Sri Lanka: Lifting Equipment Market 2025

Lifting Equipment Market Size in Sri Lanka

In 2021, the Sri Lankan lifting equipment market decreased by -60.7% to $X, falling for the third consecutive year after three years of growth. In general, consumption continues to indicate a significant decline. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Lifting Equipment Exports

Exports from Sri Lanka

After two years of growth, overseas shipments of lifting equipment decreased by -33.3% to X units in 2021. In general, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 350% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, lifting equipment exports dropped rapidly to $X in 2021. Overall, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 633%. The exports peaked at $X in 2020, and then declined remarkably in the following year.

Exports by Country

India (X units) was the main destination for lifting equipment exports from Sri Lanka, accounting for a 83% share of total exports. Moreover, lifting equipment exports to India exceeded the volume sent to the second major destination, Maldives (X units), fivefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to India stood at +19.6%.

In value terms, India ($X) remains the key foreign market for lifting equipment exports from Sri Lanka, comprising 99% of total exports. The second position in the ranking was taken by Maldives ($X), with a 1.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to India amounted to +22.3%.

Export Prices by Country

The average lifting equipment export price stood at $X per unit in 2021, dropping by -17.5% against the previous year. Over the period under review, the export price, however, continues to indicate prominent growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by 200%. Over the period under review, the average export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Maldives stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (-4.5%), while the prices for the other major destinations experienced a decline.

Lifting Equipment Imports

Imports into Sri Lanka

In 2021, imports of lifting equipment into Sri Lanka reduced dramatically to X units, with a decrease of -54.3% compared with 2020 figures. Overall, imports saw a sharp setback. The pace of growth was the most pronounced in 2016 with an increase of 119% against the previous year. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, lifting equipment imports contracted dramatically to $X in 2021. In general, imports recorded a significant decrease. The pace of growth appeared the most rapid in 2018 with an increase of 184%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Germany (X units), Japan (X units) and Vietnam (X units) were the main suppliers of lifting equipment imports to Sri Lanka, with a combined 81% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +27.7%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Germany ($X) constituted the largest supplier of lifting equipment to Sri Lanka, comprising 50% of total imports. The second position in the ranking was taken by Vietnam ($X), with an 18% share of total imports. It was followed by Japan, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany stood at +35.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-3.7% per year) and Japan (-19.4% per year).

Import Prices by Country

In 2021, the average lifting equipment import price amounted to $X per unit, reducing by -9.9% against the previous year. In general, the import price, however, recorded a remarkable increase. The growth pace was the most rapid in 2017 when the average import price increased by 81%. The import price peaked at $X per unit in 2020, and then contracted in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per unit), while the price for Australia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+69.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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