South-Eastern Asia: Lifting Equipment Market 2024

Lifting Equipment Market Size in South-Eastern Asia

After two years of decline, the Southeast Asian lifting equipment market increased by 15% to $X in 2021. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Lifting Equipment Production in South-Eastern Asia

In value terms, lifting equipment production rose modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a mild decrease. The most prominent rate of growth was recorded in 2013 with an increase of 26%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Lifting Equipment Exports

Exports in South-Eastern Asia

In 2021, lifting equipment exports in South-Eastern Asia declined modestly to X units, therefore, remained relatively stable against 2020 figures. Over the period under review, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 272%. Over the period under review, the exports hit record highs at X units in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, lifting equipment exports surged to $X in 2021. Overall, exports recorded a deep slump. The growth pace was the most rapid in 2019 with an increase of 167% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Vietnam (X units) was the largest exporter of lifting equipment, mixing up 50% of total exports. It was distantly followed by Singapore (X units) and the Philippines (X units), together mixing up a 39% share of total exports. Malaysia (X units), Thailand (X units) and Indonesia (X units) held a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Philippines (with a CAGR of +44.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest lifting equipment supplying countries in South-Eastern Asia were Singapore ($X), Vietnam ($X) and Indonesia ($X), together comprising 77% of total exports.

Indonesia, with a CAGR of +39.9%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per unit, growing by 18% against the previous year. Over the period under review, the export price, however, saw a abrupt setback. The pace of growth appeared the most rapid in 2014 an increase of 177% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+27.2%), while the other leaders experienced a decline in the export price figures.

Lifting Equipment Imports

Imports in South-Eastern Asia

In 2021, supplies from abroad of lifting equipment was finally on the rise to reach X units after two years of decline. Overall, imports saw prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lifting equipment imports skyrocketed to $X in 2021. In general, imports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2018 when imports increased by 32% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Singapore prevails in imports structure, resulting at X units, which was near 68% of total imports in 2021. Indonesia (X units) took a 9.2% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (8.6%), Vietnam (8%) and Malaysia (4.7%).

From 2012 to 2021, average annual rates of growth with regard to lifting equipment imports into Singapore stood at +21.5%. At the same time, Vietnam (+25.1%) and Thailand (+1.8%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +25.1% from 2012-2021. By contrast, Indonesia (-1.2%) and Malaysia (-6.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Singapore and Vietnam increased by +41 and +5.5 percentage points, respectively.

In value terms, the largest lifting equipment importing markets in South-Eastern Asia were Singapore ($X), Vietnam ($X) and Indonesia ($X), together accounting for 75% of total imports.

Among the main importing countries, Vietnam, with a CAGR of +13.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per unit, reducing by -50% against the previous year. In general, the import price saw a abrupt contraction. The growth pace was the most rapid in 2019 an increase of 62% against the previous year. Over the period under review, import prices attained the peak figure 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 destination: amid the top importers, the country with the highest price was Vietnam ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+7.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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