Thailand: Lift And Hoist Market 2024

Lift And Hoist Market Size in Thailand

After three years of decline, the Thai lift and hoist market increased by 85% to $X in 2022. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Lift And Hoist Production in Thailand

In value terms, lift and hoist production fell markedly to $X in 2022 estimated in export price. In general, production, however, recorded a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of 6.2% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Lift And Hoist Exports

Exports from Thailand

In 2022, overseas shipments of lifts and hoists were finally on the rise to reach X units after two years of decline. In general, exports, however, saw a pronounced decline. The most prominent rate of growth was recorded in 2014 when exports increased by 22% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, lift and hoist exports dropped to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when exports increased by 13% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X units), the Philippines (X units) and Malaysia (X units) were the main destinations of lift and hoist exports from Thailand, together comprising 38% of total exports. Chile, Solomon Islands, Egypt, India, the United Arab Emirates, Indonesia, Saudi Arabia, Singapore, Israel and Lao People's Democratic Republic lagged somewhat behind, together comprising a further 40%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Lao People's Democratic Republic (with a CAGR of +14.5%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for lifts and hoists exports from Thailand, comprising 24% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 10% share of total exports. It was followed by Singapore, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value to Vietnam stood at +1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-1.2% per year) and Singapore (-9.1% per year).

Export Prices by Country

The average lift and hoist export price stood at $X per unit in 2022, shrinking by -16.2% against the previous year. Over the period under review, the export price showed a pronounced decline. The pace of growth appeared the most rapid in 2018 when the average export price increased by 30% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Israel ($X per unit), while the average price for exports to Solomon Islands ($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 Israel (+4.2%), while the prices for the other major destinations experienced more modest paces of growth.

Lift And Hoist Imports

Imports into Thailand

Lift and hoist imports into Thailand surged to X units in 2022, growing by 63% on the previous year. Over the period under review, imports showed a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, lift and hoist imports expanded markedly to $X in 2022. The total import value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 29%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of lift and hoist to Thailand, with a 86% share of total imports. Moreover, lift and hoist imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +20.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+11.9% per year) and Sweden (+34.9% per year).

In value terms, China ($X) constituted the largest supplier of lifts and hoists to Thailand, comprising 72% of total imports. The second position in the ranking was taken by Japan ($X), with an 8.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+3.4% per year) and Sweden (+30.2% per year).

Import Prices by Country

The average lift and hoist import price stood at $X per unit in 2022, reducing by -35.3% against the previous year. Overall, the import price showed a abrupt downturn. The pace of growth was the most pronounced in 2014 when the average import price increased by 9% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (-3.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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