Thailand: Lifting Equipment Market 2024

Lifting Equipment Market Size in Thailand

The Thai lifting equipment market rose significantly to $X in 2021, surging by 13% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Lifting Equipment Production in Thailand

In value terms, lifting equipment production expanded modestly to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 23%. Lifting equipment production peaked at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Lifting Equipment Exports

Exports from Thailand

In 2021, overseas shipments of lifting equipment increased by 169% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 187%. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, lifting equipment exports skyrocketed to $X in 2021. Over the period under review, exports saw a pronounced expansion. The growth pace was the most rapid in 2015 with an increase of 398%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X units), Burkina Faso (X units) and Lao People's Democratic Republic (X units) were the main destinations of lifting equipment exports from Thailand, with a combined 75% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +47.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lifting equipment exported from Thailand were Lao People's Democratic Republic ($X), Brunei Darussalam ($X) and Japan ($X), with a combined 78% share of total exports.

In terms of the main countries of destination, Brunei Darussalam, with a CAGR of +596.2%, 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

In 2021, the average lifting equipment export price amounted to $X per unit, with an increase of 15% against the previous year. Over the period under review, the export price, however, continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2017 when the average export price increased by 125% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Brunei Darussalam ($X per unit), while the average price for exports to Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brunei Darussalam (+486.5%), while the prices for the other major destinations experienced more modest paces of growth.

Lifting Equipment Imports

Imports into Thailand

In 2021, supplies from abroad of lifting equipment was finally on the rise to reach X units after five years of decline. Overall, imports saw a modest increase. Imports peaked at X units in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, lifting equipment imports surged to $X in 2021. Over the period under review, imports continue to indicate a buoyant increase. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Malaysia (X units) constituted the largest supplier of lifting equipment to Thailand, accounting for a 86% share of total imports. Moreover, lifting equipment imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold. Italy (X units) ranked third in terms of total imports with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia totaled +99.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.1% per year) and Italy (-29.0% per year).

In value terms, Malaysia ($X) constituted the largest supplier of lifting equipment to Thailand, comprising 84% of total imports. The second position in the ranking was taken by China ($X), with a 3.6% share of total imports. It was followed by Finland, with a 1.4% share.

From 2012 to 2021, the average annual growth rate of value from Malaysia totaled +98.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-1.9% per year) and Finland (+41.2% per year).

Import Prices by Country

In 2021, the average lifting equipment import price amounted to $X per unit, falling by -40.9% against the previous year. Over the period under review, the import price, however, continues to indicate a buoyant expansion. The pace of growth was the most pronounced in 2018 when the average import price increased by 50% against the previous year. The import price peaked at $X per unit in 2020, and then declined significantly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :