Sri Lanka: Crane Market 2024

Crane Market Size in Sri Lanka

After two years of decline, the Sri Lankan crane market increased by 129% to $X in 2022. Overall, consumption recorded noticeable growth. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Crane Exports

Exports from Sri Lanka

In 2022, exports of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane from Sri Lanka soared to X units, with an increase of 428% compared with the previous year's figure. Overall, exports, however, recorded a relatively flat trend pattern. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, crane exports soared to $X in 2022. Over the period under review, exports continue to indicate a tangible expansion. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

India (X units) was the main destination for crane exports from Sri Lanka, with a 67% share of total exports. Moreover, crane exports to India exceeded the volume sent to the second major destination, Singapore (X units), threefold. The third position in this ranking was held by the United Arab Emirates (X units), with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume to India amounted to +12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+32.2% per year) and the United Arab Emirates (-6.7% per year).

In value terms, India ($X) remains the key foreign market for derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exports from Sri Lanka, comprising 68% of total exports. The second position in the ranking was taken by Singapore ($X), with a 24% share of total exports. It was followed by the United Arab Emirates, with a 4.6% share.

From 2012 to 2022, the average annual growth rate of value to India stood at +12.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+33.7% per year) and the United Arab Emirates (-5.8% per year).

Export Prices by Country

In 2022, the average crane export price amounted to $X per unit, surging by 53% against the previous year. Over the period under review, export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crane export price decreased by -12.4% against 2020 indices. The pace of growth was the most pronounced in 2018 an increase of 54% against the previous year. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Maldives ($X per unit) and the United Arab Emirates ($X per unit), while the average price for exports to Singapore ($X per unit) and India ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Crane Imports

Imports into Sri Lanka

In 2022, purchases abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane increased by 90% to X units for the first time since 2019, thus ending a two-year declining trend. In general, imports enjoyed pronounced growth. The pace of growth was the most pronounced in 2013 with an increase of 275%. Imports peaked at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, crane imports skyrocketed to $X in 2022. Overall, imports posted a temperate increase. The pace of growth was the most pronounced in 2013 when imports increased by 265% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of crane to Sri Lanka, accounting for a 88% share of total imports. Moreover, crane imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold. The Netherlands (X units) ranked third in terms of total imports with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-11.2% per year) and the Netherlands (+42.7% per year).

In value terms, China ($X) constituted the largest supplier of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane to Sri Lanka, comprising 88% of total imports. The second position in the ranking was taken by Japan ($X), with a 5.9% share of total imports. It was followed by the Netherlands, with a 2.9% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-10.3% per year) and the Netherlands (+42.0% per year).

Import Prices by Country

In 2022, the average crane import price amounted to $X per unit, jumping by 42% against the previous year. In general, the import price saw a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Japan ($X per unit) and the Netherlands ($X per unit), while the price for Singapore ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+1.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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