South-Eastern Asia: Market for Lifts, Elevators, Moving Stairways and Draglines 2024

Market Size for Lifts, Elevators, Moving Stairways and Draglines in South-Eastern Asia

In 2022, the Southeast Asian market for lifts, elevators, moving stairways and draglines increased by 7.2% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +5.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Lifts, Elevators, Moving Stairways and Draglines in South-Eastern Asia

In value terms, lift, elevator, stairway and dragline production reached $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 22% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports in South-Eastern Asia

For the third year in a row, South-Eastern Asia recorded decline in overseas shipments of lifts, elevators, moving stairways and draglines, which decreased by -13% to X units in 2022. Over the period under review, exports saw a abrupt setback. The pace of growth was the most pronounced in 2014 when exports increased by 41% against the previous year. As a result, the exports attained the peak of X units. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, lift, elevator, stairway and dragline exports reduced notably to $X in 2022. In general, exports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2014 with an increase of 12%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand was the largest exporter of lifts, elevators, moving stairways and draglines in South-Eastern Asia, with the volume of exports finishing at X units, which was near 64% of total exports in 2022. It was distantly followed by Singapore (X units), generating a 31% share of total exports.

Thailand was also the fastest-growing in terms of the lifts, elevators, moving stairways and draglines exports, with a CAGR of -1.6% from 2012 to 2022. Singapore (-15.7%) illustrated a downward trend over the same period. While the share of Thailand (+36 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Singapore (-34.1 p.p.) displayed negative dynamics.

In value terms, Thailand ($X) remains the largest lift, elevator, stairway and dragline supplier in South-Eastern Asia, comprising 86% of total exports. The second position in the ranking was held by Singapore ($X), with a 9.9% share of total exports.

In Thailand, lift, elevator, stairway and dragline exports contracted by an average annual rate of -5.6% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per unit, reducing by -2.5% against the previous year. Over the period under review, the export price, however, recorded a tangible increase. The growth pace was the most rapid in 2017 when the export price increased by 43%. The level of export peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while Singapore stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.1%).

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports in South-Eastern Asia

In 2022, supplies from abroad of lifts, elevators, moving stairways and draglines increased by 13% to X units, rising for the second year in a row after two years of decline. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +26.3% against 2020 indices. The pace of growth was the most pronounced in 2015 when imports increased by 25% against the previous year. The volume of import peaked at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, lift, elevator, stairway and dragline imports stood at $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 18%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Singapore (X units) represented the key importer of lifts, elevators, moving stairways and draglines, achieving 49% of total imports. Malaysia (X units) took the second position in the ranking, followed by Thailand (X units), the Philippines (X units) and Vietnam (X units). All these countries together held approx. 44% share of total imports. Indonesia (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to lift, elevator, stairway and dragline imports into Singapore stood at +5.2%. At the same time, Thailand (+19.8%), the Philippines (+7.3%), Vietnam (+7.2%), Indonesia (+5.3%) and Malaysia (+3.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +19.8% from 2012-2022. Thailand (+8.3 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia and Singapore saw its share reduced by -4% and -6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X), Indonesia ($X) and Malaysia ($X) were the countries with the highest levels of imports in 2022, with a combined 55% share of total imports. Singapore, the Philippines and Thailand lagged somewhat behind, together comprising a further 39%.

Among the main importing countries, the Philippines, with a CAGR of +4.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per unit, which is down by -10.7% against the previous year. Over the period under review, the import price recorded a drastic downturn. The most prominent rate of growth was recorded in 2013 an increase of 6.1%. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per unit), while Singapore ($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 Philippines (-3.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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