Southern Asia: Market for Lifts, Elevators, Moving Stairways and Draglines 2024

Market Size for Lifts, Elevators, Moving Stairways and Draglines in Southern Asia

For the third consecutive year, the South Asian market for lifts, elevators, moving stairways and draglines recorded decline in sales value, which decreased by -2.8% to $X in 2022. In general, consumption continues to indicate a abrupt slump. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Production of Lifts, Elevators, Moving Stairways and Draglines in Southern Asia

In value terms, lift, elevator, stairway and dragline production shrank to $X in 2022 estimated in export price. Overall, production enjoyed a measured expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by 79%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports in Southern Asia

In 2022, the amount of lifts, elevators, moving stairways and draglines exported in Southern Asia surged to X units, rising by 63% on the year before. Overall, exports showed significant growth. The growth pace was the most rapid in 2021 with an increase of 166% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in years to come.

In value terms, lift, elevator, stairway and dragline exports skyrocketed to $X in 2022. In general, exports saw significant growth. The growth pace was the most rapid in 2021 when exports increased by 92% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

India (X units) represented roughly 100% of total exports in 2022.

India was also the fastest-growing in terms of the lifts, elevators, moving stairways and draglines exports, with a CAGR of +28.8% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest lift, elevator, stairway and dragline supplier in Southern Asia.

From 2012 to 2022, the average annual growth rate of value in India totaled +22.2%.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per unit, waning by -3.4% against the previous year. In general, the export price recorded a deep reduction. The most prominent rate of growth was recorded in 2018 when the export price increased by 13% against the previous year. Over the period under review, the export prices attained the maximum at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to -5.1% per year.

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports in Southern Asia

In 2022, approx. X units of lifts, elevators, moving stairways and draglines were imported in Southern Asia; jumping by 36% against 2021. In general, imports posted a resilient increase. The pace of growth was the most pronounced in 2016 with an increase of 64% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, lift, elevator, stairway and dragline imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when imports increased by 18%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

India prevails in imports structure, finishing at X units, which was near 81% of total imports in 2022. Bangladesh (X units) ranks second in terms of the total imports with an 8.3% share, followed by Nepal (6.3%). The following importers - Pakistan (X units) and Sri Lanka (X units) - each recorded a 4% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to lift, elevator, stairway and dragline imports into India stood at +10.8%. At the same time, Nepal (+29.6%), Bangladesh (+15.1%), Pakistan (+13.5%) and Sri Lanka (+9.5%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +29.6% from 2012-2022. Nepal (+4.9 p.p.) and Bangladesh (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while India saw its share reduced by -7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X), Bangladesh ($X) and Pakistan ($X) constituted the countries with the highest levels of imports in 2022, with a combined 92% share of total imports.

In terms of the main importing countries, Bangladesh, with a CAGR of +12.4%, saw the highest rates of growth with regard to 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

The import price in Southern Asia stood at $X per unit in 2022, which is down by -15.3% against the previous year. Over the period under review, the import price showed a abrupt slump. The most prominent rate of growth was recorded in 2017 when the import price increased by 29% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, 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 Bangladesh ($X per unit), while Nepal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (-1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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