350% to X units, rising for the second year in a row after five years of decline. In general, imports continue to indicate a mild increase. The most prominent rate of growth was recorded in 2020 with an increase of 706% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, underground continuous-action elevator imports soared to $X in 2021. Over the period under review, imports, however, showed a perceptible setback. The most prominent rate of growth was recorded in 2020 with an increase of 960% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Switzerland (X units) constituted the largest supplier of underground continuous-action elevator to Singapore, accounting for a 75% share of total imports. Moreover, underground continuous-action elevator imports from Switzerland exceeded the figures recorded by the second-largest supplier, Germany (X units), more than tenfold. The United States (X units) ranked third in terms of total imports with a 4.8% share.

From 2012 to 2021, the average annual growth rate of volume from Switzerland totaled +105.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-12.9% per year) and the United States (+10.8% per year).

In value terms, Switzerland ($X) constituted the largest supplier of underground continuous-action elevators and conveyors to Singapore, comprising 75% of total imports. The second position in the ranking was taken by Germany ($X), with a 6.5% share of total imports. It was followed by the United States, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland stood at +96.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-16.8% per year) and the United States (+5.8% per year).

Import Prices by Country

The average underground continuous-action elevator import price stood at $X per unit in 2021, picking up by 24% against the previous year. In general, the import price, however, saw a pronounced slump. The most prominent rate of growth was recorded in 2020 an increase of 32% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per unit), while the price for Japan ($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) (-2.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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