Sri Lanka: Market for Lifts, Elevators, Moving Stairways and Draglines 2024

Market Size for Lifts, Elevators, Moving Stairways and Draglines in Sri Lanka

The Sri Lankan market for lifts, elevators, moving stairways and draglines contracted dramatically to $X in 2022, which is down by -22.4% 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). In general, consumption, however, enjoyed a resilient increase. Lift, elevator, stairway and dragline consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports from Sri Lanka

In 2022, shipments abroad of lifts, elevators, moving stairways and draglines decreased by -27.3% to X units, falling for the second consecutive year after five years of growth. In general, exports, however, continue to indicate a pronounced increase. The pace of growth appeared the most rapid in 2016 with an increase of 125% against the previous year. Over the period under review, the exports hit record highs at X units in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, lift, elevator, stairway and dragline exports expanded slightly to $X in 2022. Over the period under review, exports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2014 when exports increased by 193% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Denmark (X units), France (X units) and Malaysia (X units) were the main destinations of lift, elevator, stairway and dragline exports from Sri Lanka, together comprising 64% of total exports. India, the United States, Guatemala, Bahrain, Paraguay and Brazil lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for Paraguay (with a CAGR of +200.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lift, elevator, stairway and dragline exported from Sri Lanka were Denmark ($X), Guatemala ($X) and France ($X), together accounting for 67% of total exports. Malaysia, India, the United States, Paraguay, Brazil and Bahrain lagged somewhat behind, together accounting for a further 30%.

Among the main countries of destination, Paraguay, with a CAGR of +3,717.5%, recorded the highest growth rate of 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

In 2022, the average export price for lifts, elevators, moving stairways and draglines amounted to $X per unit, with an increase of 43% against the previous year. Over the period under review, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, lift, elevator, stairway and dragline export price increased by +47.0% against 2020 indices. The growth pace was the most rapid in 2014 when the average export price increased by 46% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Guatemala ($X per unit), while the average price for exports to Bahrain ($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 Paraguay (+1,172.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports into Sri Lanka

In 2022, lift, elevator, stairway and dragline imports into Sri Lanka contracted notably to X units, declining by -19.3% compared with the previous year. In general, imports, however, saw a strong increase. The pace of growth appeared the most rapid in 2021 when imports increased by 111%. As a result, imports reached the peak of X units, and then shrank notably in the following year.

In value terms, lift, elevator, stairway and dragline imports contracted markedly to $X in 2022. Overall, imports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2021 with an increase of 85% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of lift, elevator, stairway and dragline to Sri Lanka, with a 61% share of total imports. Moreover, lift, elevator, stairway and dragline imports from China exceeded the figures recorded by the second-largest supplier, India (X units), threefold. Thailand (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+23.8% per year) and Thailand (+7.4% per year).

In value terms, the largest lift, elevator, stairway and dragline suppliers to Sri Lanka were China ($X), Thailand ($X) and India ($X), with a combined 86% share of total imports.

India, with a CAGR of +16.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for lifts, elevators, moving stairways and draglines amounted to $X per unit, dropping by -7.6% against the previous year. Over the period under review, the import price recorded a pronounced decrease. The growth pace was the most rapid in 2014 when the average import price increased by 18%. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+16.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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