Sri Lanka: Hydraulic Jack Market 2024

Hydraulic Jack Market Size in Sri Lanka

The Sri Lankan hydraulic jack market declined dramatically to $X in 2022, reducing by -56.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a abrupt slump. Hydraulic jack consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Hydraulic Jack Exports

Exports from Sri Lanka

In 2022, the amount of hydraulic jacks and hoists for raising vehicles exported from Sri Lanka declined rapidly to X units, which is down by -82.2% compared with the previous year. Over the period under review, exports, however, recorded strong growth. The pace of growth was the most pronounced in 2014 with an increase of 600%. Over the period under review, the exports hit record highs at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, hydraulic jack exports dropped significantly to $X in 2022. In general, exports showed a deep contraction. The most prominent rate of growth was recorded in 2014 with an increase of 2,021%. The exports peaked at $X in 2021, and then reduced dramatically in the following year.

Exports by Country

Australia (X units) was the main destination for hydraulic jack exports from Sri Lanka, accounting for a 67% share of total exports. Moreover, hydraulic jack exports to Australia exceeded the volume sent to the second major destination, the Philippines (X units), fivefold. Bahrain (X units) ranked third in terms of total exports with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Australia amounted to +58.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (0.0% per year) and Bahrain (0.0% per year).

In value terms, Australia ($X), Maldives ($X) and the Philippines ($X) appeared to be the largest markets for hydraulic jack exported from Sri Lanka worldwide, together accounting for 18% of total exports.

Among the main countries of destination, Australia, with a CAGR of +72.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average hydraulic jack export price stood at $X per unit in 2022, waning by -81.6% against the previous year. Overall, the export price showed a deep downturn. The growth pace was the most rapid in 2019 when the average export price increased by 237% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Maldives ($X per unit), while the average price for exports to Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Uganda (+21.8%), while the prices for the other major destinations experienced mixed trend patterns.

Hydraulic Jack Imports

Imports into Sri Lanka

In 2022, hydraulic jack imports into Sri Lanka dropped sharply to X units, shrinking by -37.4% on the previous year. Overall, imports saw a perceptible slump. The most prominent rate of growth was recorded in 2015 when imports increased by 112%. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, hydraulic jack imports shrank significantly to $X in 2022. Over the period under review, imports showed a deep slump. The growth pace was the most rapid in 2017 when imports increased by 72%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest hydraulic jack supplier to Sri Lanka, accounting for a 78% share of total imports. Moreover, hydraulic jack imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sixfold.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-11.1% per year) and India (-6.6% per year).

In value terms, China ($X) constituted the largest supplier of hydraulic jacks and hoists for raising vehicles to Sri Lanka, comprising 66% of total imports. The second position in the ranking was held by India ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-14.1% per year) and Japan (-12.3% per year).

Import Prices by Country

The average hydraulic jack import price stood at $X per unit in 2022, falling by -49.3% against the previous year. In general, the import price recorded a slight downturn. The pace of growth appeared the most rapid in 2013 an increase of 53% against the previous year. The import price peaked at $X per unit in 2021, and then shrank notably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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